JAKARTA (TheInsiderStories) – The global petrochemicals market is expected to grow by an average of 9.0 per cent per annum in the period of 2017 – 2023, to reach US$ 814.30 billion by 2023, according to Energias Market Research report.
According to the report, the main factors that will drive the growth include the growing demand from end-use industries, favorable government policies in Asia-Pacific and abundant availability of raw materials in the Middle East.
Petrochemicals are the compounds derived from hydrocarbons, mainly crude oil. It can also be obtained from other fossil fuels such as coal, or natural gas, or renewable materials such as sugarcane and corn.
Petrochemical is mainly divided into two classes as on the basis of chemicals structures, olefins and aromatics. Olefins include ethylene and propylene, while aromatic hydrocarbons include benzene, toluene, and xylene.
Various refining processes are employed in chemical plants and refineries such as Fluid Catalytic Cracking (FCC), catalytic reforming and steam cracking, to recover the desired product. (*)