Market Scope
Market Research Future (MRFR) projects that the crude-to-chemicals market will be valued at USD 600 billion by 2030. The market could capture a CAGR of 8.00% between 2022 and 2030.
Growth Boosters and Challenges
Crude-to-chemicals technology helps directly convert crude oil to a variety of high-quality chemical products rather than conventional transportation fuels. It facilitates the production of various chemicals surpassing 70% of the barrel-generating chemical feedstock instead of 10% within a non-integrated refinery complex.
Crude-to-chemicals can be a lucrative market in the years to come, given the surging interest of various integrated refineries as well as chemicals producers from the Middle East, Eastern Europe, and China. Multiple factors reinforce this, mostly predictions of the growth of transportation fuels slowing down owing to the rising preference for hybrid and electric vehicles. Meanwhile, demand for chemicals will be escalating in line with the expanding population and the surge in the middle-class population’s disposable income. This particular factor has raised the demand for consumer goods, automobiles, and packaging, all of which are major end-users of crude to chemicals.
Many crude-to-chemical manufacturers worldwide are adopting advanced technologies, including methanol to olefin (MTO), shale gas technology, and coal to olefins (CTO) to produce olefins. Olefins are fast replacing products like naphtha for use as raw materials. The CTO technology makes use of low-cost feedstock like coal, a key residue of refined crude oil, to produce olefins like propylene or ethylene. MTO technology, on the hand, makes use of methanol; derived from coal or natural gas, for producing olefins. Therefore, the adoption of novel technologies should present attractive opportunities to developers of crude-to-chemicals in the coming years.
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Segmental Review
Different technologies covered are Hydrocracking Technology, De-asphalting Technology, Steam Cracking Technology, and more. Steam cracking technology is one of the most popular ones and is vastly used for producing ethylene and some amount of propylene. This technology has seen a lot of changes over time, with advances being made for processing various feedstock, such as gas oil, ethane, and naphtha.
Various applications of crude to chemicals are Adhesives & Sealants, Polymers, Paints & Coatings, Dyes, Surfactants, Rubber, solvents, and others like ceramics, glass, lacquers, fertilizers, pharmaceuticals, disinfectants, cosmetics, and toiletries.
Key market end-users are Automotive and Transportation, Building & Construction, Electrical and Electronics, Healthcare, and others such as textiles, footwear, oil & gas, home furnishing, home care, cosmetics & personal care, sports, paper & pulp, and agriculture. The highest use of crude to chemicals can be seen in the building and construction sector, with several construction activities using numerous products and equipment sourced from crude-to-chemicals. Adhesives, polymers, paints & coatings, and plastics are a few extensively used products in the construction sector. These products are designed using crude-to-chemicals like olefins, polyethylene, and aromatic compounds.
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Regional Insight
The North American market for crude-to-chemicals is the global leader, thanks to the rise in shale gas discoveries across Canada and the US. These discoveries have bolstered the supply rate of natural gas liquids, which has transformed North America into one of the lowest costing regions for producing chemicals
Asia Pacific will be one of the most successful markets in the years ahead, and will most likely capture the highest growth rate. The surging government spending on crude-to-chemical production is one of the key factors propelling the market size. China and India head the APAC market.
Top Companies
The top companies active in the global market for crude-to-chemicals include Hengli Petrochemical, Shell Global, Indian Oil Corporation Ltd., Total, Sinopec, Reliance Industries, Saudi Arabian Oil Co., ExxonMobil, and more.
Given the surging competition in the worldwide market, brands are increasingly taking up effective strategies to bolster their consumer base. Product innovation and new launches are a few of the major strategies deployed by the major companies to augment their market standings. Many eminent brands are focused on making use of advanced manufacturing technologies for the development of high-quality solutions, which helps them capture the interest of a higher number of end-users.
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