Petrochemicals Market Overview
Petrochemicals Market size was valued at US $ 514.65 Billion in 2023 and the Petrochemicals market revenue is expected to grow at 4.92% through 2024 to 2030, reaching nearly US $ 720.31 Billion
Overall, petrochemicals market demand growth in 2020 was driven by rising demand for consumer staples such as household goods and personal products, as well as a decrease in demand for durables like automobiles and appliances. Volume rebounded in the second half of 2020 after the early shocks of the COVID-19 pandemic. As the price of oil fell, the worldwide ethylene cost curve flattened, decreasing feedstock advantages in places like North America and the Middle East. Also, project delays were frequent because of quarantine procedures and concerns about market uncertainty.
Petrochemicals Market Report Scope and Research Methodology
During the third and fourth quarters of 2020, the chemical industry’s revenues and earnings returned to pre-COVID-19 levels. Petrochemical businesses, for their part, continued to produce despite the economic crisis. For example, in 2020, one multinational chemical company with total assets of US $26 billion claimed a 1% increase in output volume over the previous year.
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Petrochemicals Market Regional Insights
In 2023, Asia Pacific dominated the petrochemicals market, accounting for more than 45% of the overall market share in terms of revenue. Increased domestic demand for petrochemicals as a result of the rapid growth of end-use industries is a key driver driving market growth in this region. To meet the increased demand for petrochemicals, companies in the region are turning to natural gas liquids and other non-oil feedstocks, as well as planning cost-effective ways to raise sales.
Petrochemicals Market Segmentation
Based on Type: In 2023, the Aromatics segment was dominant and held xx% of the global petrochemicals market in terms of revenue. In Aromatics, ethylene was dominant. This can be related to its dominant consumption and an important source for plastics and industrial chemicals production globally.
Petrochemicals Market Key Players
Chevron Corporation (United States)
China National Petroleum Corporation (CNPC) (China)
China Petrochemical Corporation (SINOPEC) (China)
Exxon Mobil Corporation (United States)
INEOS Group Ltd. (United Kingdom)
Royal Dutch Shell (Netherlands)
BP PLC (United Kingdom)
Reliance Industries (India)
Gazprom (Russia)
Phillips 66 (United States)
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Key questions answered in the Petrochemicals Market are:
- What is Petrochemicals?
- What was the Petrochemicals market size in 2023?
- What is the growth rate of the Petrochemicals Market?
- Which are the factors expected to drive the Petrochemicals market growth?
- What are the different segments of the Petrochemicals Market?
- What growth strategies are the players considering to increase their presence in Petrochemicals?
- What are the upcoming industry applications and trends for the Petrochemicals Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Petrochemicals Market?
- What segments are covered in the Petrochemicals Market?
- Who are the leading companies and what are their portfolios in Petrochemicals Market?
- What segments are covered in the Petrochemicals Market?
- Who are the key players in the Petrochemicals market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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