New York, United States , July 19, 2024 (GLOBE NEWSWIRE) -- The Global Petrochemical Market Size is to Grow from USD 617.25 Billion in 2023 to USD 1217.89 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.03% during the projected period.
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Petrochemicals are chemicals produced from petroleum or natural gas. They are a key part of the chemical industry because they increase demand for synthetic materials and have a substantial impact on current society and economy. Regular products made by petrochemicals include furniture, appliances, electronics, solar power panels, plastics, pharmaceuticals, cosmetics, and wind turbines. The petrochemical industry is an important part of many industrial processes since it provides raw materials for a wide range of consumer products used in automotive, construction, and manufacturing. Tires, detergents, industrial oils, fertilizers, plastics, and medical gadgets are all products derived from petrochemicals. Petrochemical-derived basic chemicals and polymers form the basis for a wide range of non-durable and long-lasting consumer products. Petrochemical products include benzene, ethylene propylene, and synthetic rubber monomers. They also include technological carbon inputs. The primary causes driving the decline in petrochemicals are continued technology improvements, linked and shared automobiles, renewable energy replacement, driverless vehicles, and changing demographics. Growing demand for polypropylene is going to drive the petrochemicals industry. Polypropylene is utilized in a variety of products, such as furniture, automobiles, and medical equipment. Furthermore, strict regulation and targets for carbon reduction could involve significant investments in emission control systems, sustainability practices, and waste management, along with potentially higher production costs.
Browse key industry insights spread across 254 pages with 110 Market data tables and figures & charts from the report on the "Global Petrochemical Market Size, Share, and COVID-19 Impact Analysis, By Type (Ethylene, Propylene, Methanol, Xylene, and Others), By End-Use Industry (Packaging, Electronics, Construction, Automotive, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The ethylene segment dominated the market with the largest revenue share of the petrochemical market during the projected timeframe.
Based on the type, the petrochemical market is divided into ethylene, propylene, methanol, xylene, and others. Among these, the ethylene segment dominated the market with the largest revenue share of the petrochemical market during the projected timeframe. The primary procedure for producing ethylene is through the steam cracking of hydrocarbons derived from natural gas or crude oil, such as ethane, propane, and naphtha. It is an important raw material used in the manufacture of industrial chemicals, textiles, resins, and polymers.
The packaging segment accounted for the largest revenue share in the petrochemical market during the projected timeframe.
The petrochemical market is divided by end-use industry into packaging, electronics, construction, automotive, and others. Among these, the packaging segment accounted for the largest revenue share of the petrochemical market during the projected timeframe. The growing consumer products sector, the quickly developing e-commerce market, and the requirement for strong, lightweight packing materials all drive product demand in the packaging platform. Rising demand for plastic packaging, notably in food and non-food packaging is driving the segment's growth.
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Asia Pacific is expected to hold the largest share of the petrochemical market over the forecast period.
Asia Pacific is expected to hold the largest share of the petrochemical market over the forecast period. The segment market's growth can be attributed mostly to the expanding chemical industry and the subsequent increase in polymer demand. Corporations in the Asia Pacific region are focusing on non-oil feedstock and naturally occurring gas liquids. The region's large petrochemical market expansion can be expected by focusing on cost-effectiveness, as the petrochemicals industry is too capital-intensive, and pricing can be strategized, resulting in an exponential increase in product sales. The Indian petrochemicals market is expanding rapidly as a result of the country's development and robust expansion in the manufacturing and business sectors, with major petrochemical companies investing capital to improve capacity and technology through private ventures and public sector initiatives.
North America is predicted to grow at the fastest pace in the petrochemical market during the projected timeframe. The increased shale gas extraction activities in the United States and Canada have had a significant impact on North America's petrochemicals sector. Shale gas extraction has produced an abundant and low-cost supply of feedstock for petrochemical manufacturing. This technology allows for the use of shale gas instead of traditional feedstocks such as crude oil and natural gas in the manufacturing of various petrochemicals. Petrochemical companies can reduce their dependency on traditional feedstocks while benefiting economically from shale gas production. The abundance of shale gas resources in North America has created favorable conditions for petrochemical firms to expand capacity and pursue new opportunities.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the petrochemical market Dow, BASF SE, Mitsubishi Chemical Holding Corporation, Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell PLC, DuPont de Nemours, Inc., Reliance Industries Limited, Indian Oil Corporation Limited, INEOS, Total Energies S.A., SABIC, LyondellBasell Industries Holdings B.V., and others.
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Recent Developments
- In January 2024, LyondellBasell announced plans to buy a 35% stake in Saudi Arabia's National Petrochemical Industrial Company (NATPET) for more than $500 million. The joint venture, supported by its spheripol polypropylene (PP) technology, provides LYB to expand and improve its core PP business by offering access to advantageous feedstocks and enhancing product marketing capacity in a crucial region.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the petrochemical market based on the below-mentioned segments:
Global Petrochemical Market, By Type
- Ethylene
- Propylene
- Methanol
- Xylene
- Others
Global Petrochemical Market, By End-Use Industry
- Packaging
- Electronics
- Construction
- Automotive
- Others
Global Petrochemical Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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