The global Petrochemicals market size is expected to be worth around US$ 960.0 billion by 2030, according to a new report by Vision Research Reports.
The global Petrochemicals market size was valued at US$ 546.1 billion in 2020 and is anticipated to grow at a CAGR of 7.4 % during forecast period 2021 to 2030.
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Petrochemicals Market (By Product: Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Polystyrene, Methanol) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||US$ 960.0 Billion by 2030|
|Growth Rate||CAGR of 7.4% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||BASF SE; Chevron Corporation; China National Petroleum Corporation (CNPC); China Petrochemical Corporation (SINOPEC); ExxonMobil Corporation; INEOS Group Ltd.; LyondellBasell Industries Holdings B.V.; Royal Dutch Shell PLC; SABIC; Dow|
The market is expected to witness steady growth over the forecast period owing to increasing demand from end-use industries such as construction, industrial, textile, medical, pharmaceuticals, consumer good automotive, and electronics. Products such as ethylene, propylene, benzene are widely used in various end-use industries such as packaging, electronics, plastics, and rubber. Rising shale gas exploration in North American countries such as the Canada and U.S. is expected to further augment market growth.
The market is largely driven by rising demand for downstream specialty chemicals and plastic manufacturing. The market is expected to witness steady growth over the forecast period owing to increasing demand from end-use industries such as construction, industrial, textile, medical, pharmaceuticals, consumer good automotive, and electronics.
By Product Analysis
Ethylene was the leading product segment and accounted for the largest revenue share of 41.1% in 2020. The segment is expected to witness a CAGR of 6.6% in the coming years.
The methanol segment is predicted to witness the highest CAGR over the forecast period. Methanol is used as a feedstock for producing acetic acid and formaldehyde, which are used in foams, adhesives, foams, solvents, plywood subfloors, and windshield washer fluids.
Butadiene was the second-largest product segment in 2020 and accounted for 16.1% of the revenue share. It is majorly utilized as a chemical intermediate and a monomer during the production of polymers such as styrene-butadiene rubber (SBR), Polybutadiene Rubber (PBR), Polychloroprene (PBR), and Nitrile Rubber (NR).
By Regional Analysis
Asia Pacific dominated the market and accounted for the largest revenue share of more than 45.0% in 2020. A critical factor fueling growth of the market in this region is surged domestic consumption of petrochemicals owing to the rapid growth of end-use industries.
North America accounted for the second-largest revenue share in the market in 2020 and is anticipated to witness a CAGR of 6.6% in the predicted years.Growing consumption of ethylene specifically in anti-freezing/cooling applications in the automotive industry is projected to drive the growth of the ethylene segment in North America.
- BASF SE
- Chevron Corporation
- China National Petroleum Corporation (CNPC)
- China Petrochemical Corporation (SINOPEC)
- ExxonMobil Corporation
- INEOS Group Ltd.
- LyondellBasell Industries Holdings B.V.
- Royal Dutch Shell PLC
- By Product
- Ethylene oxide
- Ethyl benzene
- Other (including alpha olefins, vinyl acetate, etc.)
- Propylene oxide
- Acrylic acid
- SB Rubber
- Butadiene rubber
- SB latex
- Other (nitrile rubber, mechanical belts, etc.)
- Ethyl benzene
- Alkyl benzene
- Other (including alkyl benzene, maleic anhydride)
- Others (including pesticides, drugs, nitro toluene, etc.)
- SB latex
- SB rubber
- Acetic acid
- Dimethyl ether
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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