At a CAGR of 5.90%, the global petrochemicals market size will reach $775.07 billion by 2028


Facts and factors

According to Facts and Factors, the global petrochemicals market size was worth around USD 549.5 billion in 2021 and is projected to grow around USD 775.07 billion by 2028, at a CAGR of around 5.90% through 2022 and 2028. The major players are covered in the report are 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 d ‘others.

NEW YORK, USA, Oct. 08, 2022 (GLOBE NEWSWIRE) — Facts and Factors has released a new research report titled “petrochemical market sizeShare, Growth Analysis Report by Type (Ethylene, Propylene, Butadiene, Benzene, Toluene, Xylene, Methanol), by Application (Polymers, Paints & Coatings, Solvents, Rubber, Adhesives & Sealants, Surfactants, Dyes) & by Region – Global & Regional Industry Overview, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Insights, Historical Data & Forecast 2022 – 2028 » in its research database.

The report analyzes the petrochemical market drivers and restraints and their impact on demand throughout the projection period. Additionally, the report examines the global opportunities in the global petrochemicals market.

Petrochemical Market Overview:

Petrochemicals are the backbone of an industrial economy and a necessity for many industrial processes. Many items, including tires, industrial oil and plastics, are made using petrochemical detergents. The product waste, the basic plastic, is used as a component in the production of consumer goods. Petrochemicals are frequently used in various items, such as paints, cars, packaging, household items, and medical equipment. Modern technology also enables the industry to process a greater variety of raw materials and various types of products.

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  • Tables and figures have been updated

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Key insights from primary research

  • According to the analysis, the petrochemical market is expected to grow above a CAGR of approximately 5.90% between 2022 and 2028.

  • The petrochemical market size was worth approximately US$549.5 billion in 2021 and is projected to reach approximately US$775.07 billion by 2028. Due to various driving factors, the market is expected to grow at a significant rate.

  • Some of the major drivers for petrochemical market revenue growth include increasing petrochemical demand in pharmaceutical and automotive industries, increasing use of plastic packaging, and increasing adoption of petrochemical components in industrial processes.

  • By type, the ethylene category is expected to dominate the market.

  • By application, the polymer category led the market in 2021.

  • Asia-Pacific dominated the petrochemical market in 2021.

Competitive players

The report contains qualitative and quantitative research on the global petrochemical market, along with detailed information and development strategies used by key competitors. The report also provides an in-depth analysis of key market competitors along with insights into their competitiveness. The research also identifies and analyzes significant business strategies employed by these major market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offerings and standards.

Some of the major players in the global petrochemicals market include;

  • BASF SE

  • SABIC

  • TOTAL

  • Indian Petroleum Company Limited

  • Chevron Phillips Chemical Company

  • API BP

  • Sumitomo Chemical Company

  • Reliance Industries Limited

  • DowDuPont

  • Royal Dutch Shell PLC.

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Industry growth factors

The global petrochemicals market has grown significantly due to factors such as increased use of petrochemicals in packaging, electrical and electronics, automotive, construction and health. Many polymers are used in the production of various plastic components, which find use in the transportation and automotive industries. This factor is driving the petrochemical market. In addition, the increasing use of polymer resins in the production of automotive components is expected to increase the demand for polymers, affecting the speed of expansion of the petrochemical market.

Constraints

However, the expansion of this sector may be hampered by the evolution of commodity prices. On the other hand, steady growth in the construction, chemical, and automotive sectors will give market players the opportunity to invest in the petrochemical market.

Petrochemical Market: Segmentation Analysis

The global petrochemicals 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 dominant market revenue share of over 40.0%.

Based on application, the petrochemicals market is segmented into polymers, paints & coatings, solvents, rubber, adhesives & sealants, surfactants, and colorants. The polymer segment is expected to dominate the petrochemical market.

Browse 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) & By Region – Global & Regional Industry Overview, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Insights, Historical Data & Forecast 2022 – 2028 » Report to https://www.fnfresearch.com/petrochemical-market

Regional analysis:

The global petrochemical market is segmented into geographical regions: North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. In 2021, the Asia-Pacific region, especially China, dominated the petrochemical market due to the rapid development of the region’s chemical and construction industries and the increased use of polymers in a wide range of applications, especially in China, Japan and India.

China’s growth in the petrochemical market over the past 20 years has been characterized by rapid investment and open competition. Furthermore, the country has been a pioneer in the development of major petrochemical complexes with high chemical yield, with several existing and new investments planned across the country.

RECENT DEVELOPMENTS:

  • January 2021: To produce propylene oxide (PO) and styrene monomer (SM) in China, LyondellBasell Industries Holdings BV and China Petroleum & Chemical Corporation established a 50/50 joint venture.

  • In 2019, Shell Chemical LP began producing its fourth unit of alpha-olefins at its US plant.

Report Scope:

Report attribute

Details

Market size in 2021

$549.5 billion

Market size forecast in 2028

$775.07 billion

CAGR growth rate

CAGR of 5.90%

base year

2021

Forecast years

2022-2028

Main 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

Main regions covered

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa

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The global petrochemical market is segmented as follows:

By type

  • Ethylene

  • Propylene

  • Butadiene

  • Benzene

  • Toluene

  • Xylene

  • Methanol

By request

  • Polymers

  • Paints And Coatings

  • Solvents, Rubber

  • Adhesives and sealants

  • Surfactants

  • Tinctures

By region

  • North America

  • Europe

    • France

    • Great Britain

    • Spain

    • Germany

    • Italy

    • The rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • South East Asia

    • Rest of Southeast Asia

  • The Middle East and Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

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