The global Petrochemicals Market was worth USD 556.09 billion in 2021 and is slated to expand with a CAGR of 6.2% over 2022-2030, thereby amassing USD 1,002.45 billion by end of the assessment timeframe.
Petrochemicals are referred to as a type of chemical products derived from petroleum via the process of refining. But they are also obtained from other fossil fuels and renewable sources such as natural gas, coal, sugar cane, maize or palm fruit. The most commonly used petrochemical products are solvents, epoxy resins, plastics, synthetic fibers, rubbers, and explosives.
What are the growth propellants and restraints of this business sphere?
The escalating product demand from end use industries such as automotive, pharmaceuticals, and construction and growing plastic consumption in developing economies are augmenting the outlook of this marketplace. Also, rising R&D investments in the field and surge in disposable income of the masses are adding momentum to the industry progression.
Furthermore, increasing technological advancements in the field along with the growing efforts of key players to develop sustainable products are positively swaying the dynamics of this business sphere.
Also, rapid industrialization and rising consumption of packaged food & beverages are creating lucrative opportunities for the market to prosper.
On the contrary, rising concerns regarding the environmental impact of petrochemicals, surge in crude oil prices, and stringent anti-pollution norms are hindering the remuneration scope of this business vertical
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Segmental assessment of this marketplace
Based on product
- Benzene
- Butadiene
- Methanol
- Propylene
- Toluene
- Xylene
- Ethylene
The ethylene segment is poised to garner significant returns over the stipulated timeline. This is ascribed to the elevating demand for ethylene from end user industries owing to its flexibility and durability.
By end use
- Packaging
- Automotive
- Electronics
- Others
The packaging segment is slated to capture high revenue share over the estimated timeline owing to the growing consumption of packaged edibles across the globe.
Key Trends Of Global Petrochemicals Market:
Witnessed Rise In The Number Of Petrochemicals Companies
Over the past few decades, the growth of the petrochemicals market has largely been driven by the growing demand from the developing regions. In addition, the increasing use of low-cost gas feed-stocks as opposed to oil-based feedstock has largely benefited petrochemicals companies over the past few years, a trend that is expected to continue during the forecast period.
Consolidation in developed markets and rise in the number of new market entrants in developing regions are projected to drive the global petrochemicals market during the assessment period. A major share of the market can be attributed to national oil companies (NOC), international oil companies, and other companies with noteworthy petrochemical assets. Furthermore, investments in the petrochemicals market are largely being pumped by national oil companies due to the growing demand from the domestic market.
Demand To Drop Amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is expected to have a strong impact on the growth of the petrochemicals market in 2020. Travel restrictions, dwindling prices of oil & gas, production cuts, and growing requirement for chemicals and refined products are expected to hinder the growth of the market for petrochemicals in 2020. The ongoing efforts taken by various governments to curb the transmission of the novel coronavirus is projected to disrupt the overall supply-chain of various raw materials that are used across the petrochemicals market.
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Expounding the geographical ambit and competitive hierarchy of global petrochemicals market
North America, Middle East & Africa, Europe, Asia Pacific, and Latin America are the major regions characterizing the geographical ambit of this business vertical. Among these, Asia Pacfic is projected to showcase lucrative expansion trends over 2022-2030. This is attributable to the widespread economic expansion, rise in disposable income of the masses, and presence of emerging market players.
The promiment companies operating in the market vertical are BASF SE, SABIC, Sibur, Royal Dutch Shell Plc., LG Chem, INEOS, and Dow Chemical Company.
Notably, in September 2021, The Saudi Industrial Investment Group inked a partnership deal with National Petrochemical Company with an aim to further develop the petrochemicals sector in Saudi Arabia.
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