Market Research Future (MRFR) studied the global petrochemicals market 2020 along the review period till 2023. As per MRFR evaluation, the petrochemicals market is set to rise at 8.06% CAGR by 2023. On the conclusion of the study tenure, the petrochemicals market value is likely to value USD 943.5 Bn. The expansion of the petrochemical market can be attributed to the surge in demand for different type of petrochemicals products in the end-use industries. The expansion of petrochemical industry can also be led by the increasing demand for downstream goods in the end-use industries and increase in capacity of the base chemical field. The surge in application of petrochemicals in progressive sectors, such as; agriculture, aviation, food beverage, building construction, healthcare, electrical electronics, and automotive can add to the market rise.
The economic regression and increase in the demand for plastic goods has gradually decreased the need for petrochemical products, which can hinder the petrochemical market rise. In addition, reduction in the utility of resources can also impact petrochemical industry in the study tenure.
The segment assessment of the global petrochemicals market is based on Application, End-Use Industry, and Type.
The type-based segments of the global petrochemicals market are Butadiene, Ethylene, Benzene, Propylene, Methanol, Toluene, and Xylene among others. The ethylene segment is expected to garner about 26% share of the market and rise at a remarkable CAGR. The propylene segment is expected to earn decent revenue for the market.
The application-based segments of the global petrochemicals market are Solvents, Polymers, Rubber, Paints and Coatings, Surfactants, Adhesives and Sealants, and Dyes among Others. The polymers segment is likely to thrive at 8% CAGR over the forecast tenure and the surfactant segment can expand at decent pace in the study period. The adhesive and sealant segment is expected to rise at high pace.
The end-use industry-based segments of the global petrochemicals market are Packaging, Construction, Automotive, Electrical Electronics, Transportation, and Healthcare among Others. The packaging segment is likely to secure about 32% share of the global market in the study period. The petrochemicals market is expected to earn substantial profit from the packaging industry on a global scale, reveals MRFR.
The expansion of automobile manufacturing base in India and China is likely fuel the petroleum market in the APAC region. Rapid industrialization and increase in urban migration are causes that can foster APAC petroleum market rise. MRFR study reveals that APAC petroleum market can earn 51.5% share of the global market by 2023 and register substantial CAGR. APAC is reputed as the biggest exporter for petroleum products over the last few years and the trend is expected to continue in the foreseeable future. Innovations in energy and transport sectors can fuel the petrochemical industry in the region.
In North America, the growing oil and gas sector is likely to underpin the market in the study tenure. The increase in extraction activities of shale gas, affordable ethane gas production, and decline in production cost of ethylene are factors that are expected to support the market rise. The increasing demand for petrochemical products in the US petrochemical market can demonstrate 7% CAGR in the review term.
In Europe, the existence of top-notch vehicle producers can add to the stats-quo of the petrochemical industry. Growth dynamics of companies, such as; BASF, INEOS, and Shell Chemicals among others, can significantly impact EU petroleum market in the near future. The hike in production of ethylene in France, Germany, and the U.K. to meet the rising demand for petrochemicals is likely to improve the momentum of EU market.
The evolution of the Middle East Asia economy is identified to be powered by crude oil and natural gas supply. The upscaling utility of petrochemicals in the power sector resulting in high need for ethylene and its derivatives, such as; ethylene glycol and polyethylene (PE) can prompt MEA market rise. The rise in popularity of naphtha feedstocks can hinder MEA petroleum market growth.
LyondellBasell Industries Holdings B.V. (The Netherlands), SABIC (Saudi Arabia), TOTAL (France), BASF SE (Germany), Indian Oil Corporation Limited (India), BP PLC (UK), DowDuPont (US), China National Petroleum Corporation (China), Reliance Industries Limited (India), China Petroleum Chemical Corporation (China), Royal Dutch Shell PLC (The Netherlands), Sumitomo Chemical Company (Japan), and Chevron Phillips Chemical Company (US) are some reputed companies in the petrochemical market that are listed by MRFR.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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