Pygas Market Overview
Pygas, also known as pyrolysis gasoline, refers to the by-product obtained during ethylene production. It consists of benzene and other hydrocarbon compounds. Pyrolysis gasoline is used as a booster in motor fuels. Moreover, pygas are extensively utilized in petrochemical production.
Market Size and Forecast
Global pygas market is anticipated to flourish at a significant CAGR during the forecast period 2017-2024. Further, the market is anticipated to grow on the account of the growth of the automotive industry across the globe. Similarly, widening use of pyrolysis gasoline in petrochemical production is opening the opportunities for the growth of the market.
North America accounted for substantial portion of market share in overall pygas market in 2016. Rising utilization of pygas as a motor fuel booster is expected to intensify the growth of North America pygas market during the forecast period. Further, rise in the number of petrochemical plants in U.S. is envisioned to strengthen the demand for pyrolysis gasoline in the years ahead. Moreover, increasing investment by major petrochemical companies such as Dow and Exxon Mobil in the region bodes well for the growth of pygas market in the region.
Asia Pacific is believed to showcase to witness lucrative growth over the forecast period. Expansion of petrochemical industries in the region is anticipated to garner the growth of pygas market in Asia Pacific during the forecast period. Moreover, growth of automotive and increased motor fuel oil is anticipated to support the growth of the market in the upcoming years. Further, rise in number of affluent middle class population in the region is fuelling the growth of automotive industry which further is envisioned to bolster the growth of pygas market. Europe market is projected to grow at significant CAGR during the forecast period. Increasing ethylene demand and production in the region is anticipated to impetus Europe Pyrolysis Gasoline market.
Middle East & Africa market is anticipated to likely to contribute significantly to the growth of the market. The market of the pygas is mainly expanding on the back of the growth and expansion of oil & gas industries in the region.
Based on application, global Pyrolysis Gasoline market is segmented into aromatic extraction, refinery feedstock, benzene processing, motor fuels and other, out of which, benzene processing dominated the overall market in 2016.
Our in-depth analysis has segmented global pygas (Pyrolysis Gasoline) market into the following segments:
Global Pygas market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Rise in number of petrochemical plants all across the globe is one of the major factors driving the market of global pygas market. For instance, in April 2017, ExxonMobil, a leading oil and gas company, announced the initiation of petrochemical plant construction in Texas. Similarly, Dow chemical also announced their USD 4 Billion investment plan to expand their petrochemical manufacturing business in U.S. These market activities are opening a gateway of opportunities for the growth of the pyrolysis gasoline market.
Further, pyrolysis gasoline finds their use in various petrochemical applications such as feedstock to aromatic extraction, benzene processing and other such application. These factors are expected to substantially raise the demand for the pyrolysis gasoline market during the forecast period.
Further, pyrolysis gasoline is also used in motor fuels. Apart from this, automotive industry is witnessing positive growth in the world. These factors are anticipated to spearhead current and future growth prospects of pyrolysis gasoline market.
In contrast, fluctuating oil prices is anticipated to negatively impact the growth of the global pygas market.
Scope and Context
Overview of the Parent Market
The global pygas market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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