New York, USA, July 12, 2022 (GLOBE NEWSWIRE) -- Crude-To-Chemicals Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Crude-To-Chemicals Market Information by Technology, End-Use, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 7.34% CAGR to reach USD 800 Billion by 2030.
Market Synopsis
Oil refining is a crucial part of the world energy system, and crude oil is a major energy source. Approximately half of the goods made by refineries are used as a transportation fuel. As a result, the demand for transportation fuels is correlated with refinery margins, which are based on the price differential between crude oil and oil products. Over the past few years, refineries' margins have gone through changes. The traditional refinery layout was more concerned with increasing the output of fuels for transportation. Instead of using conventional transportation fuels, crude oil may be directly converted into products thanks to technological advances. As opposed to only 10% in a non-integrated refinery complex, it enables the synthesis of chemicals that account for 70% to 80% of the barrel-generating chemical feedstock.
Oil might be the petrochemical industry's next big thing over the following ten years. This was a departure from the decade of the 2010s when the US received billions of dollars to construct crackers and downstream petrochemical facilities to convert cheap ethane from shale gas into ethylene and its byproducts. This time, the market is more of a motivator than the availability of inexpensive raw materials. There will be less need for gasoline and other fuels in the future. The petrochemical industry, however, does have room to expand. Engineering and oil corporations have taken note. They are putting in new machinery and even creating new procedures to capitalize on the trend.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 800 Billion |
| CAGR | 7.34% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, End-Use, Application, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing Use of Polymers in the Automotive Industry |
| Increasing demand for packaging, consumer goods, and automobiles. |
Market Competitive Landscape
The foremost candidates in the crude-to-chemicals market are :
- ExxonMobil
- Sinopec
- Hengli Petrochemical
- Saudi Arabian Oil Co.
- Shell Global
- Indian Oil Corporation Ltd.
- Reliance Industries
- Total
Market USP Covered
Market Drivers
Instead of using valuable products like naphtha as raw material, crude-to-chemical producers worldwide are embracing cutting-edge technologies like methanol to olefin (MTO), coal to olefins (CTO), and shale gas technology. Coal, a byproduct of refining crude oil, is a low-cost feedstock that CTO technology employs to produce olefins like ethylene and propylene. Olefins are produced using methanol, made from natural gas or coal using MTO technology.
The price of crude oil has occasionally fluctuated sharply upward and downward. During the forecast period, manufacturers operating in the international crude-to-chemicals market are expected to face significant difficulties due to fluctuating crude oil prices, which impact the production of crude-to-chemicals.
Market Restraints
Due to refining costs, the effects are very detrimental when crude-to-chemicals are discharged into the environment. Typically, these substances are hydrocarbon chains, olefins, aromatic compounds, or alcohols. Even though they are the starting point for countless products, crude-to-chemicals are harmful to the environment. The primary source of environmental pollutants that may be released into the environment through industrial wastes, natural oil seeps, emissions, unintentional spills from oil tankers, oil stockpiling and coal tar processing waste, and petrochemical industrial effluents are aromatic compounds found in crude-to-chemicals.
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COVID 19 Analysis
The COVID-19 virus's quick proliferation is severely disrupting numerous global sectors. The automobile and transportation, building and construction, and electrical and electronics industries are some of the primary crude-to-chemicals end-users. COVID-19 did not negatively impact these sectors as other sectors because they fall within essential services. To stop the spread of COVID-19, market participants had to close production facilities or run the facilities at levels below their maximum production capacity.
The most popular class of products created from raw chemicals, plastics, have outpaced all other bulk materials in terms of need. The new coronavirus had an unequal effect on demand for crude chemicals along all value chains, with significant declines in demand for applications in the construction and automobile industries. Demand for other value chains, such as polyurethanes, declined. Players made of plastic, however, remained sturdy. On the other hand, several chemical producers altered their current facilities to meet the escalating demand for ethanol and isopropyl alcohol.
Market Segmentation
Based on Technology
Hydrocracking Technology to gain top share in the forecast period.
Based on End Use
Polymers to gain top portion in the forecast period.
Based on Application
Automotive & transportation to gain the highest share in the forecast period.
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Regional Insights
The Asia-Pacific market offers growth opportunities and is expected to grow at the greatest CAGR. Increased government spending, increased manufacturing capacity, cooperation among important regional companies, and high demand from end-use sectors are the main causes of this rise. The crude-to-chemical producers and consumers increased, and China became one of the major producers and consumers. China's investment has primarily concentrated on on-purpose propylene processes and transforming crude into chemicals. In addition, growing petrochemical production and a rise in oil demand are predicted to drive the industry. These emerging industries guarantee the acquisition of strong growth potential in divided areas. Sales of products are expected to increase as plastic packaging is increasingly used in various industries.
The market in North America was the second-largest. The shale gas finds in the US and Canada, which have greatly boosted the availability of natural gas liquids, are primarily responsible for the rise of the North American crude-to-chemicals sector. This has made North America a low-cost region for the manufacturing of chemicals. Additionally, many multinational corporations plan to develop new facilities and grow in the area. Technology developments, a well-established crude-to-chemical sector, and a huge number of efficient refineries are mostly to blame for Europe's expansion.
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