Future Market Insights expects a high value-low growth picture for the worldwide petroleum liquid feedstock market over the next few years in a recently released research intelligence outlook. According to reports, global income from the use of petroleum liquid feedstock will reach roughly US$ 270 billion in 2019, representing a 3.6 percent annual revenue increase over 2018.
A consistent increase in demand for petroleum liquid feedstock is projected in the next years, owing to the global petrochemicals industry’s strong expansion forecast.
The global income of petroleum liquid feedstock is primarily driven by the rising demand for motor fuels and other widely sold end products such as aromatics, olefins, solvents, and gasoline. Aromatic applications presently account for more than half of sales, while olefins are positioned as a promising category in the petroleum liquid feedstock landscape, according to the report.
With the increasing demand for aromatics among chemicals industry stakeholders, demand for petroleum liquid feedstock, a crucial component used in aromatics synthesis, is expected to rise sharply shortly. Aside from the chemicals business, the automotive industry has also provided major income potential for petroleum liquid feedstock manufacturers.