Overview and Scope
The petrochemicals refer to distinct chemicals made from refined petroleum or liquid hydrocarbons that are used for commercial purposes. The petrochemicals are also made from other fossil fuels, such as coal, natural gas, and renewable sources such as maize, sugar cane, or palm fruit.
Sizing and Forecast
The petrochemicals market size has grown strongly in recent years. It will grow from $692.11 billion in 2023 to $730.54 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to economic growth in emerging markets, growth of the packaging industry, low interest rate environment, and global population growth.
The petrochemicals market size is expected to see strong growth in the next few years. It will grow to $910.48 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to rising demand for polypropylene, and rising demand for synthetic materials . Major trends in the forecast period include investing in automation and instrumentation services, investing in developing on-purpose propylene technologies, implementing artificial intelligence in operations, investing in plastic recycling to deal with regulatory challenges, and investing in crude oil to chemical technologies.
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Segmentation & Regional Insights
The petrochemicals market covered in this report is segmented –
1) By Type: Ethylene-Petrochemicals, Propylene-Petrochemicals, Benzene-Petrochemicals, Xylene, Styrene-Petrochemicals, Toluene, Cumene, Other Petrochemicals
2) By Application: Polymers, Paints & Coatings, Solvents, Rubber, Adhesives & Sealants, Surfactants, Pigments & Dyes, Fibers & Fabrics, Other Applications
3) By End User Industry: Textile, Furniture, Paints And Coatings, Pharmaceuticals, Synthetic Rubber And Fibers, Plastic Materials And Resins, Toiletries And Cleaning Compounds, Other End Users
Asia-Pacific was the largest region in the petrochemicals market in 2023. Middle East was the second largest region in the petrochemicals market. The regions covered in the petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The petrochemicals market is expected to benefit from growth in the automobile industry during the forecast period. An automobile is a motorized vehicle designed for the transportation of passengers or cargo on roads, typically powered by an internal combustion engine or electric motor. There is a drive for the production of automobiles, which is leading to an increase in demand for petrochemical products that are used in the manufacturing of brake parts, radiators, and other components. For instance, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, car production in the United States grew to 11.87 million units, up from 10.91 million units in June 2023. Thus, the growth of automobiles is expected to increase the demand for petrochemicals during the forecast period.
Key Industry Players
Major companies operating in the petrochemicals market report are Royal Dutch Shell PLC, Saudi Basic Industries Corporation (SABIC), The Dow Chemical Company, China Petroleum & Chemical Corporation (Sinopec), LyondellBasell Industries N.V., LG Chem Ltd., Chevron Phillips Chemical Company LLC, INEOS Group Holdings S.A., BASF SE, GS Caltex Corporation, Haldia Petrochemicals Ltd., Kuwait Petroleum Corporation, Imperial Oil Limited, Castrol, Duqm Refinery & Petrochemical Industries, Mitsui Chemicals, PKN ORLEN, China National Offshore Oil Corporation, Sumitomo Chemical Co., Inc., LUKOIL, Nizhnekamskneftekhim, NOVA Chemicals Corporation, Keiyo Ethylene Co Ltd., Rongsheng Petrochemical, Reliance Industries Limited, Manali Petrochemicals Ltd., DCW Limited, China National Petroleum Corporation, Supreme Petrochem Ltd., Sasol, Total, Egyptian Petrochemicals Holding Company (ECHEM), RusGazDobycha, Borealis AG, BP PLC, Cepsa, Gazprom, Mitsubishi Chemical Corp, Saudi Aramco, Versalis, Osaka Petrochemical Industries Ltd., Maruzen Petrochemical Co., Idemitsu Kosan Co., Rosneft, Repsol, Sidi Kerir Petrochemicals Company (SIDPEC), ADNOC, ExxonMobil Petroleum & Chemical, Zhejiang Hengyi, Carbon Holdings Limited, SIBUR, Finolex Industries Limited.
The petrochemicals market report table of contents includes:
1. Executive Summary
2. Petrochemicals Market Characteristics
3. Petrochemicals Product/Service Analysis -Product/Service Examples
4. Petrochemicals Market Trends And Strategies
5. Petrochemicals Market – Macro Economic Scenario
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31. Belgium Petrochemicals Market
32. Denmark Petrochemicals Market
33. Finland Petrochemicals Market
34. Ireland Petrochemicals Market
35. Netherlands Petrochemicals Market
36.Appendix
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