About Crude-to-chemicals
Crude oil is a naturally occurring, yellowish-black liquid mixture of hydrocarbons and is found deep underground in rock formations. Crude to chemical is a term that refers to crude oil being transformed into a variety of high-value chemicals instead of fuels. The production process of crude to chemical includes steam cracking, catalytic cracking, and other chemical processes. They produce a wide range of chemicals, such as ethylene, propylene, benzene, and xylene. The traditional refineries convert crude to chemicals around 8–12%, and newer crude-to-chemical refineries convert 30–55% to 70–80%. The large-scale adoption of COTC provides opportunities for operational integration in refineries to align themselves with the emerging trend of expanding business portfolios into petrochemicals.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The crude-to-chemicals (CTC) market is characterized by intense competition among global players seeking to capitalize on the advantages of integrated petrochemical complexes and advanced conversion technologies. The competitive landscape of the CTC market is dynamic, and strategies may evolve based on factors such as market conditions, regulatory changes, and technological advancements. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Shell Plc (United Kingdom), Exxon Mobil Corporation (United States), Lummus Technology (United States), Saudi Arabian Oil Co. (Saudi Arabia), China Petrochemical Corporation. (China), Reliance Industries Ltd (India), CLARIANT (Switzerland), Oil and Natural Gas Corporation Limited (India), TotalEnergies (France), ConocoPhillips Company (United States), PRefChem (Malaysia), SCHMIDT + CLEMENS GMBH + CO. KG (Germany) and Shanghai Supezet Engineering Technology Co., LTD (China) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Crude-to-chemicals market by Type (Ethylene, Butadiene, Benzene, Toluene, Xylene and Others) and Region.
On the basis of geography, the market of Crude-to-chemicals has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Steam cracking will boost the Crude-to-chemicals market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Polymer Industry will boost the Crude-to-chemicals market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increased the demand for lighter, bio-derived chemicals.
Market Growth Drivers:
The growing demand for natural gas and petrochemical products and The global transition towards renewable energy sources and the increasing focus on sustainability
Challenges:
Stringent environmental regulations is a significant challenge for the CTC industry. and The development and implementation of sophisticated technologies for the direct conversion of crude oil into chemicals involve high levels of technical complexity.
Restraints:
Lack of availability and price volatility and Growing awareness of climate change and environmental concerns has led to increased scrutiny of the oil industry
Opportunities:
Focusing on improvements in efficiency and flexibility in conversion processes can reduce costs and unlock new feedstock possibilities.
Market Leaders and their expansionary development strategies
In November 2022, Shell Eastern Petroleum (Pte) Ltd, a wholly-owned subsidiary of Shell plc has acquired EcoOils Limited, a waste oil recycling firm. This acquisition is part of Shell’s ambition to increase production of sustainable low carbon fuels for transport, including sustainable aviation fuel (SAF).
In August 2023, India's oil and gas producer ONGC is launched to set up two oil-to-chemical plants in the country to convert crude oil directly into high-value chemical products as it prepares for energy transition that is shaking up the industry worldwide.
Key Target Audience
Supplier, Manufacturer, Research organization, Government Regulatory, End-User Industry and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.