Petrochemistry

The branch of Petrochemistry is among the six core industries in the world and plays a major role in influencing decision making for all the other important sections of the economy. Petroleum focuses on how crude oil and natural gas are transformed into raw materials and other useful products. It is the primary material for a multitude of chemical products, including pharmaceuticals, solvents, fertilizers, plastics, dyes, surfactants, fuels, and many others. Therefore many nations consider petroleum as an integral part of other industries & holds critical importance. Even though the trend towards Renewable and Alternative energy is building, it is still considered the global powerhouse. The petrochemical sector has embraced the sustainability challenge and has made substantial increases in production efficiency while steadily decreasing its energy input. A significant amount is contributed to the national GDP by Petrochemistry. Developed countries consume about 30 billions barrels each year. This shows that the worlds dependency on Petroleum products is growing drastically due to the rapid economic growth. The higher standards of living & the ricing income levels increases the demand for automobiles which in turn increases the requirements of Petrochemicals. The petroleum industry comprises of exploration, production, refining and marketing of the products in a cost-effective way to identify promising areas for exploration, access the natural resources, and refine it into desirable products. Petroleum represented 25.9% of total EU chemical sales which makes petrochemistry an incredibly valuable field.

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