Future Market Insights (FMI) projects that the global petroleum liquid feedstock market will achieve a valuation of USD 313 billion in 2023, with a forecasted compound annual growth rate (CAGR) of 4.2% through 2033. This growth trajectory is expected to push the market to a valuation exceeding USD 474.1 billion by 2033. Key factors propelling this demand include rising oil and gas prices, increasing demand for aromatics, and the expansion of the petrochemical and automotive industries.
Petroleum liquid feedstock demand is particularly strong in the chemicals and automotive sectors, where its applications span a wide range of end products, including motor fuels, aromatics, olefins, solvents, and gasoline. Aromatics alone account for over 50% of revenue in the petroleum liquid feedstock market, with olefins also emerging as a promising segment. The growing reliance of the chemicals industry on aromatics is expected to significantly elevate demand for petroleum liquid feedstock, while the automotive industry continues to create additional growth opportunities for manufacturers in the sector.
Key Manufacturers Enlarging Naphtha Production Capacities
Refinery processes tend to produce higher proportions of naphtha compared to that of gasoil, which enables the former to retain top ranking segment in the market on the basis of type of petroleum liquid feedstock.
Naphtha consumption currently accounts for a whopping 91% share in the global petroleum liquid feedstock market value; the report however projects that gas oil would gradually emerge as an attractive segment over the years.
A majority of industry giants have been concentrating on increasing their naphtha production capacities by strategizing on production plants expansion across multiple geographical markets. Manufacturers based in Middle Eastern countries have been observed to have augmented their naphtha production recently.
However, with growing availability of low-priced substitutes for petroleum liquid feedstock such as propane and ethane, the naphtha space has been witnessing an oversupply scenario.
China Slated for Maximum Market Attractiveness in Coming Years
With more than 71% market value share held collectively, petroleum liquid feedstock market in China, Europe, and Asia Pacific (excluding Japan) are likely to demonstrate notable expansion over coming years. Considerable rise in the automotive production and sales across Europe, China, and other Asian economies remains a key driving force pushing the consumption of petroleum liquid feedstock across these regions.
China however is forecast to emerge as the most lucrative market for manufacturers of petroleum liquid feedstock, and the report estimates around 4% yearly growth in China’s market value, in 2019. Moreover, Asian market for petroleum liquid feedstock still continues to face consequences of a severe demand-supply gap that is likely to trigger increased export from Europe and present multiple business opportunities for leading manufacturing companies.
Competitive Landscape
The global petroleum liquid feedstock market is highly fragmented, with Tier-I companies representing around 25% to 35% of the market share. The remaining market is divided among other global players and numerous local companies. Leading global players in the petroleum liquid feedstock market include BP p.l.c., Exxon Mobil Corporation, TOTAL S.A., Royal Dutch Shell plc, Idemitsu Kosan Co., Ltd., Flint Hills Resources, and YPF.
Petroleum Liquid Feedstock Market Segmentation
By Type:
- Naphtha
- Gas Oil
By Application:
- Aromatics
- Olefins
- Urea
By Region:
- North America
- Latin America
- Europe
- Asia Pacific Excluding China
- China
- Middle East and Africa
Report Preview: https://www.futuremarketinsights.com/reports/petroleum-liquid-feedstock-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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