The top 15 petrochemicals are analyzed in a new report by Coherent Market Insights, a market research and consulting firm based in Seattle, WA. Petrochemicals play an important role in the 21st century lifestyle and are utilized in various end use products across a range of industries.
The most sought-after product is ethylene, which holds a 25% market share in the global petrochemicals market. It is used as a feedstock for the manufacture of polyethylene, polystyrene, ethylene glycol and ethanol. Following ethylene in terms of market share are benzene, propylene, xylene and butadiene. These petrochemicals are in high demand in applications where there is an absence of large-scale alternatives, such as plastics, rubber and textiles, according to the report, Top 15 Petrochemicals Market—Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026.
The major competitors to petrochemicals are bio-based chemicals; as environmental consciousness increases, investment in bio-based chemicals is likely to escalate, said the report. In addition, oil price instability will also affect growth.
The top 15 on the basis of type of polymer are polyethylene (PE), polypropylene (PP), polystyrene (PS), polyester (PET), polyvinyl chloride (PVC), and acrylonitrile butadiene styrene (ABS).