An important factor fuelling the growth of the global petroleum liquid feedstock market is the escalating demand for petrochemical feedstocks.
San Francisco, CA -- (SBWIRE) -- 05/21/2020 -- 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.
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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:
In April 2019, Chevron Corporation made an announcement of its definitive agreement with Anadarko Petroleum Corporation to buy all of the outstanding shares of Anadarko in cash and stock transaction. The acquisition of Anadarko is quite likely to substantially augment Chevron's already privileged upstream portfolio and further reinforce its leading position in deepwater, attractive shale, and large natural gas resource basins.
Some of the most prominent competitors operating in the competitive landscape of global petroleum liquid feedstock market include –
Exxon Mobil Corp.
Royal Dutch Shell Plc
BP Plc,Saudi Arabian Oil Co.
New market entrants are likely to emerge in the global petroleum liquid feedstock market in forthcoming years.
Global Petroleum Liquid Feedstock Market: Growth Drivers
Numerous Health Benefits to Escalate Demand for Petroleum Liquid Feedstock
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.
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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:
Adulterant to petrol
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