The petrochemicals market is expected to record steady growth over the next decade as global economic woes begin to relent. The market will reach a value of US$609.3bn in 2012, as companies and organisations across the world continue to exploit the potential of the burgeoning Asian markets, as per Visiongain. The growth of petrochemicals production will be supported by shale gas and innovation.
The global petrochemicals market has shown sluggish growth in recent times and this has been due to poor demand and poor global economic conditions. The petrochemicals market is a market that is highly dependent on the macroeconomic conditions and, due to the prevailing, economic conditions, the European petrochemicals markets have performed particularly poorly.