Petrochemical market expected to grow by $276B over next decade
Monday, February 15, 2021
The global petrochemical market is projected to grow by as much as 5% a year until 2030 from $435 billion to $729 billion, according to Precedence Research, a Canadian marketing research organization.
The increase in petrochemical consumption will be driven by the increasing use of petrochemicals in industrial applications such as construction, automotive, aviation, food, electrical, paint, paper, and pulp.
The Asia-Pacific region dominated the global petrochemical market in 2020 with a 50% market share, fueled by industrialization in China.
Petrochemicals are chemical byproducts obtained from refining crude oil and natural gas. Ethylene, propylene, toluene, methanol, benzene and other chemicals are considered petrochemicals.
Learn more: mrt > Petrochemical market expected to grow by $276 billion this decade
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What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
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What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
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Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.