The Global Petrochemicals Market was Valued at USD 463.1 Billion in 2020, and it is Expected to Reach USD 656.0 Billion By 2027, With a CAGR Of 5.1%, During The Forecast Period 2021-2027. Petrochemicals have numerous applications such as chemical building blocks for an extensive variety of materials and applications in the automotive industry. Petrochemicals are an important component of products used in everyday life. Petrochemicals are a class of chemical compounds typically derived from petroleum and other hydrocarbons, collected from crude oil and natural gas. Petrochemicals are also an integral part of the chemical industry, as the demand for composites is increasing strongly globally, the use of petrochemicals in the chemical sector is also expected to grow at a very rapid rate. In addition, petrochemicals are used to make various products, which are applied in end-use industries. Petroleum products are widely used in the production of many materials, including coatings, paints, insulation, and adhesives. These materials are also widely used in construction.
The global petrochemical market has achieved remarkable growth. The market is facing these major changes due to growing demand from several end-use industries such as aerospace, automotive, construction, construction, food and beverage, agriculture, electricity, electronic devices, and medical. Also, in the present context, the growing environmental concerns and concerns about the production of petrochemicals are playing an important role in the evolution of many manufacturing and other industrial processes that may contribute in part to climate change. Additionally, the global petrochemical industry is expected to experience strong market growth over the next few years as the oil and gas industry is responsible for the production of up to 99% of all plastics.
The Global Petrochemicals Industry Segmentation:
By End-Use Industry
Based on type, Ethylene segment was dominating the market in the year 2020
Amongst all the type of petrochemicals, Ethylene segment is accounted for the largest market by both value and volume. Ethylene is primarily employed in numerous productions such as that of ethyl-benzene, ethylene oxide, and ethylene dichloride which are usually used in industries like building and packaging and packaging. Rise in methanol production is directly related to its increasing use in gasoline and olefins (MTO) blending processes. Other petrochemicals such as benzene, butadiene, toluene, vinyls, xylene, and styrene also hold significant share of the global petrochemicals market.
Based on End-Use Industry, Building and Construction segment dominated the Petrochemical market and is expected to witness similar growth rate over the forecast period.
Based on end-use industries, the petrochemical market is segmented into Building and Construction, Packaging, Automotive, Electrical & Electronics, Aerospace, Consumer Goods, and Others. Amongst which, the building and construction segment is anticipated to hold the largest market share thought the forecasted period. Building and constructions segment dominates the market with almost 25% of the total petrochemicals market in 2020 and is anticipated to continue its dominance during 2021 to 2027. Extensive growth in construction and building process in both developed and developing regions is the key factor driving the market growth in the estimated period.
Based on Regions, the Asia Pacific region dominated the global petrochemical market in the year 2020
Based on the regions, the Petrochemical market has been segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is witnessing significant growth due to the increasing shale gas exploration in countries like U.S. and Canada. Both the countries together accounted for over 90% of shale gas production market in North America in 2020. The manufacturing of shale gas in bulk provides the advantage of substituting of conventional feedstock such as natural gas and crude oil in producing petrochemicals from them. The surges in usage of shale gas in production of petrochemicals have altered the price patterns in North America. The petrochemicals producers have shifted to low-cost producers from highest cost producers due to reduction of raw materials. However, the Asia Pacific region accounted for the largest share of the market.
Company Profiles and Competitive Intelligence:
The major players operating in the global petrochemical industry includes BASF SE, British Petroleum Plc, E. I. Dupont De Nemours & Company, Total S.A., Exxon Mobil Corp., China National Petroleum Corporation (CNPC), Saudi Arabian Oil Co., Sumitomo Chemical Co., Ltd., The DOW Chemical Company, and Chevron Phillips Chemical Company among others. The key players operating in this market are focusing on collaborating with various stakeholders and innovating new products.
The report also provides in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges
The report also provides in-depth analysis of key market trends
|Petrochemicals products are being extensively used to make automobiles components which offer significant benefits such as lightweight which ultimately lead to less fuel consumption. This in turn also aids in pollution control and towards safety of automobile.
|Paintings and coatings industry is extensively applying petrochemicals owing to its benefiting characteristics, thus driving the petrochemicals market growth.
The report also provides in-depth analysis of recent news developments and investments
Company Profiles and Competitive Intelligence
The key players operating in the market are:
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