According to a new market report published by Lucintel, the global basic petrochemical market is expected to reach an estimated US$603.2 billion by 2021 and is forecast to grow at a CAGR of 4.9% from 2016 – 2021. The major growth drivers for this market are growing demand for basic petrochemicals in end use industries. Technological innovations aimed at improving manufacturing processes to increase product yield with higher quality are expected to have a positive impact on the petrochemical industry. Emerging trends, which have a direct impact on the dynamics of the market, include capacity migration to low cost locations and US shale gas boom has renewed competitive advantage to the sector. Saudi Basic Industry Corporation, LyondellBasell, Exxon Mobil, and Royal Dutch Shell are among the major suppliers of basic petrochemicals. Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/14032017/global-basic-petrochemical-market/ In this webinar, Dynamics Scientific will discuss their COMPACS System, which allows you to achieve optimal reliability through real-time monitoring of vibration as well as other parameters. Register for free today » The April issue of Hydrocarbon Engineering is now available online! Embed article link: (copy the HTML code below):
The global basic petrochemical market is predicted to reach $an estimated US$603.2 billion by 2021, according to market research firm Lucintel. The market has been forecast to grow at a 4.9% compound annual growth rate between 2016 and 2021, propelled by increased demand for basic petrochemicals in end-use sectors. The development of innovative technology to improve the manufacturing process for increased yields and better quality products will also have a positive effect on the industry.