Petrochemicals are chemical products made from raw materials of petroleum or other hydrocarbons.
Although some of the chemical compounds that originate from petroleum may also be derived from coal and natural gas, petroleum is the major source.
The largest petrochemical industries are to be found in the USA and Western Europe, though the major growth in new production capacity is in the Middle East and Asia.
There is a substantial inter-regional trade in petrochemicals of all kinds.
The petrochemical industry is highly competitive, requires meaningful technological innovation, necessitates the need for significant capital investment and operates across the globe.
Petrochemical products are highly valuable compared to other fuels.
This means that, while the petrochemical sector represents approximately only 10% of the petroleum industry, on the basis of product value, it holds a much larger share.
