The petrochemical industry plays an integral role in the manufacturing and consuming sectors. The industry, which produces chemicals with the use of oil and natural gas as major raw materials, consists of two major divisions. The primary petrochemical industry makes basic chemicals such as ethylene, usually from gas or oil. Secondary petrochemical industries transform basic petrochemicals into certain materials that can be used directly by other industries. The major raw materials (oil and natural gas) contain primarily of hydrocarbons, and such petrochemicals contain carbon or hydrogen or both. Petrochemicals can be modified into different industrial and consumer products, which includes paint, plastic, rubber, detergents,dyes, fertilizers, textiles, and even solvents. In addition, many compounds now considered as petrochemicals were formerly made out from wood and coal.
Most petrochemical industry plants today are located near oil-producing and oil refining areas around the world. Such petrochemical plants are costly, with some requiring at least more than $500 million to build. This industry became a hit after the war, with the increasing demand for synthetic consumer products.
This report on the global petrochemical industry examines the worldwide petrochemical industry, the basics of petrochemicals, major industry players, and a regional and petrochemical market analysis.
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