07-Oct-2022 | Facts and Factors
According to Facts and Factors, the global petrochemical market size was worth USD 549.5 million in 2021 and is estimated to grow to USD 775.07 million by 2028, with a compound annual growth rate (CAGR) of approximately 5.90% over the forecast period. The report analyzes the Petrochemical market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the Petrochemical market.
Petrochemicals are the backbone of an industrial economy and a necessity for many industrial processes. Numerous items, including tires, industrial oil, and plastic, are manufactured using petrochemical detergents. The product's waste, basic plastic, is utilized as a component in the production of consumer goods. Petrochemical products are frequently used in various items, such as paints, cars, packaging, home goods, and medical equipment. Modern technology also allows the industry to process a broader variety of raw materials and various product types.
Browse the full “Petrochemical Market Size, Share, Growth Analysis Report By Type (Ethylene, Propylene, Butadiene, Benzene, Toluene, Xylene, Methanol), By Application (Polymers, Paints & Coatings, Solvents, Rubber, Adhesives & Sealants, Surfactants, Dyes), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/petrochemical-market
The global petrochemical market has grown significantly due to factors like the expanded use of petrochemicals in the packaging, electrical & electronics, automotive, construction, and healthcare sectors. Numerous polymers are employed in producing various plastic components, which find usage in the transportation and automotive industries. This factor is driving the market for petrochemicals. Additionally, it is anticipated that the growing usage of polymeric resins in the production of automotive components would increase demand for polymers, affecting how quickly the petrochemicals market expands. However, the expansion of this sector may be hampered by shifting raw material prices. On the other hand, consistent growth in the construction, chemical, and automotive industries will give market participants the chance to invest in the petrochemicals market.
The global petrochemical market has been segmented into types, applications, and regions. Based on type, ethylene, propylene, butadiene, benzene, toluene, xylene, and methanol are segments of the global petrochemical market. In 2021, ethylene had a market-dominating revenue share of more than 40.0%. Based on application, the petrochemicals market is segmented into polymers, paints & coatings, solvents, rubber, adhesives and sealants, surfactants, and dyes. The polymer segment is expected to dominate the petrochemical market.
The global petrochemical market is segmented into geographical regions: North America, Latin America, Europe, Asia-Pacific, Middle East & Africa. In 2021, the Asia Pacific region, especially China, dominated the petrochemical market due to the region's rapidly developing chemical & construction industries and the increased use of polymers in a wide range of applications, particularly in China, Japan, and India. China's growth in the petrochemical market over the past 20 years has been characterized by swift investment and open competition. In addition, the nation has been a pioneer in developing sizable petrochemical complexes with high chemical yields, with several existing and new investments planned all around the nation.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 549.5 Billion |
Projected Market Size in 2028 |
USD 775.07 Billion |
CAGR Growth Rate |
5.90% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
BASF SE, SABIC, TOTAL, Indian Oil Corporation Limited, Chevron Phillips Chemical Company, BP PLC, Sumitomo Chemical Company, Reliance Industries Limited, DowDuPont, Royal Dutch Shell PLC., and others. |
Key Segment |
By Type, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Key players in the global petrochemical market include BASF SE, SABIC, TOTAL, Indian Oil Corporation Limited, Chevron Phillips Chemical Company, BP PLC, Sumitomo Chemical Company, Reliance Industries Limited, DowDuPont, and Royal Dutch Shell PLC.
Recent Development:
- January 2021: To produce propylene oxide (P.O.) and styrene monomer (S.M.) in China, LyondellBasell Industries Holdings B.V. and the China Petroleum & Chemical Corporation established a 50/50 joint venture.
- In 2019, Shell Chemical L.P. started producing its fourth alpha olefins unit in its U.S. facility.
Global Petrochemical Market is segmented as follows:
By Type
- Ethylene
- Propylene
- Butadiene
- Benzene
- Toluene
- Xylene
- Methanol
By Application
- Polymers
- Paints And Coatings
- Solvents, Rubber
- Adhesives and Sealants
- Surfactants
- Dyes
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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