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Refinery Capacity Vital to the Petrochemicals Markets in South Africa and Nigeria Finds Frost & Sullivan - The petrochemicals market is the foundation of many chemicals industries, as it provides the building blocks for most chemical products
Refinery Capacity Vital to the Petrochemicals Markets in South Africa and Nigeria Finds Frost & Sullivan

 

NewswireToday - /newswire/ - Cape Town, South Africa, 2010/05/13 - The petrochemicals market is the foundation of many chemicals industries, as it provides the building blocks for most chemical products.

   
 
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For instance, olefins (ethylene, propylene, butadiene) and aromatics (xylene, toluene, benzene) are used in end-user markets such as paints, plastics, explosives and fertilizers.

New analysis from Frost & Sullivan (chemicals.frost.com), Strategic Analysis of the South African and Nigerian Petrochemicals Markets, finds that the Nigerian petrochemicals market (excluding exports of crude oil) was worth $14.03 billion in 2008 and forecasts it to reach $29.7 billion by 2015. South Africa's petrochemicals market was worth $18.37 billion in 2008 and Frost & Sullivan forecasts it to increase to $24.5 billion by 2015.

If you are interested in more information on this study, please send an email to Patrick Cairns, Corporate Communications, at patrick.cairns[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country.

"The demand for petrochemicals products is highly driven by activities in the end-user segments," says Frost & Sullivan Research Analyst Tatenda Zingoni. "South Africa has a well developed manufacturing sector, which provides a ready market for end products of the petrochemicals market."

South Africa's petrochemicals market is more developed than other sub-Saharan markets, with the capacities of the local refineries exceeding domestic demand. South African refineries operate at optimum capacity and this enables the country to export to other countries in the region.

"The South African market is unique in the region because of the production of petrochemicals from coal and gas feedstock using coal-to-liquid (CTL) and gas-to-liquid (GTL) technologies," Zingoni says.

On the other hand, Nigeria depends on imports of petrochemical products, despite the presence of large crude reserves. This is attributed to the country's low refinery-capacity utilization (approximately 40 per cent of the full capacity), which results in lower petrochemical yields, creating a need for imports.

"A restructuring of the operation of Nigerian refineries, with greater private sector participation, is likely to increase the capacity utilization of the refineries," notes Zingoni. "Once this is instituted, the cost structure of the Nigerian petrochemicals market is set to improve."

Crude is the main feedstock for the production of olefins and aromatics in Nigeria and South Africa. Although Nigeria has an abundance of crude oil deposits, the cost of production of petrochemicals is high. This is due to issues such as disruptions in supply of crude to the refineries due to militant activity, general corruption in the country and inefficiency in the way refineries operate. Steps by the Nigerian Government to increase the benefits derived by communities in the oil regions are expected to bring stability and minimize disruptions.

For the South African market, coal is a crucial feedstock for the country's unique synfuels and petrochemicals industry and it reduces the country's dependence on crude.

Despite the increasing global refinery capacity, sub-Saharan Africa has been reliant on imports. South Africa has plans to build another refinery by 2015 in the Coega Industrial Development Zone. The refinery could enable sub-Saharan Africa to become independent with regard to its petrochemical needs.

"Crude for the refinery will be supplied from Angola and Venezuela," Zingoni explains. "Debate is still however raging as to whether it is prudent to bring this refinery on stream given the spare refinery production capacities in the Middle East, India and South Korea."

Strategic Analysis of the South African and Nigerian Petrochemicals Markets is part of the Chemicals & Materials Growth Partnership Services programme, which also includes research in the following markets: South African Market for Chemical Solvents and Sub-Saharan African Biofuels Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents.

Strategic Analysis of the South African and Nigerian Petrochemicals Markets / M534

 
 
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Refinery Capacity Vital to the Petrochemicals Markets in South Africa and Nigeria Finds Frost & Sullivan

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Publisher Contact: Patrick Cairns 
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