Petrochemicals market will reach a global value of US$609.30 bln in 2012

The petrochemicals market is expected to undergo a period of significant change over the forecast period 2012-2022. The emerging markets are expected to embark on a period of significant expansions, whilst Middle Eastern competition will create irrevocable changes to the competitive landscape of the global petrochemicals market over forecast period. The damaging effects of the Euro crisis are expected to continue for a significant portion of the forecast period and this is expected to have an impact on growth in the developed regions. Nonetheless, Visiongain expects the petrochemicals market will reach a global value of US$609.30 bln in 2012. Environmental awareness is expected to maintain its prominence in the emerging regions over the duration of the forecast period. The prominence of sustainability has hindered the petrochemicals markets in the emerging regions as it is a major obstacle blocking the expansion of a number of companies. Sustainability is expected to be less of a hindrance in the developed regions as the level of expansion will not be as significant as in the developing regions. The developing economies will play a crucial role in the development of petrochemicals over 2012-2022. The value of these markets will increase dramatically and suppliers are expected to shift their focus from the developed economies to the developing economies. Innovation is expected to be more prevalent in the more mature regions. This is due to a global need to increase competitiveness and the mature regions will seek this through reduced costs and increased efficiency. Innovation constitutes one of the most effective ways in which these goals can be achieved.
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