The basic petrochemical market will reach $603.2 billion worldwide by 2021, says a new report by Lucintel. The growing demand for basic petrochemicals in end use industries will be the main driving factor for this growth. The CAGR is expected to be 4.9% from 2016 to 2021.
According to the report, Ethylene will be the top chemical in terms of million tons used and billion dollars sold from 2010 to 2021. Propylene and Butadiene will be the second and third most used petrochemicals respectively.
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