The global basic petrochemical market is predicted to reach $603.2bn by 2021, according to market research firm Lucintel. In the US, a new report from the US Department of Energy predicts that the industry will grow at an annual rate of more than 30% between 2016 and 2030. 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.
The global basic petrochemical market is predicted to reach $603.2bn 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.