Petrochemistry is a field of chemistry which studies the transformation of petroleum and natural gas into useful chemicals products and raw materials. For the national and global economies, the industrial market, which is focused on mineral oils and natural gases, is of significant significance. For a broad variety of essential chemicals, which are eventually refined into fibers, pharmaceuticals, dyes, surfactants, solvents, oils, among many others, biologically use the above natural products as raw materials. Main ingredients of these sources of fossil raw material are particularly aliphatic and aromatic hydrocarbons, processed in petrochemical plants.
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Market Analysis:Petrochemicals, crucial hydrocarbons extracted from crude oil and natural gas, are indispensable to a vast range of industries. Their applications span agriculture, the automotive sector, construction, plastics manufacturing, various packaging solutions, and personal care products.The individual country's petrochemical market is anticipated to hit 49.62 million tonnes by 2025. This represents a robust compound annual growth rate (CAGR) of 6.14 percent through fiscal year 2025.more at: https://www.chemistryconferences.com/tracks/petrochemistry
Key Market Players:Formosa Plastics Corporation (Taiwan) / LyondellBasell Industries N.V. (United States/Netherlands) / Chevron Phillips Chemical Company LLC (United States) / ExxonMobil Corporation (United States) / Mitsubishi Chemical Group (Japan) / INEOS Group (United Kingdom) / Chevron Phillips Chemical Company LLC (United States)
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