Petrochemicals Market Insights, Industry Size, Share, Trends, Qualitative Overview and Forecast by 2029
The petrochemicals market size was USD 371.9 billion in 2020. The market size is expected to rise from USD 582.4 billion in 2021 to USD 888.3 billion by 2028 at a CAGR of 6.2% during the forecast period. The global market is expected to rise during the projected period due to increasing environmental concerns by manufacturers in the market. Fortune Business Insights™ publishes this information in a report titled, “Petrochemicals Market, 2021-2028”.
Petrochemicals are chemical substances made from oil, coal, and natural gases. These chemicals are majorly used in developing consumer products such as pesticides, shampoos, aspirin, detergents, gasoline, carpeting, and milk jugs. Products such as propylene, ethylene, benzene, and xylene are used in packaging, plastics, rubber, and electronics. Increasing demand for the product in automotive, medical, packaging, construction, and consumer goods sectors will likely boost the market.
Restricted Supply Chain to Hinder Market Growth
The outbreak of the COVID-19 pandemic has affected various industries, including the chemical sector. The government imposed stringent restrictions on import/export policies and production and manufacturing restrictions to maintain social distancing norms hampered the supply chains. Halted operations and production affected the supply chain management of major key players. Also, these limitations caused due to the pandemic have affected the market growth and development to a higher extent.
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List of Key Players Profiled in the Report:
- BASF SE (Ludwigshafen, Germany)
- LyondellBasell Industries Holdings B.V. (Texas, U.S.)
- INEOS (London, U.K.)
- Royal Dutch Shell Plc. (Hague, Netherlands)
- SABIC (Riyadh, Saudi Arabia)
- Reliance Industries Limited (Mumbai, India)
- Mitsubishi Chemical Corporation (Tokyo, Japan)
- Dow Chemical Company (Michigan, U.S.)
- LG Chem (Seoul, South Korea)
- Chevron Phillips Chemical Company LLC. (Texas, U.S.)
- China National Petroleum Corporation (Beijing, China)
- Maruzen Petrochemical Co., Ltd. (Tokyo, Japan)
- Sibur (Moscow, Russia)
Packaging Segment Dominates Market Due to Rising Demand
By type, the market is segmented into ethylene, propylene, methanol, xylene, and others.
Based on end-use industry, the market is divided into packaging, electronics, construction, automotive, and others.
Finally, by region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report provides complete information and statistical data regarding market development trends and business strategies adopted by the key players. Furthermore, recent trends and advancements in the industry are discussed further in this report along with key industry developments. The report sheds light on drivers and restraints affecting the market growth and the impact caused due to COVID-19 pandemic.
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Drivers & Restraints:
Increasing Product Demand in Packaging Application to Stimulate Growth
The market is expected to witness significant growth in the coming years owing to the rising plastic consumption in developing economies. The utilization of plastic packaging is increased in various industries, thereby boosting the market in segmented regions. Furthermore, increasing industrialization and commercialization is expected to drive plastic utilization during the projected period. Also, cost-effective and eco-friendly characteristics of the produced plastic are anticipated to drive the market. These factors are likely to ensure the global petrochemicals market growth in the segmented regions.
However, hazardous effects caused due to petrochemical products may hinder the market growth.
Asia Pacific Holds Highest Market Share Due to Rising Industrialization
Asia Pacific dominates the global petrochemicals market share due to rising demand in the consumer goods industry. Increasing industrialization and commercialization in developing countries is expected to maintain the market position during the forecast period.
North America holds the second-largest global market share due to rising investments in the petrochemicals production sector. This encourages the key players to implement innovative strategies to increase product range.
Table of Content
- 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
- August 2021: PJSC SIBUR Holding and Indian Oil Corporation Ltd (IOC) entered into a partnership to set up a large petrochemicals facility in India.
- July 2021: Repsol SA is expanding the production of specialty chemicals at its subsidiary Repsol Polmeros SA’s petrochemicals complex by installing additional units. Repsol plans to construct a 300,000-tonne-per-year linear polyethylene plant and a 300,000-tonne-per-year polypropylene plant to expand the manufacturing site’s production of 100% recyclable polymeric materials for use in highly specialized applications aligned with energy transition initiatives in the pharmaceutical, automotive, and food industries.
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