Petroleum Liquid Feedstock Market: Overview
- Petroleum liquid feedstock refers to the liquid raw material used in refineries and petrochemical plants, where these are converted into more valuable products
- The global petroleum liquid feedstock market is likely to expand owing to the increase in demand for petroleum liquid feedstock in a wide range of industries. The economic stability of a country is often exhibited through the growth of the petrochemical industry and other products that are related to the industry such as clothing, fertilizers, tires, detergents, and plastics.
- Expansion of the global petroleum liquid feedstock market is likely to be encouraged by substantial growth of the petrochemical industry from 2021 to 2031
Key Drivers and Restraints of Petroleum Liquid Feedstock market
- Of late, refining and petrochemical technologies have been witnessing many innovations that assist market players in obtaining optimal production target at minimal cost. Apart from increased efficiency, these innovative technologies also keep energy consumption to the minimum. They also help provide better quality of finished products and processing of unusual crude oil. For instance, advanced analysis and control technologies are increasingly being taken up by various refineries of petroleum to maximize the output of their products.
- Rapid expansion of the transportation industry, increase in exploration activities for unconventional sources of petroleum, and implementation of block chain technology and Internet of Things in oil and gas refineries are likely to boost the market in the near future
- Fluctuation in prices of crude oil and growth in environmental concern across the globe are expected to hamper the market during the forecast period
Global Petroleum Liquid Feedstock Market: Segmentation
- The global petroleum liquid feedstock market can be segmented on the basis of type, application, and region
- In terms of type, the petroleum liquid feedstock market can be divided into naphtha and gas oil. The naphtha segment accounted for significant share of the global petroleum liquid feedstock market in 2020.
- Based on application, the global petroleum liquid feedstock market can be classified into aromatics, olefins, and urea. The aromatic segment dominated the petroleum liquid feedstock market in 2020. This trend is expected to continue during the forecast period.
Global Petroleum Liquid Feedstock Market: Regional Segmentation
- In terms of region, the global petroleum liquid feedstock market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America was a major region of the global petroleum liquid feedstock market in 2020. Rapid expansion of tight oil and shale gas production in North America, particularly the U.S., is anticipated to drive the market in the region in the near future.
- Asia Pacific is estimated to hold significant share of the global petroleum liquid feedstock market in the near future. Growth in urban population and increase in automotive sales in Asia have boosted the demand for petroleum liquid feedstock in the region. The region is likely to expand owing to the high demand for petroleum liquid feedstock in the oil & gas industry in China and India. Many leading companies in India are entering into collaborations to set up Greenfield refineries by 2022.
- The petroleum liquid feedstock market in Middle East & Africa exhibited resilient growth in 2020. Demand for naphtha has been rising in Asia owing to tighter ethylene supply in the region and decline in U.S. ethylene exports. Naphtha competes with LPG as a feedstock in steam cracker units for petrochemical production.
COVID-19 Impact on Global Petroleum Liquid Feedstock Market
- The COVID-19 pandemic has adversely affected the global petroleum liquid feedstock market. It is obstructing the global economic growth. The oil & gas industry has also been adversely impacted by the significant reduction in demand for energy around the world during lockdowns. However, global recovery of demand for energy after lockdowns is likely to boost the petroleum liquid feedstock market in the near future.
Key Players in Market
The global petroleum liquid feedstock market is moderately fragmented. Some of the key players operating in the global petroleum liquid feedstock market are:
- Chevron Corporation
- China National Petroleum Corporation
- China Petrochemical Corporation
- Exxon Mobil Corporation.
- Idemitsu Kosan Co.,Ltd.
- Reliance Industries Limited.
- Royal Dutch Shell Plc
- Saudi Arabian Oil Co.
- Total SE
Global Petroleum Liquid Feedstock Market: Research Scope
Global Petroleum Liquid Feedstock Market, by Type
- Gas Oil
Global Petroleum Liquid Feedstock Market, by Application
Global Petroleum Liquid Feedstock Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.