![]() The volatility in the prices and supply of crude oil has affected the production cost of petrochemicals, which, in turn, makes their production process costly. The industry is significantly affected by the prices of crude oil as it is a basic raw material used for the manufacturing of the product. An increasing number of product suppliers in the market has resulted in the high bargaining power of the buyers. ![]() Basic plastic derived from the product act as a building block in the manufacturing of consumer goods.Įnd-use industries evaluate the quality of products supplied from time to time and establish procurement agreements with suppliers to purchase petrochemicals derivatives in bulk and ensure their stable and seasonal supply. Some of the products derived from petrochemicals include tires, industrial oil, detergents, and plastics. ![]() Petrochemical is a vital component for many industrial processes, and hence forms the backbone of an industrial economy. The demand for petrochemicals is attributed to an increase in the demand for downstream products from various end-use industries such as construction, pharmaceuticals, and automotive, which is a major factor driving the market. The global petrochemicals market size was valued at USD 556.09 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030. ![]()
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