LONDON, GREATER LONDON, UNITED KINGDOM, November 24, 2016 /EINPresswire.com/ — Petrochemicals are chemicals products derived from petroleum. They are also called petroleum distillates.
Petrochemical companies are increasingly using automation and instrumentation solutions to control the production process more effectively. Automation instruments include control valves, temperature transmitters, level transmitters, flow transmitters and pressure transmitters that help to improve an organizations operational efficiency. For example, Siemens process instrumentation and gas analytics solutions increases productivity and efficiency during plant operations.
Petrochemical companies are investing in automation and instrumentation solutions to improve operational efficiencies of plants, thereby increasing revenues and profits.
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The petrochemicals manufacturing industry comprises establishments that primarily engage in manufacturing acyclic (aliphatic) hydrocarbons such as ethylene, propylene and butylene made from refined petroleum or liquid hydrocarbons and establishments that manufacture cyclic aromatic hydrocarbons such as benzene, toluene, styrene, xylene, ethyl benzene, and cumene from refined petroleum or liquid hydrocarbons. Hydrocarbons are organic compounds consisting entirely of hydrogen and carbon
According to The Business Research Company’s Chemical Consultant, Yogesh Bathula, the petrochemicals market is going to grow due to an increase in demand from the packaging industry. The packaging industry is scaling new heights, not only in terms of revenue growth, but also in devising new technologies, designs and aesthetically enhanced packaging solutions. It is the leading end-user market for many petrochemicals globally.
The Business Research Company expects the petroleum market to grow to $1,358 billion in 2019. Asia was the largest geographic market in the petrochemicals market in 2015, accounting for $652 billion or 64.3% of the global market.
The figure shows the year-on-year growth of the global petroleum market during 2015–2019.
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