Petrochemicals Market Segmentation by End-Use Industry (Automotive, Packaging, Electronics, Construction, Healthcare, and Others); and by Type (Propylene, Xylene, Methanol, Ethylene, and Others)-Global Demand Analysis & Opportunity Outlook 2031
27 Oct 2022
Impact Analysis on the Growth of Market
Inflation and Looming Recession to Haunt Businesses:
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022...
The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2035 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2022 as base year, 2023 as estimated year and forecast to 2035. This will have market drivers, recovery rate in the market, insights and competitive analysis.
Global Petrochemicals Market Highlights Over 2022- 2031
The global petrochemicals market is estimated to grow at a ~6% CAGR over the forecast period, i.e., 2022 – 2031. Moreover, the market registered a revenue of approximately USD 582.0 billion in 2021. The growth of the market can be attributed to the increase in the production of crude oil as it is used for the manufacturing of petrochemicals. As per the U.S. Energy Information Administration, the U.S field production of crude oil has increased from 5,918 thousand barrels in March 2000 to 11,655 thousand barrels in March 2022. Moreover, there has been a surge in the demand for petrochemicals from various end-users such as electronics, construction, healthcare, and others. In addition, advancements in technology for the processing of crude oil are expected to increase the growth of the global petrochemicals market.
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The global petrochemicals market is segmented by type into propylene, xylene, methanol, ethylene, and others. Out of these, the ethylene segment is anticipated to hold the largest share over the forecast period owing to the use of ethylene in the production of dichloride, benzene, and oxide that are used in the packaging and construction industries.
Global Petrochemicals Market Regional Synopsis
Regionally, the global petrochemicals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness modest growth over the forecast period on the back of development in the chemical industry and an increase in the exports of chemicals. According to the Indian Brand Equity Foundation, the Indian Oil Corporation, has announced the plan to invest USD 495.22 crore for manufacturing high-value specialty chemicals through setting-up India’s first mega-scale maleic anhydride unit.
Our in-depth analysis of the global petrochemicals market includes the following segments:
By End-Use Industry
Growth Drivers and Challenges Impacting the Growth of the Global Petrochemicals Market
Increase in the production of crude oil
Surge in the demand for petrochemicals from various end-users
Instability in the prices of raw materials
Growing awareness among the population related to the environment- friendly products
Key Companies Dominating the Global Petrochemicals Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global petrochemicals market that are included in our report are BASF SE, BP p.l.c., SABIC, Sumitomo Chemical Co., Ltd., LyondellBasell Industries Holdings B.V., Chevron Philips Chemical Company LLC, INEOS AG, Indian Oil Corporation Ltd, China Petrochemical Corporation., Exxon Mobil Corporation, and others.
Latest Developments in the Global Petrochemicals Market:
21 October 2021: SABIC, a global chemical industry leader, today introduced a new portfolio of bio-based ULTEM resins that provide sustainability benefits while maintaining the same high performance and processability as incumbent ULTEM materials.
31 March 2022: BASF SE and Henkel have agreed to replace fossil carbon feedstock with renewable feedstock for most products in Henkel's European Laundry & Home Care and Beauty Care businesses over the next four years.
Key Reasons to Buy Our Report
The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.
It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.
The report includes detailed company profiles of the major players dominating the market.
We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
We provide customized reports as per the client's requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
FREQUENTLY ASKED QUESTIONS
Increase in the production of crude oil and surge in the demand of petrochemicals from various end-users are the major factors driving the growth of the petrochemicals market.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022-2031.
Instability in the prices of raw materials and growing awareness among the population related to the environment- friendly products are estimated to hamper the market growth.
Which region will provide more business opportunities for growth of petrochemicals market in future?
Asia Pacific region will provide more business opportunities for growth of petrochemicals market in future.
The major players in the market are BASF SE, BP p.l.c., SABIC, Sumitomo Chemical Co., Ltd., LyondellBasell Industries Holdings B.V., Chevron Philips Chemical Company LLC, INEOS AG, Indian Oil Corporation Ltd, China Petrochemical Corporation., Exxon Mobil Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by end-use industry, type, and by region.
The ethylene segment is anticipated to hold largest market size in value over the forecast period and display significant growth opportunities.
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- BASF SE
- BP p.l.c.
- Sumitomo Chemical Co.Ltd.
- LyondellBasell Industries Holdings B.V.
- Chevron Philips Chemical Company LLC
- INEOS AG
- Indian Oil Corporation Ltd
- China Petrochemical Corporation.
- Exxon Mobil Corporation