Global Petrochemicals Industry Register a CAGR of 6.2%

Petrochemicals are chemical substances made from oil, coal, and natural gases. These chemicals are majorly used in developing consumer products such as pesticides, shampoos, aspirin, detergents, gasoline, carpeting, and milk jugs. Products such as propylene, ethylene, benzene, and xylene are used in packaging, plastics, rubber, and electronics. Increasing demand for the product in automotive, medical, packaging, construction, and consumer goods sectors will likely boost the market.

The petrochemicals market size was USD 371.9 billion in 2020. The market size is expected to rise from USD 582.4 billion in 2021 to USD 888.3 billion by 2028 at a CAGR of 6.2% during the forecast period. The global market is expected to rise during the projected period due to increasing environmental concerns by manufacturers in the market. Fortune Business Insights™ publishes this information in a report titled, "Petrochemicals Market, 2021-2028".

Study Coverage: This section includes brief information about key products sold in the global petrochemicals market followed by an overview of important segments and manufacturers covered in the report. It also gives highlights of market size growth rates of different type and application segments. Furthermore, it includes information about study objectives and years considered for the complete research study.   

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List of Key Players Profiled in the Report:  

·         BASF SE (Ludwigshafen, Germany)

·         LyondellBasell Industries Holdings B.V. (Texas, U.S.)

·         INEOS (London, U.K.)

·         Royal Dutch Shell Plc. (Hague, Netherlands)

·         SABIC (Riyadh, Saudi Arabia)

·         Reliance Industries Limited (Mumbai, India)

·         Mitsubishi Chemical Corporation (Tokyo, Japan)

·         Dow Chemical Company (Michigan, U.S.)

·         LG Chem (Seoul, South Korea)

·         Chevron Phillips Chemical Company LLC. (Texas, U.S.)

·         China National Petroleum Corporation (Beijing, China)

·         Maruzen Petrochemical Co., Ltd. (Tokyo, Japan)

·         Sibur (Moscow, Russia)

Segments:

Packaging Segment Dominates Market Due to Rising Demand

By type, the market is segmented into ethylene, propylene, methanol, xylene, and others.

Based on end-use industry, the market is divided into packaging, electronics, construction, automotive, and others.

Finally, by region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.  

 

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Drivers & Restraints:

Increasing Product Demand in Packaging Application to Stimulate Growth

The market is expected to witness significant growth in the coming years owing to the rising plastic consumption in developing economies. The utilization of plastic packaging is increased in various industries, thereby boosting the market in segmented regions. Furthermore, increasing industrialization and commercialization is expected to drive plastic utilization during the projected period. Also, cost-effective and eco-friendly characteristics of the produced plastic are anticipated to drive the market. These factors are likely to ensure the global petrochemicals market growth in the segmented regions.

However, hazardous effects caused due to petrochemical products may hinder the market growth.     

Regional Insights:

Asia Pacific Holds Highest Market Share Due to Rising Industrialization

Asia Pacific dominates the global petrochemicals market share due to rising demand in the consumer goods industry. Increasing industrialization and commercialization in developing countries is expected to maintain the market position during the forecast period.

North America holds the second-largest global market share due to rising investments in the petrochemicals production sector. This encourages the key players to implement innovative strategies to increase product range.   

Competitive Landscape:

Innovative Strategies Allow Key Players to Expand Business Globally

The key players in the industry focus on implementing innovative strategies and business expansion strategies such as mergers, acquisitions, partnerships, and alliances. Also, developing and designing new products allow key players to enhance their product portfolio and gain a competitive advantage in the market. 

 

Industry Developments:

·      August 2021: PJSC SIBUR Holding and Indian Oil Corporation Ltd (IOC) entered into a partnership to set up a large petrochemicals facility in India.

·    July 2021: Repsol SA is expanding the production of specialty chemicals at its subsidiary Repsol Polmeros SA's petrochemicals complex by installing additional units. Repsol plans to construct a 300,000-tonne-per-year linear polyethylene plant and a 300,000-tonne-per-year polypropylene plant to expand the manufacturing site's production of 100% recyclable polymeric materials for use in highly specialized applications aligned with energy transition initiatives in the pharmaceutical, automotive, and food industries.

 

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