Automated Petrochemical Plants Are Increasing Revenues.
Petrochemical companies are 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.
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PETROCHEMICALS MARKET TO REACH $1.5 TRILLION BY 202 ACCORDING TO THE BUSINESS RESEARCH COMPANY.
The Business Research Company expects the global petrochemicals market to grow to $1469 billion by 2020. Asia was the largest region in the petrochemicals market in 2016, accounting for two-thirds of the market share. Asia is the largest market because of its robust manufacturing industry, a major user of petrochemicals, in China and South East Asia.
The chart below shows the year-on-year growth of the global petrochemicals market during 2016 - 2020.
According to The Business Research Company Chemicals Consultant, Yogesh Bathula, global demand for plastics packaging is large and growing strongly. The major force is the growth in industries which consume plastic packaging products. Many producers across different industries are keen to enhance packaging of their products. The packaging industry is scaling new heights, not only in terms of revenue growth, but also in devising new technologies, designs and aesthetically enhanced packaging solutions. It is the leading end-user market for many petrochemicals globally.
Sinopec is the largest company in the petrochemicals market globally with revenues of $ 150.3 billion for the financial year 2015. The Sinopec Group’s aim is to boost earnings, profitability and to establish itself as a global petrochemicals giant.
Petrochemicals are chemicals products derived from petroleum. They are also called petroleum distillates. Some of the same chemicals compounds as petrochemicals are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources such as corn or sugar cane but, but these are not included in the petrochemicals industry.
The petrochemicals manufacturing industry comprises establishments that primarily engage in manufacturing acyclic (aliphatic) hydrocarbons such as ethylene, propylene and butylene made from refined petroleum or liquid hydrocarbons and establishments that manufacture cyclic aromatic hydrocarbons such as benzene, toluene, styrene, xylene, ethyl benzene, and cumene from refined petroleum or liquid hydrocarbons. Hydrocarbons are organic compounds consisting entirely of hydrogen and carbon.
Hydrocarbons comprise aliphatic and aromatic hydrocarbons.
Aliphatic hydrocarbons are those which consist of linear chains of carbon atoms. Aliphatics can be cyclic, but only aromatic compounds contain an especially stable ring of atoms, such as benzene. Methane, propyne, ethane are some aliphatic hydrocarbons.
Aromatic hydrocarbons are hydrocarbons with sigma bonds and delocalized pi electrons between carbon atoms forming rings. Naphthalene and furan are some aromatic hydrocarbons.
Petrochemicals companies procure feedstock from natural gas and crude oil from oil and gas companies and store them in storage tanks. After refining they produce petrochemicals such as ethylene, propylene, butadiene and other derivatives and supply them to other industries such as the automotive, packaging, construction and broader chemicals industries.
Petrochemicals Global Market Briefing is a detailed report giving a unique insight into this market. The report is priced at $750 for an individual user. To use across your office the price is $1000 and $1350 if you wish to use across a multinational company.
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