Pune, India, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The global petrochemicals market size was valued at USD 599.68 billion in 2022 and is projected to grow from USD 627.84 billion in 2023 to USD 885.81 billion by 2030, exhibiting a CAGR of 5% over the study period.
Natural gas, crude oil, and coal are used to derive petrochemicals. The expansion of the market can be credited to the growth of industries such as electronics, packaging, automotive, and construction, which is poised to increase the demand for petrochemical products.
Fortune Business Insights™ provides this information in its research report, titled “Petrochemicals Market, 2023-2030”.
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List of Key Players Mentioned in the Petrochemicals Market Report:
- BASF SE (Germany)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- INEOS (U.K.)
- Shell plc (U.K.)
- SABIC (Saudi Arabia)
- Reliance Industries Limited (India)
- Mitsubishi Chemical Corporation. (Japan)
- Dow Chemical Company (U.S.)
- LG Chem (South Korea)
- Chevron Phillips Chemical Company LLC. (U.S.)
- China National Petroleum Corporation (China)
- Maruzen Petrochemical Co., Ltd. (Tokyo)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5% |
| 2030 Value Projection | USD 885.81 billion |
| Market Size in 2023 | USD 627.84 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 243 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Petrochemicals Market Growth Drivers | Growing Demand for Plastic Packaging Impeled the Segment Growth |
| Expansion of the Packaging Industry to Foster Market Growth |
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https://www.fortunebusinessinsights.com/petrochemicals-market-102363
Segmentation:
Surging Deployment of Ethylene for Vinyl Chloride Production Fueled the Segment Growth
On the basis of type, the market is categorized into methanol, propylene, ethylene, xylene, and others. The ethylene segment captured the largest petrochemicals market share in 2022. Ethylene is used in the production of ethylene glycol, vinyl chloride, and polyethylene. This factor is propelling the ethylene segment growth.
Growing Demand for Plastic Packaging Impeled the Segment Growth
Based on end-use industry, the market is divided into electronics, automotive, construction, packaging, and others. The packaging segment held the largest market share in 2022. The demand for plastic packaging, mainly in non-food and food packaging is increasing. This factor is bolstering the packaging segment growth.
From the regional perspective, the market is divided into South America, North America, the Asia Pacific, Europe, and the Middle East & Africa.
COVID-19 Impact:
Decline in Demand from Automotive and Construction Industries and Surge in Uptake of Consumer Goods Caused a Mixed Impact
The COVID-19 pandemic saw an increase in the usage of consumer goods that use polyethylene as a packaging material. However, the lockdown restrictions by governments globally led to a reduction in demand for the product from the automotive and construction industries. Thus, these factors resulted in a mixed impact on the market growth.
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Report Coverage:
The research report offers detailed insights into the major factors proliferating the market growth. It further encompasses the restraining factors, the COVID-19 pandemic’s impact on market growth, and major industry developments. Additional aspects of the report include the competitive strategies deployed by leading industry players to reinforce their position.
Drivers and Restraints:
Expansion of the Packaging Industry to Foster Market Growth
One of the key factors propelling the petrochemicals market growth is the flourishing packaging industry. This factor can be attributed to the growing urbanization trend. Due to the growth in urban population, the demand for packaged goods has increased.
Despite an expanding scope for the adoption of the product, the harmful impacts of petrochemical products may impede the market growth.
Regional Insights:
Asia Pacific Dominated Due to the Strong Presence of Traditional Automotive Industry
The Asia Pacific petrochemicals market dominated in 2022. The robust presence of the traditional automotive industry in China is escalating the regional growth.
The growth of North America market for petrochemicals can be attributed to the growing petroleum sector due to technological advancements in shale oil production by hydraulic fracturing.
Competitive Landscape:
Leading Companies Focus on Mergers and Acquisition Strategies to Maximize Their Revenue
The major industry players in the petrochemicals market are forging partnerships and deploying other strategic initiatives such as product innovations, joint ventures, and others. Several companies are also focusing on mergers and acquisition strategies to capture the largest market share and boost revenue.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Developments – Mergers, Acquisition, New Product Launches, Collaboration, Partnership, and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Petrochemicals Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Petrochemicals Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Type (Volume/Value)
- Ethylene
- Propylene
- Xylene
- Methanol
- Others
- By End-Use Industry (Volume/Value)
- Packaging
- Electronics
- Construction
- Automotive
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- North America Petrochemicals Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Type (Volume/Value)
- Ethylene
- Propylene
- Xylene
- Methanol
- Others
- By End-Use Industry (Volume/Value)
- Packaging
- Electronics
- Construction
- Automotive
- Others
- By Country (Volume/Value)
- U.S.
- By End-Use Industry (Volume/Value)
- Packaging
- Electonics
- Construction
- Automotive
- Others
- By End-Use Industry (Volume/Value)
- U.S.
TOC Continued...!
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Key Industry Development:
July 2023 – INEOS inked a deal for the acquisition of Gexaro, Appryl, and Naphtachimie, which was a 50:50 joint venture between INEOS and TotalEnergies in Southern France. This deal is a significant step toward the INEOS French and South European businesses.
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