Petroleum Liquid Feedstock Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
Global Petroleum Liquid Feedstock Market - Snapshot
Products in the global petroleum liquid feedstock market, i.e. petroleum liquid feedstock are crude materials, usually used in industrial processes to generate energy. Products in the global petroleum liquid feedstock market also find applications in the production of various oil based commodities. Also known as oil naphtha, wood naphtha, and coal naphtha, products in the global petroleum liquid feedstock market are unstable and highly combustible. Oil based commodities derived from the products in the global petroleum liquid feedstock market are converted into operational goods via adjustment of their compound structure and physical structure through distillation.
Rising demand from various end use industry verticals, most notably from solvents, aromatics, and automotive fuels sectors favors the expansion of the global petroleum liquid feedstock market. Furthermore, rise in the prices of oil and gas, as well as rising growth of the petrochemicals industry, increasing demand for aromatic compounds, and rising demand from automotive fleet sector are also expected to drive the growth in the global petroleum liquid feedstock market in coming years. Players and manufacturers in the global petroleum liquid feedstock market are focused on increasing the production of petroleum liquid feedstock by expanding their production plants. This trend is anticipated to favor the development of the global petroleum liquid feedstock market in long run.
Rising adoption and consumer preference for electric vehicles in several developed economies may hinder the growth in the global petroleum liquid feedstock market in coming years. On the other hand, increasing adoption of various petrochemical items in various end use industries such as plastics, transportation, and construction, among others, is expected to favor the development of the global petroleum liquid feedstock market in coming years. Furthermore, rising demand for xylene, toluene, and benzene from various end use industries is also creating high demand in global petroleum liquid feedstock market.
Global Petroleum Liquid Feedstock Market: Overview
An important factor fuelling the growth of the global petroleum liquid feedstock market is the escalating demand for petrochemical feedstocks. Continuous expansion of the petrochemical industry, helped by growing applications of numerous end products, is likely to increasingly contribute toward the global petroleum liquid feedstock market during the forecast period, from 2018 to 2028.
The production of petrochemicals needs a huge amount of gas, crude oil, and its derivatives. For example, in 2018, nearly 90% of the chemicals utilized as petrochemical feedstock were made from gas and crude oil, mainly in the form of ethane or naphtha. As such, the requirement for primary feedstock chemicals such as ethane and naphtha is likely to rise through 2030, supporting the rapid strides of the market.
The global market for petroleum liquid feedstock has been segmented on the basis of the following parameters: type, application, and region.
Global Petroleum Liquid Feedstock Market: Notable Developments
The market dynamics of the global petroleum liquid feedstock market have improved in recent times. One of the leading developments in the global petroleum liquid feedstock market are:
Some of the most prominent competitors operating in the competitive landscape of global petroleum liquid feedstock market include –
New market entrants are likely to emerge in the global petroleum liquid feedstock market in forthcoming years.
Global Petroleum Liquid Feedstock Market: Growth Drivers
Presently, numerous industry initiatives are focused on innovations in petrochemical and refining technology to enable petrochemical companies to achieve optimum efficiency, minimize energy consumption, process unconventional crude oil, and enhance quality of refined products. For example, advanced control and analysis technologies are being adopted by petroleum refineries to optimize outcome of refinery products, thus boosting petroleum liquid feedstock market.
Advanced control and analysis technology is helping in the implementation of improved safety measures in refineries. As such, increased technological progress in downstream oil and gas business is likely to augment the profit margin of the industry. In all likelihood, such move will stimulate the growth of global petroleum liquid feedstock market over the forecast timeframe.
In addition to the aforementioned innovations, other key growth factors for the global petroleum liquid feedstock market are fast-paced growth of the transportation sector, expanding explorations of unconventional petroleum sources, and growing capacity of petrochemical plants and refineries. Furthermore, the oil and gas refining are leveraging the potential of blockchain technology to bring dramatic improvements in operational efficiency and transparency. Blockchain projects are already being tested or are in operation in developing markets such as Asia and Europe.
Global Petroleum Liquid Feedstock Market: Regional Outlook
In 2018, Asia Pacific accounted for a sizable share of the global petroleum liquid feedstock market. The region is likely to display faster growth over the timeframe of forecast and continue with its regional prominence until 2023. Demand for oil and gas products, together with their by-products, has been growing significantly in countries such as India and China, creating substantial avenues in the global petroleum liquid feedstock market.
In India, market players are collaborating to install large greenfield refineries by 2022. The nation is emphasizing on need for strengthening their refinery capacities, which will propel the application of gas oil and naphtha for the production of petroleum products.
The global petroleum liquid feedstock market is segmented based on:
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