New York, US, May 11, 2022 (GLOBE NEWSWIRE) -- Petrochemicals Market Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Petrochemicals Market Information by Type, Application, End-User, and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 8.06% CAGR to reach USD 943.5 Billion by 2030.
Market Scope:
Petrochemicals are made from a variety of chemical substances, primarily hydrocarbons. These hydrocarbons come from oil and natural gas. Among the many fractions produced by crude oil distillation, petroleum gases, naphtha, kerosene, and gas oil are the most important feedstocks for the petrochemical sector. Other key feedstocks utilized in the petrochemicals sector include ethane, propane, and natural gas liquids derived from natural gas. Petrochemical products are ubiquitous and essential to modern society.
Petrochemicals are already a significant part of the global energy system, and their importance is growing. Plastics, the most recognized group of petrochemical goods, have surpassed all other bulk materials in terms of demand, virtually doubling since 2000. The petrochemical industry is critical to economic growth and the development of the manufacturing sector. The improvement in the petrochemicals sector exceeds that of most other industry sectors. Many businesses in a variety of industries rely on these goods to function. Petrochemical byproducts are also found in tires, detergents, plastics, fertilizers, industrial oils, and medical equipment/devices.
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Market Competitive Landscape:
The strong contenders in the petrochemicals market are
- SABIC (Saudi Arabia)
- LyondellBasell Industries Holdings B.V. (The Netherlands)
- Chevron Phillips Chemical Company (U.S.)
- TOTAL (France)
- Indian Oil Corporation Limited (India)
- BP PLC (U.K.)
- BASF SE (Germany)
- Sumitomo Chemical Company (Japan)
- DowDuPont (U.S.)
- Royal Dutch Shell PLC (The Netherlands)
- China Petroleum & Chemical Corporation (China)
- Reliance Industries Limited (India)
- China National Petroleum Corporation (China)
Market USP Covered:
Market Drivers:
Upsurges in the number of enterprises in the base chemical sector that employ petrochemical chemicals for downstream products and infrastructure additions boost global demand. New technologies for processing lighter crude oil and blended crude oil are being developed and deployed at an increasing rate. This would undoubtedly enhance the availability of numerous petrochemical goods. In addition, the price of raw materials used in the production of different petrochemical products has leveled out. This is also anticipated to be a significant development driver. Many end-user industries require sophisticated petroleum products that are more environmentally friendly and have more innovative applications.
Aviation, agriculture, construction, catering, healthcare, electronics, and automotive are some 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 gentler on the planet and have more innovative and beneficial applications.
Market Restraints:
Numerous businesses worldwide are concerned about the immediate and long-term effects of producing and utilizing plastic items on the environment. They are investigating alternative materials. As a result, the market for plastics products has declined significantly in recent years. One of the most significant difficulties confronting the global petrochemicals business is declining supplies of conventional and primary sources of petrochemicals products.
Browse In-depth Market Research Report (241 Pages) on Petrochemicals: https://www.marketresearchfuture.com/reports/petrochemical-market-3164
COVID 19 Analysis
Governments recognized this early on, so they instituted shutdowns and stem the disease's spread. This was only a temporary solution because it didn't work. Many businesses in various industries were compelled to either cease operations or drastically reduce production. This hurts many businesses across a wide range of industries.
Businesses in the international petrochemical industry were not immune. They had no choice but to halt production. They were already experiencing a slowdown, but the global lockdowns and curfews imposed by COVID-19 exacerbated the situation. Then there's the fact that many individuals are turning to renewable energy. As a result, the need for petrochemical products falls. It is unclear whether the output will ever return to pre-pandemic levels.
Market Segmentation
By Type
Currently, the ethylene sub-segment has the largest petrochemical market share. This is a long-term and short-term petrochemical market trend predicted to persist.
By Application
The plastics sub-segment has the largest petrochemical market share. Its CAGR is expected to approach 8% by 2027.
By End-Use Industry
The packaging sub-segment accounted for the lion's share of the petrochemical market. The worldwide packaging industry is increasingly reliant on petrochemicals. End-use industries periodically assess the price of goods supplied and enter into procurement supply contracts to purchase petrochemical derivatives in bulk and maintain proper seasonal supply. The market's rising range of product suppliers has resulted in purchasers wielding considerable bargaining power.
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Regional Insights
The Asia-Pacific area has the strongest growth of any region, and its economy is quickly growing and urbanizing. Most notably, the markets of India and China are rapidly urbanizing and industrializing. India and China are two of the world's major producers and exporters of petrochemical goods. The first is that these two countries' transportation industries are developing rapidly. The second reason is that the electrical and electronics industries are expanding quickly, particularly in China. The design & construction industries are rapidly expanding. This is primarily due to these two countries' tremendous economic expansion and modernization. As these industries grow, they will require more petrochemical products. North America contains vast petrochemical reserves, particularly the United States of America. This is likely to drive strong growth and significantly boost market value during the timeframe. Petrochemicals will be used significantly more frequently in the European Union. These industries are food and beverage, construction, auto, and healthcare.
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