What are petrochemicals? Some of you might not be familiar with this term. Petrochemicals are known to be compounds which are made from hydrocarbons and petroleum, extracted from natural gas and crude oil. This industry is an important component of various other industries and supplies raw materials which are used in construction, manufacturing, and automotive industries. To be short and precise, the petrochemical industry is a sub sector of one of the largest global industries, the chemical industry. Petrochemical industry is the primary component of various other consumer goods including plastics, medical devices, and fertilizers even though this industry is contributing hazardous gases for global warming to an alarming level. Petrochemicals are used as fuel in solar batteries, wind turbines, thermal insulation of buildings, batteries, and parts of electric vehicles. According to estimates, the petrochemical industry has grown a lot during recent years. During 2018, the market value of this industry was $539 billion. It is projected that this number will increase to $651.1 billion by the year 2027. It means the annual growth rate of this industry will be 5%. The market value of this industry is increasing due to chemicals and plastics. This article comprises a brief introduction about Best 10 Global Petrochemical Companies as shared by Insider Monkey.
LyondellBasell Industries is a UK-based petrochemical company. It is headquartered in London. Lyondell has operations in over 100 countries, and it has established production facilities in over 18 countries including Australia, New Zealand, North America, Middle East, Africa, South and Central America. As per available data, the company’s revenue was $34.7 billion while it owned assets worth $30.4 billion. The company has a workforce of 19,100 people. Another renowned and popular petrochemical company is Dow Inc. It is headquartered in Midland, Michigan. Currently, Dow operates 109 manufacturing facilities across 31 countries including Canada, Latin America, United States, Asia-Pacific, Europe, Africa, India and Middle East. The company reported a revenue of $41.8 billion and according to the available data from 2019, the company owns assets worth $60 billion. Dow has 6 global companies which are further divided into further categories of plastics, packaging, and industrial material. Dow Inc. has a total workforce of 36,500 people. The companies discussed in this article are just tip of the iceberg. You can read about other companies in this article 15 Biggest Petrochemical Companies in the World on Yahoo.