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Petrochemistry is a field of chemistry which studies the transformation of petroleum and natural gas into useful chemicals products and raw materials. For the national and global economies, the industrial market, which is focused on mineral oils and natural gases, is of significant significance. For a broad variety of essential chemicals, which are eventually refined into fibers, pharmaceuticals, dyes, surfactants, solvents, oils, among many others, biologically use the above natural products as raw materials. Main ingredients of these sources of fossil raw material are particularly aliphatic and aromatic hydrocarbons, processed in petrochemical plants.
Market Analysis: Hydrocarbons derived from the downstream processing of crude oil and natural gas are referred to as petrochemicals. Agriculture, automotive, construction, plastic, packaging, and personal care are just a few of the industries that use it extensively. In terms of volume, and in an individual country petrochemical market was 42.50 million tonnes in 2017 and is expected to grow to 49.62 million tonnes by 2025. Between FY 2021 and FY 2025, it will rise at a compound annual growth rate (CAGR) of 6.14 percent.
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