The new report by Expert Market Research titled, Global Petrochemicals Market Size, Share, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis global petrochemicals market assessing the market based on product and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 419 Billion
- Forecast CAGR (2023-2028): 6.6%
- Forecast Market Size (2026): USD 620.5 Billion
Construction, industrial, textile, medical, pharmaceutical, consumer good automobile, and electronics end-use industries are predicted to rise steadily throughout the forecast period, fueling the market’s expected steady growth over the period. A wide range of end-use industries rely on products like ethylene, propylene, and benzene for their production.
Petrochemicals Industry Definition and Major Segments
Petrochemicals are chemical by-products of processing hydrocarbons. These hydrocarbons come from gas and oil. Petrochemicals are vital to the chemical industry as demand for synthetic materials grows. The main feedstocks for the petrochemical sector include crude oil, petroleum gases, naphtha, kerosene, and gas oil. The industry relies on ethane, propane, and other natural gas liquids as feedstocks.
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The market is segmented based on product type:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Petrochemicals Market Trends
Ethylene was the company’s most profitable product line, accounting for a sizable chunk of the company’s revenue. Emerging economies such as India, Brazil, Vietnam, and Thailand are likely to drive large increases in ethylene demand in the next few years due to their ongoing industrialisation and growing automotive and packaging sectors. Petrochemicals market growth is predicted to be bolstered by a rise in the use of polyethylene, HDPE, and LDPE.
The rising need for petrochemicals in emerging markets has been a major driver of the industry’s expansion during the last few decades. Since the last several years have seen an increase in the use of low-cost gas feedstocks instead of oil-based feedstocks, petrochemicals industries have reaped the benefits. As a result of the increased shale gas supply in North America, the market expansion in North America is likely to continue for the foreseeable future.
Consolidation and growth in emerging areas are forecasted to drive the petrochemicals industry worldwide during the time period, according to current market trends. National oil companies (NOC), international oil firms, and other companies with significant petrochemical assets make up a significant portion of the market. As a result, national oil firms are increasingly investing in the petrochemicals sector to meet the rising demand in the home market.
Key Market Players
The major players in the market are BASF SE, BP Plc, Chevron Phillips Chemical Company LLC, China National Petroleum Corporation (CNPC), INEOS Group Ltd. and among others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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