Global Petroleum Liquid Feedstock Market 2019-2023
Global Petroleum Liquid Feedstock Market: About this market
Petroleum liquid feedstock refers to the liquid raw material used in refineries and petrochemical plants, where these are converted into more valuable products. Technavio’s petroleum liquid feedstock market analysis considers sales from types including naphtha and gas oil. Our analysis also considers the sales of petroleum liquid feedstock in APAC, Europe, North America, South America, and MEA. In 2018, the naphtha segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the increased refining capacity and investments in oil refining will play a significant role in the naphtha segment to maintain its market position. Also, our global petroleum liquid feedstock market report looks at factors such as rapid growth of the transportation sector, rising demand for petrochemical feedstock, and increasing petrochemical plant and refinery capacity. However, volatility in global crude oil prices, rising demand for alternate energy sources, and stringent regulations on environmental pollution may hamper the growth of the petroleum liquid feedstock industry over the forecast period.
Global Petroleum Liquid Feedstock Market: Overview
Rising demand for petrochemical feedstock
Many industries rely on petrochemicals. These petrochemicals require a large amount of crude oil and gas and its derivatives for its manufacturing. The growing production of petrochemicals will boost the demand for primary petrochemical feedstock chemicals such as naphtha and ethane and lead to the expansion of the global petroleum liquid feedstock market at a CAGR of more than 30% during the forecast period.
Innovations in downstream sector
Exploration & production companies in the downstream sector are involved in the processing of crude oil and natural gas. They produce value-added petroleum products from natural gas and crude oil. Petroleum refineries are adopting advanced control and analysis technologies to optimize their refining operations and enhance the yield of refinery products. This further drives the adoption of petrochemical feedstock chemicals and is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global petroleum liquid feedstock market during the forecast period 2019-2023, click here.
With the presence of several major players, the global petroleum liquid feedstock market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading petroleum liquid feedstock manufacturers, that include BP Plc, Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell Plc, Saudi Arabian Oil Co., and TOTAL SA.
Also, the petroleum liquid feedstock market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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