Petroleum Liquid Feedstock Market Growth Analysis and Opportunities, 2022-2029

The petrochemical sector is a major industry that propels the petroleum liquid feedstock market. Rise in adoption of petrochemical items from end-use industries, such as construction, plastic, transportation, and others, has been propelling the petrochemical industry growth. One of the major uses of petroleum liquid feedstock is in the manufacturing and processing of aromatics. There is significant increase in demand for aromatic products, such as xylene, benzene, and toluene, from various end-use sectors such as chemical industries, owing to their expanding application as feedstock for numerous items. This is anticipated to drive the growth of the petroleum liquid feedstock market. 

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Rise in advancements in technologies in the petroleum liquid feedstock market is expected to drive the market growth over the come years. The demand for petroleum liquid feedstock is basically driven by the transportation sector. Petroleum liquid feedstock naphtha and oil are utilized by local transportation, such as engine vehicles, motor vehicles, and bunkers, including marine fuel and used in the industrial and business sectors. Based on region, more development is expected from India, Southeast Asia, and the Middle East. Heavy naphtha is expected to witness the fastest growth rate during the forecast period. The factors propelling the demand for heavy naphtha are application in aromatics and fuel as it is utilized in the production of top-quality aromatics and high-octane gas.

The fall in oil prices in recent years hinders the petroleum liquid feedstock market development. In addition, the growth of electric vehicles in developed region impacts the demand for petroleum liquid feedstock. In the coming years, developing regions, such as Asia-Pacific, is expected to witness the adoption of electrical vehicles.

Companies covered in the market report are Exxon Mobil Corporation, Shell, Reliance Industries, British Petroleum, China National Petroleum Corporation, Chevron Phillips Chemical Company, Flint Hills Resources, Idemitsu Kosan Co., Ltd., China Petroleum and Chemical Corporation, Royal Dutch Shell plc., Total S.A., and YPF.

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COVID-19 scenario analysis:

  • The oil & gas industry has witnessed negative impact, owing to decreased demand in the first quarter of 2020 due to the outbreak of COVID-19. 
  • With nations on lockdown, there is less movement and the interest for oil & gas has fallen tremendously.
  • Oil organizations, for example, Shell and Exxon are making strategic plans to balance oversupply problems by deferring.
  • The value chain of the market is disrupted, owing to social distancing measures that resulted in disturbed transportation services. 
  • The demand and supply market has been hindered, owing to the spread of the coronavirus.

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