MELBOURNE, Jan. 12, 2023 (GLOBE NEWSWIRE) -- "Petrochemicals Market" is the title of a new report from Data Bridge Market Research. Key growth strategies, drivers, opportunities, key segments, Porter's Five Forces analysis, and competitive environment are all dissected in detail in the research. The universal Petrochemicals market research report is the best to know trends and opportunities in the Petrochemicals industry. The forecast, analysis, evaluations, and estimations carried out in this business report are all based upon well-established tools and techniques such as SWOT analysis and Porter’s Five Forces analysis. The report employs authentic tools for market analysis on businesses that can trust confidently. The large-scale Petrochemicals market report brings into focus plenty of factors such as the general market conditions, trends, inclinations, key players, opportunities, and geographical analysis which all aids to take the business towards growth and success.
To gain actionable market insights to build sustainable and money-spinning business strategies with ease, the Petrochemicals market research report is a great option. This market report examines market drivers, market restraints, challenges, opportunities, and key developments in the Petrochemicals industry. What is more, such a market report also comprises details about market analysis, market definition, market segmentation, key development areas, competitive analysis, and research methodology. The world-class Petrochemicals market document has estimations of CAGR values which are very important for businesses in deciding upon the investment value over the time period
Data Bridge Market Research analyses that the petrochemicals market was valued at USD 397.38 million in 2021 and is expected to reach USD 675.15 million by 2029, registering a CAGR of 6.85 % during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
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Petrochemicals are chemicals which has derived from petroleum gas or natural gas. They are a vital part of the chemical industry as in increase the demand for synthetic materials continuously and plays a main role in today's society and economy. Petrochemicals are used to manufacture several products that people use in their daily lives, including furniture, appliances, electronics, solar power panels, plastics, medicines, cosmetics, and wind turbines.
Petrochemical is an active constituent for several industrial processes, and hence forms the backbone of an industrial economy. There are thousands of product derived from petrochemicals detergents, including tires, industrial oil, and plastic. Basic plastic derived from the product which act as a building block in the production of consumer goods. Petrochemical products are used in medical equipment, paints, cars, packaging, household goods, clothing and building material these are some common applications. Moreover, the industry continues to innovate through new technology and increase the ability to process in different types with different raw materials.
Opportunities
The demand for advanced petrochemical products arises by many end user industries. They are demanding for the product which have eco-friendlier and innovative applications. Some industries have try to improved petrochemical products which can use in building and construction, aviation, agriculture electrical and electronics, food and beverage, healthcare, and automotive, this is encouraging numerous petrochemicals manufacturer to create new technologies to process the petrochemicals better into newer products which are easier on the surroundings and have more useful and innovative applications. Moreover, increase in emerging new markets and strategic collaborations will act as market drivers and further increase useful opportunities for the market's growth rate.
The Petrochemicals Market is Dominated by Firms Such as
- BASF SE (Germany)
- LyondellBasell Industries Holdings B.V. (U.S.)
- INEOS (U.K.)
- Shell Plc. (UK)
- SABIC (Saudi Arabia)
- Reliance Industries Limited (India)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Dow (U.S.)
- LG Chem (South Korea)
- Chevron Phillips Chemical Company LLC. (U.S.)
- China National Petroleum Corporation (China)
- Maruzen Petrochemical (Japan)
- SIBUR Holding PJSC (Russia)
- Unicorn Petroleum (India)
- Star West (US)
- Applied Thermal Control ltd (UK)
- Clariant (Switzerland)
- Eastman Chemical Company (US)
- Flowserve Corporation (US)
- Radco Industries (US)
- Huntsman International L.L.C (US)
- TOTALEnergies (France)
- Indian Oil Corporation Ltd (India)
- BP PLC (UK)
- Sumitomo Chemical Company (Japan)
- DuPont (US)
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Some of the Most Important Questions Scrutinized in the Business Intelligence Report:
- What are the key growth parameters for this global market during the forecast period?
- Which key players are expected to hold the largest market share over the forecast period?
- Who are the leading vendors and manufacturers in this market?
- What are the key strategies adopted by leading players in the market for business development and geographical expansion?
- Which end-use industries can trigger high demand in the market over the forecast period?
- What are the key segments in this market?
- Which regional player will have anticipated leading the global market in terms of size?
- What is the impact of novel coronavirus pandemic?
- Which obstacles must new players overcome in order to occupy a major position?
Key Market Segments Covered in Petrochemicals Industry Research
By Product
- Propylene
- Butadiene
- Benzene
- Xylene
- Toluene
- Polystyrene
By Manufacturing Process
- Fluid Catalytic Cracking (FCC)
- Steam Cracking
- Catalytic Reforming
By Application
- Polymers
- Paints and Coatings
- Solvents
- Rubber
- Adhesives and Sealants
- Surfactants, Dyes
By End-User
- Packaging
- Automotive and Transportation
- Construction
- Electrical and Electronics
- Healthcare
Key Industry Drivers:
- Growing adoption of petrochemical in automotive industries
Petrochemicals are widely used in the automotive industry due to their different properties such as flexibility in lightweight, designing, and durability. The Parts of the interiors, body, tires, dashboard, etc. are made up from the petrochemical intermediates. The automobile industry has been changed due to the increase in use of petrochemical-based composite materials in the manufacturing process.
- Rise the demand in household products
Petrochemical products are generally used to produce varied household products for example, makeup products, perfumes, cosmetics, aftershaves, etc. Hair dyes and Shampoos also contain petrochemical products in numerous quantities. In wax, which is use for hair or beard are produced by using petroleum derivatives which are expected to increase the growth of the petrochemical market.
- Increase the demand in food industry
There are many petrochemical products that can be used in the food industry to form preservatives. These substances increase the shelf life of foods which is stored in bags and cans. Some ingredients also found in food colorings and candies these are also made from several types of petrochemical products to increase their taste and flavor.
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Petrochemicals Market Regional Analysis/Insights:
The countries covered in the petrochemicals market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
During the forecast period, North America dominates the petrochemicals market in terms of revenue and market share. This is due to the increasing demand for petrochemicals in this region. The north America region leads the petrochemicals market due to the increasing manufacturing of shale gas, accessibility of raw material at reasonable prices, and development of the automotive sector in this region.
During the projected period, Asia-Pacific is anticipated to be the fastest developing region due to the prevalence of numerous market players in this region.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Petrochemicals Market: Regulations
- Market Overview
- Global Petrochemicals Market, By Product
- Global Petrochemicals Market, By Manufacturing Process
- Global Petrochemicals Market, By Application
- Global Petrochemicals Market, By End User
- Global Petrochemicals Market, By Region
- Global Petrochemicals Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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