A Large Variety Of Technologies Such As AI, Automation, And More Are Being Implemented As Petrochemicals Market Trends, As Per The Business Research Company's Petrochemicals Market - Opportunities And Strategies - Global Forecast To 2030
Segments covered: By Type – Ethylene, Propylene, Benzene, Xylene, Styrene, Toluene, Cumene, Others; By End-User – Textile, Furniture, Paints And Coatings, Pharmaceuticals, Synthetic Rubber And Fibers, Plastic Materials And Resins, Toiletries And Cleaning Compounds, Others.
LONDON, Dec. 01, 2020 (GLOBE NEWSWIRE) -- TBRC’s annual festive sale is finally here! Get up to 50% off on ALL reports: https://www.thebusinessresearchcompany.com/global-market-reportsAccording to The Business Research Company’s petrochemicals market report, several technologies are progressively being implemented in the industry. Petrochemical companies are increasingly turning to artificial intelligence (AI) to help them make quicker and better decisions and to optimize plant operations based on historical trends. AI technologies are used to provide more value to petrochemical companies, as advancement of the technology and use in the business could provide lower operating costs and greater efficiencies. Predictions made by AI could cover equipment maintenance or future disruptions that may occur at the plant. The overall automation of refineries helps plant managers minimize downtime and provide better returns on investment for the owners. Dow Chemical Company has partnered with 1QBit, a Canadian-based firm, to introduce AI in its petrochemical manufacturing. BASF partnered with Hewlett Packard in 2017 to develop the world’s largest supercomputer for AI in petrochemical industry.
Petrochemical companies are thus increasingly using automation and instrumentation solutions to control the production process more effectively. Automation instruments include control valves, temperature transmitters, level transmitters, flow transmitters and pressure transmitters that help to improve an organizations operational efficiency. For example, Siemens process instrumentation and gas analytics solutions increases productivity and efficiency during plant operations. Petrochemicals market analysis also shows companies increasingly investing in robotic process automation (RPA) to streamline operations and to perform repetitive tasks. RPA in the petrochemical industry uses computer software or robots to perform rule-based tasks to boost capabilities and save time. Robotic automation technologies are being used to carry out inspections and operations more effectively. Several companies such as Total and Chevron are investing in robot technologies for petrochemicals.
The Business Research Company’s report titled Petrochemicals Market - Opportunities And Strategies - Global Forecast To 2030 covers major petrochemicals companies, petrochemicals market share by company, petrochemicals manufacturers, petrochemicals market size, and petrochemicals market forecasts. The report also covers the global petrochemicals market and its segments.
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The global petrochemicals market size reached a value of nearly *$456.5 billion* in 2019, having increased at a compound annual growth rate (CAGR) of *3.7%* since 2015. The market is expected to decline from $456.5 billion in 2019 to *$434.1 billion* in 2020 at a compound annual growth rate (CAGR) of *-4.9%*. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The petrochemicals market growth is expected to be slight from *$430.96 billion* in 2021 to *$431.01 billion* in 2023 at a CAGR of *0.01%*. The market is expected to stabilize and reach *$453.6 billion* in 2025 and *$506.1 billion* in 2030. The global petrochemical market is facing high uncertainty, as feedstock pricing and polymer prices are sharply declining. However, the various applications of petrochemicals will contribute to the recovery of the petrochemicals industry. For example, the preferred material used in non-surgical masks is non-woven polypropylene as it provides enhanced bacteria filtration and air permeability while remaining less slippery than woven cotton. Masks can also be produced using polystyrene, polyethylene, or polyester. The increasing importance of hygiene and wellbeing, which is being highlighted due to the outbreak, has resulted in increased demand recently for specific petrochemicals and polymers used in production of applications such as surgical masks and alcohol-based sanitizers. Plastic packaging materials are also in demand, as they are proven to protect against food contamination. Additionally, plastics such as polyethylene, PVC, polycarbonate, and polystyrene are used for various medical applications.
Another important technology being employed in the industry is crude oil-to-chemical technology. Crude oil-to-chemicals (COTC) technology allows the direct conversion of crude oil to high-value chemical products instead of traditional transportation fuels. It enables the production of chemicals exceeding 70-80% of the barrel producing chemical feedstock as opposed to around 10% in a non-integrated refinery complex. COTC plants are primarily focused on increasing the yield of light olefins or aromatics, such as benzene, toluene, and xylene. Companies such as ExxonMobil, Saudi Aramco and Hengli Petrochemicals have already invested in COTC technologies.
For instance, Hengli Petrochemicals adopts the strategy of processing middle distillates and residues using hydrocracking technology. It involves hydrocracking of diesel and products from the vacuum distillation unit to produce naphtha range stream, which can later be processed to produce aromatic compounds.
Petrochemicals Market - Opportunities And Strategies - Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, petrochemicals market segments and petrochemicals market geographies, petrochemicals market trends, petrochemicals market drivers, petrochemicals market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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