According to the latest report by IMARC Group, "Global Petrochemicals Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027", the global petrochemicals market reached a value of US$ 547.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 778.3 Billion by 2027, exhibiting a CAGR of 5.70% during 2022-2027.
Petrochemicals are chemical substances comprising propylene, ethylene, and benzene that are derived from natural gas and petroleum. They are cost-effective, durable, and used to produce alkyd resins, industrial de-greasers, dry cleaning products, odorless thinners, paints, construction chemicals, insecticides, aerosols, agricultural pesticides, and cleaning and maintenance chemicals. They are also utilized in thermal insulation for buildings, parts of electric vehicles, batteries, solar panels, and wind-turbine blades. As a result, petrochemicals find extensive applications in the electronics, automotive, cosmetics, household goods, packaging, medical equipment, paints, and textile industries across the globe.
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Petrochemicals Market Trends:
The market is primarily driven by the significant utilization of polymer in the food and beverage (FB) industry as it can help prevent contamination, keep products fresh, and increase their overall shelf-life. In addition, the escalating demand for ethane in manufacturing olefins is contributing to market growth. Moreover, the increasing employment of petrochemicals in the automobile industry to design the vehicle body, tires, interiors, and dashboards due to their durability, lightweight, and flexibility represents another major growth-inducing factor.
Apart from this, the rising application of methanol to produce biodiesel and dimethyl ether is accelerating the product demand. Along with this, the growing product adoption in the agriculture industry to manufacture greenhouse covers, tunnels for reducing water loss and ultraviolet (UV) levels, and plastic mulch is providing a positive thrust to the market growth. Furthermore, the rising usage of petrochemicals in the paint and coating sector due to their high solvency and the surging need for high-density polyethylene (HDPE), low-density polyethylene (LDPE), and polyethylene are also creating a positive market outlook across the globe.
Global Petrochemicals Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Major Players Covered:
- BASF SE
- Chevron Corporation
- Formosa Plastics Corporation
- Indian Oil Corporation Limited
- INEOS Group Ltd.
- LyondellBasell Industries N.V.
- Reliance Industries Limited
- China National Petroleum Corporation
- China Petrochemical Corporation
- DuPont de Nemours Inc.
- Exxon Mobil Corporation
- Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
- Shell plc
- Sumitomo Chemical Co. Ltd.
- TotalEnergies SE.
The report has segmented the market on the basis of type, application, end use industry and region.
Breakup by Type:
- Ethylene
- Propylene
- Butadiene
- Benzene
- Toluene
- Xylene
- Methanol
- Others
Breakup by Application:
- Polymers
- Paints and Coatings
- Solvents
- Rubber
- Adhesives and Sealants
- Surfactants and Dyes
- Others
Breakup by End Use Industry:
- Packaging
- Automotive and Transportation
- Construction
- Electrical and Electronics
- Healthcare
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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