Pune, India -- (SBWIRE) -- 04/17/2018 -- Market Highlights

Petrochemicals are organic compounds derived from hydrocarbons. Some other chemical compounds made from petroleum are also made from other fossil fuels, such as coal, or natural gas, or renewable sources such as corn or sugar cane. Olefins and aromatics are two most common lasses of petrochemicals and are produced in oil refineries by fluid catalytic cracking of petroleum fraction. Aromatics are produced by catalytic reforming of naphtha, whereas, olefins are produced by steam cracking of natural gas liquids.

Growing demand of petrochemicals from key industries including construction, transportation, packaging, textile, transportation, plastics, healthcare coupled with favorable operating conditions anticipated to drive global market growth for petroleum market.

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Industry/ Innovation/ Related News:

October 2017 – JG Summit Petrochemicals Group, a wholly owned subsidiary of JG Summit Holdings Inc., has done agreement with Fluor Corp. to provide engineering, procurement, and construction management for the utilities, off sites, and infrastructure for an expansion of JGSPG's petrochemical complex in Philippines. With this agreement, Fluor will also provide program management services for the expansion project, which will increase JG Summit Petrochemicals Group Petrochemical production and cracking. Specifically, ethylene production by 160,000 tons/year and propylene production by 50,000 tons/year.

November 2016 – Lotte Chemical planned the capacity expansion at Yeosu Petrochemical center. The expansion decision by Lotte Chemical came boost competitiveness amid growing competition from China in Asia Pacific region.

January 2016 – Petrobras has agreed a new five-year Petrochemical supply contract with petrochemical producer Braskem. With this agreement, Braskem will pay Petrobras 102.1% of the Amsterdam-Rotterdam-Antwerp benchmark price for 7 million tons per year of Petrochemical. Braskem depends on Petrochemical from Petrobras to feed its petrochemical plants and agreement would further help the company to strengthen its share in Latin America region.

Competitive Landscape:

The MRFR studies the key developments adopted by the companies between 2011 and 2016. Players in this market adopted various strategies to expand their footprint and augment their market share. The key strategies followed by most companies in the Global Petrochemical Market were agreements and collaborations, mergers and acquisitions, joint ventures and expansion. Due to growing demand of Petrochemical in Asia Pacific region, the manufacturers in European region are using acquisition strategy in the Asia Pacific and global market.

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