Global Petroleum Liquid Feedstock Market: Overview
The global petroleum liquid feedstock market is likely to be fuelled by increased demand for the product itself from a wide range of industries. The economic stability of a nation is often exhibited through the growth of petrochemical industry and other products that are related to the industry like clothing, fertilizers, tires, detergents, and plastics. Furthermore, the expansion of the global petroleum liquid feedstock market is likely to be encouraged by substantial growth of the petrochemical industry over the assessment tenure, from 2019 to 2027.
Type, application and region are the parameters based on which the global market for petroleum liquid feedstock has been classified. Such classifications help in better understanding of the market.
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Global Petroleum Liquid Feedstock Market: Notable Developments
Some of the notable developments pertaining to the global petroleum liquid feedstock market are:
- Anadarko Petroleum and Chevron Corporation entered into an agreement in April this year. Following the acquisition it is expected that product portfolio of Chevron Corporation will become more diverse with better access to the global market. B Chevron Corporation being one of the leading producers of petroleum liquid feedstock, the market is likely to benefit from this strategic move.
A few of the reputed organizations functioning in the global petroleum liquid feedstock market are as mentioned below:
- Chevron Corp.
- Royal Dutch Shell Plc
- Exxon Mobil Corp.
- Saudi Arabian Oil Co
- TOTAL SA
- BP Plc
Global Petroleum Liquid Feedstock Market: Key Trends
The future course of the global petroleum liquid feedstock market is likely to be influence by the following factors of growth over the forecast period, from 2019 to 2027.
Market Demand to Grow Due to Rapid Expansion of the Oil and Gas Industry
The making of petrochemicals requires a massive amount of crude oil, gas, and its many derivatives. A case in point is in the year 2018, a large chunk of the chemicals that were used as petrochemical feedstocks were extracted from crude oil and gas. These extractions were mostly in the form of naphtha or ethane. Therefore, it could safely be projected that the global petroleum liquid feedstock market will expand, thanks to the rising demand for ethane and naphtha.
In present times, the refining and petrochemical and technologies are witnessing many innovations that would assist market players in obtaining optimal production target with minimal cost. Apart from increased efficiency, these innovative technologies also keep energy consumption to the minimum, better quality of finished products, and helps in the processing of unusual crude oil. For instance, advanced analysis and control technologies are increasingly being taken up by various refineries of petroleum to maximize output of the products.
In addition to the above-mentioned technological innovations in downstream, few other growth factors are likely to support the expansion of the global petroleum liquid feedstock market duirng the assessment tenure, from 2019 to 2027. Rapid expansion in the transportation industry, increased exploration activities in search of unconventional sources of petroleum, implementation of blockchain technology and internet of things in the oil and gas refineries are all likely to encourage market growth in foreseeable future.
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Global Petroleum Liquid Feedstock Market: Geographical Analysis
In an attempt to depict a comprehensive picture of the global petroleum liquid feedstock market, regional segments of the market are being made. The market is divided into the principal regions of Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America.
From the geographical standpoint, Asia Pacific is estimated to hold a large chunk of the global petroleum liquid feedstock market. It is expected that the region would grow rapidly owing to the high demand generated from oil and gas industry in China and India.
In India, many of the leading companies are entering into collaborations to setup huge greenfield refineries through the year 2022.
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The following regional segments are covered comprehensively:
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