Petroleum Liquid Feedstock Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028
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:
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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