Petrochemical market expected to grow by $276 billion this decade.

Petrotahlil - The global petrochemical market is expected to grow by as much as 5 percent a year through 2030, to $729 billion from $453 billion, according to Canadian marketing research organization Precedence Research.

The increase is being driven by the rising use of petrochemicals in industrial applications such as construction, automotive, aviation, food, electricals, paint, paper, and pulp, Precedence said.

Other contributing growth factors include the capacity expansion of petrochemical by the major operating players, the industry’s role in providing several raw materials to the processing industries, and a decrease in feedstock prices due to the advancement of shale gas in developed economies such as the U.S. and Canada, according to Precedence Research.

Petrochemical products, including ethylene, propylene, toluene, methanol, and benzene, play a crucial role in the global economy.

Petrochemicals are used to construct wind turbines, solar power panels, furniture, cosmetics, medicines, electronics, and plastics.

Major petrochemical companies in the U.S. include Exxon Mobil, Chevron Phillips Chemical Co., and Dow.

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