Chemical and Petrochemical Market in Malaysia to Garner 150,375.8 Tons vis-à-vis Volume, Says TMR Study

- Increasing entry of domestic and foreign oil & gas companies to tap into the vast oil & gas reserves in Malaysia underscores growth of the chemical and petrochemical market in the country

- Rapid industrialization and urbanization that depend on capital-intensive and export-oriented industries funded by foreign capital and supported by subsidies favorable to the growth of chemical and petrochemical market in Malaysia

ALBANY, N.Y., Jan. 17, 2022 /PRNewswire/ -- Analysts at TMR estimate the Malaysia chemical and petrochemical market to expand at a CAGR of 4.2% for the forecast period from 2021 to 2025. The incessant demand for chemicals and petrochemicals in several end-use industries such as food & beverages, pharmaceuticals, and automotive propels the Malaysia chemical and petrochemical market.

The vast oil & gas reserves in Malaysia account for a significant revenue to the chemical and petrochemical market in the country. This is attracting new companies to establish refinery facilities that would produce a range of chemical and petrochemical products. New players are entering into partnerships with large petroleum companies in the country to gain from their foothold in the chemical and petrochemical market in Malaysia.

Moreover, chemicals and petrochemicals are an integral part of the chemical industry due to their substantial use in the manufacture of synthetic materials.

The outbreak of COVID-19 pandemic had an adverse impact on the Malaysia chemical and petrochemical market. An estimated 5% to 15% decline in foreign direct investment (FDI) has compelled stakeholders to focus on positive or limited negative impact industries. Furthermore, companies are undertaking initiatives to redesign their workflow processes at manufacturing plants to lessen the challenges of the pandemic. This is anticipated to revive growth of the chemical and petrochemical market in Malaysia.

Get PDF Brochure for More Insights – https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=84193 

Malaysia Chemical and Petrochemical Market – Key Findings of Report

• Dependence on capital-intensive and export-oriented industries for the undergoing rapid economic development in Malaysia boosts the chemical and petrochemical market in the country
• Proposition of the Government of Malaysia to position the country as the main oil & gas hub in Asia Pacific over the next few years to garner extensive revenues for the chemical and petrochemical market
• Demand for petrochemicals from the chemical industry that contributes substantial revenue to the economy of Malaysia spells growth in the chemical and petrochemical market of the country
• Incessant demand for petrochemicals from various industries, including consumer goods, energy, automotive, and healthcare spurs growth curve of the Malaysia chemical and petrochemical market
• Refining product segment held the leading share of the chemical and petrochemical market in Malaysia in 2020
• Companies in the Malaysia chemical and petrochemical market seek to diversify production into biofuels and natural gas in a bid to shift to cleaner fuels for the rising demand for diesel in the manufacture of construction equipment
• Palm oil emerges as a feasible feedstock in the production of 1,3-propanediol and bio-lubricants. Availability of palm oil in abundance in Malaysia is favorable for the development of bio-based chemicals and thus benefit the chemical and petrochemical market.
• Demand curve of the Malaysia chemical and petrochemical market gains from rising use of petrochemical polymers

Ask for Special Discount on Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=84193