Overview of the
petrochemicals market in MENA
Technavioa€™s
research analyst predicts the petrochemicals market in MENA to grow at a CAGR
of around 6%, in terms of volume, during the forecast period. The increased
demand for petrochemical products from the automotive industry is the primary
driver for the growth of this market. The automotive sector accounts for more
than 15% consumption of the overall petrochemicals produced globally, with the
MENA region accounting for 20% of the global production. For instance, the use
of petrochemical products can increase the fuel efficiency of automobiles by
nearly 30%.
The
growing awareness towards greener environment and the increased focus towards
vegetation as a replacement for chemical feedstock is expected to deter the
market growth during the forecast period. Bio-based chemicals are replacing the
traditional petroleum-based production of chemicals due to the reducing crude
oil reserves and fluctuating prices.
Product
segmentation and analysis of - ethylene, methanol, propylene, aromatics
Ethylene
dominated the petrochemicals market in MENA during 2014, with a market share of
38%. This segment is expected to continue its leadership until the end of 2019,
growing at a rate of 7%. The increased use of ethylene for the production of
ethylene glycol is driving the growth of this segment. Ethylene glycol is used
extensively across the world for the production of polyethylene terephthalate and
polyester fibers for use in packaging and fabric industries.
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