LONDON–(BUSINESS WIRE)–#Energy–The global petroleum liquid feedstock market is expected to post a CAGR of over 3% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rising demand for petrochemical feedstock. 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 was 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. Thus, the rising demand for petrochemical feedstock will boost the demand for naphtha, which will drive the growth of the global petroleum liquid feedstock market during the forecast period.
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 global petroleum liquid feedstock market 2019-2023 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 downstream sector
Currently, several innovations in petrochemical and refining technology are taking place to 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 developed based on the sophisticated model, which utilizes microcomputers connected to the central processing system. These systems are integrated with sensors that collect data such as the temperature, pressure, chemical composition, and gravity of the products in the refinery. This helps the refinery personnel to take the appropriate action when abnormal values of the parameters are detected. Thus, advanced control and analysis technology is aiding to increase safety in refineries. Therefore, increased 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 innovations in downstream, some other major factors boosting the growth of the petroleum liquid feedstock market are rapid growth of 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,” says a senior analyst at Technavio.
Global petroleum liquid feedstock market: Segmentation analysis
This market research report segments the global 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.
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- 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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