Quick Summary:
In the dynamic global petrochemicals industry, staying ahead of trends and market changes is paramount. The Petrochemicals Market Report provides vital insight into this industry, detailing the key factors that are propelling its growth. Petrochemicals, derived from natural gas and petroleum, underpin the manufacture of a vast array of products that pervade our daily lives –from paints and textiles to solar panels and electric vehicles. Their versatility and affordability make them an indispensable part of several industries globally.
The report highlights the burgeoning utilization of petrochemicals and polymers in sectors such as food and beverage, automotive, agriculture and paint, and coating. One driving factor is the rising demand for products with enhanced freshness, shelf-life and the ability to prevent contamination. Furthermore, the report elaborates on how advances in technologies are increasing the application of petrochemicals in the fabrication of light-weight, durable automobile components. Notably, the escalating demand for petrochemicals in the agriculture sector - used in plastic mulch, greenhouse covers, and tunnels - hints at sustained market growth. Subsequently, the report offers an in-depth analysis of current market trends, potential areas of investment, and a comprehensive forecast for the future. With this report in hand, industry players and potential investors can equip themselves with the knowledge and insight needed to make informed decisions in this industry.
Petrochemicals are chemical substances comprising ethylene, propylene, and benzene, which are derived from natural gas and petroleum. They are economical, cost-effective, durable and used to manufacture paints, alkyd resins, industrial de-greasers, odorless thinners, construction chemicals, dry cleaning products, cleaning and maintenance chemicals, insecticides, insecticides aerosols, and agricultural pesticides. They are also utilized in solar panels, thermal insulation for buildings, parts of electric vehicles, batteries, and wind-turbine blades. Apart from this, petrochemicals find extensive applications in the cosmetics, electronics, packaging, and textile industries across the globe.
Petrochemicals Market Trends:
At present, there is a considerable rise in the utilization of polymer in the food and beverage (F&B) industry as it can help keep products fresh, prevent contamination, and increase their overall shelf-life. This, along with the growing demand for ethane in the manufacturing of olefins, represents one of the key factors driving the market. Besides this, there is an increase in the employment of petrochemicals in the automobile industry to design the body, tires, interiors, and dashboard of vehicles due to their lightweight, durability, and flexibility. This, coupled with the rising application of methanol to produce biodiesel and dimethyl ether, is propelling the growth of the market. In addition, the escalating demand for petrochemicals in the agriculture industry to manufacture plastic mulch, greenhouse covers, and tunnels for reducing water loss and ultraviolet (UV) levels is positively influencing the market. Furthermore, key manufacturers are focusing on the expansion of their production capacities to meet the petrochemicals demand and expand their consumer base. The rising use of petrochemicals in the paint and coating sector on account of their high solvency is projected to offer lucrative growth opportunities to industry investors.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global petrochemicals market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, application and end use industry.Breakup by Type:
- Ethylene
- Propylene
- Butadiene
- Benzene
- Toluene
- Xylene
- Methanol
- Others
Breakup by Application:
- Polymers
- Paints and Coatings
- Solvents
- Rubber
- Adhesives and Sealants
- Surfactants and Dyes
- Others
Breakup by End Use Industry:
- Packaging
- Automotive and Transportation
- Construction
- Electrical and Electronics
- Healthcare
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being BASF SE, Chevron Corporation, China National Petroleum Corporation, China Petrochemical Corporation, DuPont de Nemours Inc., Exxon Mobil Corporation, Formosa Plastics Corporation, Indian Oil Corporation Limited, INEOS Group Ltd., LyondellBasell Industries N.V., Reliance Industries Limited, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), Shell plc, Sumitomo Chemical Co. Ltd. and TotalEnergies SE.Key Questions Answered in This Report
1. What was the size of the global petrochemicals market in 2022?2. What is the expected growth rate of the global petrochemicals market during 2023-2028?
3. What are the key factors driving the global petrochemicals market?
4. What has been the impact of COVID-19 on the global petrochemicals market?
5. What is the breakup of the global petrochemicals market based on the type?
6. What is the breakup of the global petrochemicals market based on the application?
7. What are the key regions in the global petrochemicals market?
8. Who are the key players/companies in the global petrochemicals market?
What is the estimated value of the Global Petrochemicals Market?
What is the growth rate of the Global Petrochemicals Market?
What is the forecasted size of the Global Petrochemicals Market?
Who are the key companies in the Global Petrochemicals Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 142 |
| Published | July 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 584.6 Billion |
| Forecasted Market Value ( USD | $ 815.3 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
Table of Contents
Companies Mentioned
- BASF SE
- Chevron Corporation
- China National Petroleum Corporation
- China Petrochemical Corporation
- DuPont de Nemours Inc.
- Exxon Mobil Corporation
- Formosa Plastics Corporation
- Indian Oil Corporation Limited
- INEOS Group Ltd.
- LyondellBasell Industries N.V.
- Reliance Industries Limited
- Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
- Shell plc
- Sumitomo Chemical Co. Ltd.
- TotalEnergies SE
Methodology
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