This report describes and explains the petrochemicals market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global petrochemicals market grew from $539,925.0 million in 2022, having increased at a compound annual growth rate (CAGR) of 1.1% since 2017. The market is expected to grow from $539,925.0 million in 2022 to $682,814.8 million in 2027 at a rate of 4.8%. The market is then expected to grow at a CAGR of 4.7% from 2027 and reach $858,351.3 million in 2032.
Growth in the historic period resulted from the increasing industrial manufacturing of thermoplastic, strong economic growth in emerging markets, the accelerating production of natural gas, the growing demand for plastics, the rapid increase in oil production and growth of the construction industry. Factors that negatively affected growth in the historic period were the impact of COVID-19, the increasing raw material costs and the stringent regulations.
Going forward, rapid industrialization, the rising demand for synthetic materials, the rising demand for electronic products and the increasing sales of electric and hybrid vehicles will drive the market growth. Factors that could hinder the growth of the petrochemicals market in the future include the impact of the Russia-Ukraine war, the rise in the use of environmentally friendly products and the shortage of skilled labor in the oil and petroleum sector.
The petrochemicals market is segmented by type into ethylene, propylene, benzene, xylene, styrene, toluene, cumene and other petrochemicals. The ethylene market was the largest segment of the petrochemicals market by type, accounting for $122,847.0 million or 22.8% of the total market in 2022. It is expected to be the fastest-growing segment by type going forward at a CAGR of 7.3%.
The petrochemicals market is also segmented by end-user into textile, furniture, paints and coatings, pharmaceuticals, synthetic rubber and fibers, plastic materials and resins, toiletries and cleaning compounds, and other end-users. The other end-users market was the largest segment of the petrochemicals market by end-user, accounting for $189,247.3 million or 35.1% of the total market in 2022. The plastic materials and resins market is expected to be the fastest-growing segment by end-user going forward at a CAGR of 7.3%.
Asia Pacific was the largest region in the petrochemicals market, accounting for 42.9% of the global market in 2022. It was followed by the Middle East, Western Europe and the other regions. Going forward, the fastest growing regions in the petrochemicals market will be Africa and the Western Europe, where growth will be at CAGRs of 9.9% and 6.2% respectively from 2022-2027.
The global petrochemicals market is slightly concentrated, with a small number of large players in the market. The top ten competitors in the market made up to 32.26% of the total market in 2021. The market concentration can be attributed to the high barriers to entry, in terms of high costs, and the stringent regulations set up by the regulatory authorities. Saudi Basic Industries Corporation (SABIC) was the largest competitor with 7.12% of the market, followed by Sinopec with 6.54%, ENEOS Holdings, Inc. with 4.12%, LG Chem Ltd with 3.85%, Royal Dutch Shell with 3.56%, BASF SE with 2.29%, LyondellBasell Industries Holdings BV with 1.83%, Chevron with 1.13%, GS Caltex Corporation with 1.11% and Mitsubishi Chemical Group Corporation with 0.71%.
The top opportunities in the petrochemicals market by type will arise in the ethylene market, which will gain $51,660.3 million of global annual sales by 2027. The top opportunities in the petrochemicals market by end user will arise in the other end-users market, which will gain $44,235.9 million of global annual sales by 2027. The petrochemicals market size will gain the most in China at $18,392.4 million.
Market-trend-based strategies for the petrochemicals market include advanced polymers development, chemical plant development and investments, product innovations, artificial intelligence (AI) in petrochemical industry and collaborations among petrochemical manufacturing companies.
Player-adopted strategies in the petrochemicals industry includes enhancing business operations by expanding petrochemicals plant and launching new products, focusing on partnership and collaboration to accelerate business growth, enhancing business operations through increasing its comprehensive, integrated capabilities by ensuing the strategic collaboration and merger, enhancing business operations through increasing innovation, technological solution to encompasses customers/clients’ satisfaction and expanding business through sustainable investments.
To take advantage of the opportunities, the publisher recommends the petrochemicals companies to focus on products innovations , focus on advanced polymers development, focus on use of artificial intelligence (AI), focus on increasing investments in new chemical plants, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, focus on partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to target fast-growing end-users.
The global petrochemicals market grew from $539,925.0 million in 2022, having increased at a compound annual growth rate (CAGR) of 1.1% since 2017. The market is expected to grow from $539,925.0 million in 2022 to $682,814.8 million in 2027 at a rate of 4.8%. The market is then expected to grow at a CAGR of 4.7% from 2027 and reach $858,351.3 million in 2032.
Growth in the historic period resulted from the increasing industrial manufacturing of thermoplastic, strong economic growth in emerging markets, the accelerating production of natural gas, the growing demand for plastics, the rapid increase in oil production and growth of the construction industry. Factors that negatively affected growth in the historic period were the impact of COVID-19, the increasing raw material costs and the stringent regulations.
Going forward, rapid industrialization, the rising demand for synthetic materials, the rising demand for electronic products and the increasing sales of electric and hybrid vehicles will drive the market growth. Factors that could hinder the growth of the petrochemicals market in the future include the impact of the Russia-Ukraine war, the rise in the use of environmentally friendly products and the shortage of skilled labor in the oil and petroleum sector.
The petrochemicals market is segmented by type into ethylene, propylene, benzene, xylene, styrene, toluene, cumene and other petrochemicals. The ethylene market was the largest segment of the petrochemicals market by type, accounting for $122,847.0 million or 22.8% of the total market in 2022. It is expected to be the fastest-growing segment by type going forward at a CAGR of 7.3%.
The petrochemicals market is also segmented by end-user into textile, furniture, paints and coatings, pharmaceuticals, synthetic rubber and fibers, plastic materials and resins, toiletries and cleaning compounds, and other end-users. The other end-users market was the largest segment of the petrochemicals market by end-user, accounting for $189,247.3 million or 35.1% of the total market in 2022. The plastic materials and resins market is expected to be the fastest-growing segment by end-user going forward at a CAGR of 7.3%.
Asia Pacific was the largest region in the petrochemicals market, accounting for 42.9% of the global market in 2022. It was followed by the Middle East, Western Europe and the other regions. Going forward, the fastest growing regions in the petrochemicals market will be Africa and the Western Europe, where growth will be at CAGRs of 9.9% and 6.2% respectively from 2022-2027.
The global petrochemicals market is slightly concentrated, with a small number of large players in the market. The top ten competitors in the market made up to 32.26% of the total market in 2021. The market concentration can be attributed to the high barriers to entry, in terms of high costs, and the stringent regulations set up by the regulatory authorities. Saudi Basic Industries Corporation (SABIC) was the largest competitor with 7.12% of the market, followed by Sinopec with 6.54%, ENEOS Holdings, Inc. with 4.12%, LG Chem Ltd with 3.85%, Royal Dutch Shell with 3.56%, BASF SE with 2.29%, LyondellBasell Industries Holdings BV with 1.83%, Chevron with 1.13%, GS Caltex Corporation with 1.11% and Mitsubishi Chemical Group Corporation with 0.71%.
The top opportunities in the petrochemicals market by type will arise in the ethylene market, which will gain $51,660.3 million of global annual sales by 2027. The top opportunities in the petrochemicals market by end user will arise in the other end-users market, which will gain $44,235.9 million of global annual sales by 2027. The petrochemicals market size will gain the most in China at $18,392.4 million.
Market-trend-based strategies for the petrochemicals market include advanced polymers development, chemical plant development and investments, product innovations, artificial intelligence (AI) in petrochemical industry and collaborations among petrochemical manufacturing companies.
Player-adopted strategies in the petrochemicals industry includes enhancing business operations by expanding petrochemicals plant and launching new products, focusing on partnership and collaboration to accelerate business growth, enhancing business operations through increasing its comprehensive, integrated capabilities by ensuing the strategic collaboration and merger, enhancing business operations through increasing innovation, technological solution to encompasses customers/clients’ satisfaction and expanding business through sustainable investments.
To take advantage of the opportunities, the publisher recommends the petrochemicals companies to focus on products innovations , focus on advanced polymers development, focus on use of artificial intelligence (AI), focus on increasing investments in new chemical plants, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, focus on partnerships and collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, continue to target fast-growing end-users.
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure7. Product/Service Analysis -Product/Service Examples26. Copyright and Disclaimer
6. Introduction and Market Characteristics
8. Supply Chain Analysis
9. Customer Information
10. Major Market Trends
11. Global Market Size and Growth
12. Global Petrochemicals Market Segmentation
13. Petrochemicals Market, Regional and Country Analysis
14. Asia-Pacific Market
15. Western Europe Market
16. Eastern Europe Market
17. North America Market
18. South America Market
19. Middle East Market
20. Africa Market
21. Competitive Landscape And Company Profiles
22. Key Mergers And Acquisitions
23. Opportunities And Strategies
24. Petrochemicals Market, Conclusions And Recommendations
25. Appendix
Executive Summary
Petrochemicals Global Market Opportunities and Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global petrochemicals market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
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- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description:
Where is the largest and fastest-growing market for petrochemicals? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The petrochemicals market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider petrochemicals market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics
- Key Trends - Highlights the major trends shaping the global petrochemicals market. This section also highlights likely future developments in the market.
- Global Market Size and Growth - Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation - Contains the market values (2017-2032) and analysis for for segment by type and by end-user in the market.
- Regional Market Size and Growth - Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for petrochemicals providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Type: Ethylene; Propylene; Benzene; Xylene; Styrene; Toluene; Cumene; Other Petrochemicals2) By End-User: Textile; Furniture; Paints and Coatings; Pharmaceuticals; Synthetic Rubber and Fibers; Plastic Materials and Resins; Toiletries and Cleaning Compounds; Other End Users
Companies Mentioned: Saudi Basic Industries Corporation (SABIC); Sinopec; ENEOS Holdings Inc; LG Chem Ltd; Royal Dutch Shell
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time-series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; petrochemicals indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Saudi Basic Industries Corporation (SABIC)
- Sinopec
- ENEOS Holdings Inc
- LG Chem Ltd
- Royal Dutch Shell
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 302 |
Published | August 2023 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 539925 Million |
Forecasted Market Value ( USD | $ 858351.3 Million |
Compound Annual Growth Rate | 4.7% |
Regions Covered | Global |