LONDON--(BUSINESS WIRE)--The petroleum liquid feedstock market size is expected to post a CAGR of over 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The rising demand for petrochemical feedstock is one of the major reasons for the petroleum liquid feedstock market growth. The petrochemical industry and its products such as fertilizers, clothing, detergents, plastics, packaging, and tires play an important role in the growth of the economy. The manufacturing of petrochemicals requires a large amount of crude oil and gas and its derivatives. For instance, in 2018, around 90% of chemicals used as petrochemical feedstock were produced from crude oil and gas, mostly in the form of naphtha or ethane. Therefore, the demand for primary feedstock chemicals like naphtha and ethane is expected to increase largely by 2030, leading to market growth.
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As per Technavio, the innovations in the downstream sector will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Petroleum Liquid Feedstock Market: Innovations in the Downstream Sector
The petrochemical and refining sector is witnessing several innovations that allow companies to attain maximum efficiency, improve the quality of refined products, process unconventional crude oil, and minimize the consumption of energy. For instance, petroleum refineries are adopting advanced control and analysis technologies to optimize their refining operations and enhance the yield of refinery products. Operating systems in the refinery are integrated with sensors that collect data such as the temperature, pressure, chemical composition, and gravity of the products in the refinery. Such innovations in the downstream oil and gas industry will increase the efficiency and profits of the industry, which in turn, will drive the growth of the global petroleum liquid feedstock market during the forecast period.
“Apart from the innovations in the downstream sector, other factors such as the rapid growth of the transportation sector, increasing petrochemical plant and refinery capacity, adoption of blockchain in the oil and gas refining industry, and the rising exploration of unconventional petroleum resources will have a positive impact on the petroleum liquid feedstock market growth during the forecast period,” says a senior analyst at Technavio.
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Petroleum Liquid Feedstock Market: Segmentation Analysis
This market research report segments the petroleum liquid feedstock market by type (naphtha and gasoil) and by geographical regions (APAC, Europe, North America, MEA, and South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to increasing refinery expansion projects in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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