Petrochemicals are chemical products derived from petroleum. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable sources such as corn or sugar cane.

The two most common petrochemical classes are olefins (including ethylene and propylene) and aromatics (including benzene,  tolueneand xylene isomers). Oil refineries produce olefins and aromatics by fluid catalytic cracking of petroleum fractions.

 Chemical plants produce olefins by steam cracking of natural gas liquids like ethane and propane. Aromatics are produced by catalytic reforming of naphtha. Olefins and aromatics are the building-blocks for a wide range of materials such as solvents, detergents, and adhesives. Olefins are the basis for polymers  and oligomers used in plastics, resins, fibers, elastomers, lubricants, and gels.

The petrochemical industry supports about 1.4 million American jobs, including about 214,000 employed directly in petrochemical manufacturing plants. If petrochemical manufacturers did not operate in America, many of those jobs would disappear and our nation would have to import petrochemicals from abroad.

The global petrochemical industry has entered a transition phase, with a large degree of expansion forecast between 2012 and 2022, reports Visiongain. Competition from Middle Eastern market players is also expected to fuel this change, particularly when coupled with the impact of the Eurozone crisis.

Before the end of 2012, the industry is expected to exceed $609 billion. Concern over environmental issues, with sustainability in particular a matter of concern, the petrochemical market is meeting resistance in developing countries. In developed countries, however, sustainability constitutes less of an obstacle to market expansion.