Petrochemicals Market ? It Will Grow Feasibly In Upcoming Year

The worldwide petrochemicals market is required to observe a promising development in the following couple of years, particularly in creating economies. The ascent in the degree of rivalry is anticipated to improve the in general aggressive situation of the market in the coming couple of years. According to the market research report by Transparency Market Research, the global market for petrochemicals is likely to reach a value of US$885.1 bn by the end of year 2020. The market is likely to register a healthy 6.80% CAGR between 2014 and 2020. The increasing demand from a large number of end use industries and the increasing government support, particularly in developing economies are considered as the major factors that are estimated to encourage the growth of the global petrochemicals market in the near future. Moreover, the easy availability of raw materials in the Middle East and Africa is projected to enhance the overall growth of the market in the near future.