The global demand for Petrochemicals Market is presumed to reach the market size of nearly USD 1068.72 MN by 2028 from USD 656 MN in 2021 with a CAGR of 7.2% under the study period of 2022 - 2028. Regarding volume, the market was calculated XX MMT in 2021 and forecast to touch XX MMT by 2028 with a CAGR of XX% during 2022-2028.
The chemical products obtained from refining petroleum are known as petrochemicals. The two most frequent petrochemical groups are olefins like ethylene and propylene and aromatics such as benzene, toluene, and xylene isomers. Petrochemicals manufacturing is based on the multi-phase processing of oil and related petroleum gas. Products of petroleum oil refining are essential raw materials in the petrochemical industry. Petrochemical products are prevalent and crucial to modern society. Plastics, fertilizers, packaging, textiles, digital devices, medical equipment, detergents, tyres, and various other materials are among them. They can also be found in many aspects of the current energy system, such as solar panels, wind turbine blades, batteries, building thermal insulation, and electric car parts.
Market Dynamics
The petrochemicals market is predicted to rise steadily because of the rising demand from end-use sectors like construction, industrial, textile, medical, pharmaceuticals, consumer goods automotive, and electronics. Furthermore, ethylene, propylene, and benzene are frequently utilized in packaging, electronics, plastics, and rubber, among other end-use sectors, thereby propelling the market growth. Additionally, rising shale gas drilling in North American countries like Canada and the United States is likely to boost market growth further. Aviation, building and construction, agriculture, food and beverage, electrical and electronics, healthcare, and automotive are end-use industries that have a greater need for enhanced petrochemical goods. Many petrochemical processors are responding by developing new technologies to better turn petrochemicals into novel products that are environmentally friendly and have more innovative and valuable applications. This factor is bolstering the petrochemicals market growth.
The report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of petrochemicals. The growth and trends of Petrochemicals Industry provide a holistic approach to this study.
Market Segmentation
This section of the petrochemicals market report provides detailed data on the segments by analyzing them at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Type
- Ethylene
- Propylene
- Butadiene
- Benzene
- Toluene
- Xylene
- Methanol
- Others
By Application
- Polymers
- Paints And Coatings
- Solvents
- Rubber
- Adhesives
- Others
- Sealants
- Surfactants
- Dyes
By End-Use Industry
- Packaging
- Automotive And Transportation
- Construction
- Electrical And Electronics
- Healthcare
- Others
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Petrochemicals market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Petrochemicals Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the petrochemicals market include BASF SE (Germany), SABIC (Saudi Arabia), LyondellBasell Industries Holdings B.V. (The Netherlands), TOTAL (France), Indian Oil Corporation Limited (India), Chevron Phillips Chemical Company (US), BP PLC (UK), Sumitomo Chemical Company (Japan), Reliance Industries Limited (India), China National Petroleum Corporation (China), DowDuPont (US), Royal Dutch Shell PLC (The Netherlands), China Petroleum & Chemical Corporation (China). This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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