USD 546.02 billion
Report ID:
SQMIG15A2111 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
68
|Figures:
75
Petrochemicals Market size was valued at USD 546.02 billion in 2019 and is poised to grow from USD 584.5 billion in 2023 to USD 1021.59 billion by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).
In 2021, the global petrochemical production capacity was estimated to be 2.19 billion metric tonnes. This capacity is expected to expand to more than three billion metric tonnes by 2031. Petrochemicals are expected to account for about half of the growth in oil demand by 2031, ahead of vehicles, aviation, and shipping, due to rising demand for petrochemical products. By 2030, petrochemicals will need an additional 56 billion cubic metres of natural gas.
Rising demand for downstream speciality chemicals and plastic manufacturing is driving the petrochemicals market growth. Due to rising demand from end-use sectors such as construction, industrial, textile, medical, pharmaceuticals, consumer goods automotive, and electronics, the market is predicted to rise steadily throughout the forecast period.
US Petrochemicals Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 546.02 billion
Largest Segment
Ethylene
Fastest Growth
Ethylene
Growth Rate
7% CAGR
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The Global Petrochemicals Market is segmented by product, manufacturing, and region. Based Product Petrochemicals Market is categorized into Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene and Methanol. Based manufacturing Petrochemicals Market is categorized into Fluid Catalytic Cracking (FCC), Steam cracking, Catalytic reforming, others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Petrochemicals Market Analysis by Product
In 2021, Ethylene dominated the Petrochemicals Market with a revenue share of more than 40%. This is due to an increase in ethylene demand from industries such as construction, packaging, and transportation. Continuing industrialization and thriving automotive and packaging sectors in emerging economies such as India, Brazil, Vietnam, and Thailand are expected to drive ethylene consumption in the countries during the forecast period. The increased use of polyethylene, High-density Polyethylene (HDPE), and Low-density Polyethylene (LDPE) is expected to fuel the overall growth of the petrochemicals market.
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In 2021, Asia Pacific dominated the market with a volume share of more than 50%. The thriving chemicals industry and rising polymer consumption are expected to be key drivers of market growth in this region. Companies in the region are shifting toward natural gas liquids and other non-oil feedstocks to meet rising demand, as well as strategizing cost-effective methods to increase product sales. Europe is projected to grow at a revenue-based CAGR of 5.7% during the forecast period. This is due to the ongoing recovery of Europe's overall manufacturing sector from the global pandemic, as well as the expansion of the region's oil and gas capacity. Because of market saturation, Western Europe's market is expected to grow slowly. Increased ethylene production in key countries such as Germany, France, and the United Kingdom has resulted in increased demand for petrochemicals from manufacturers for the production of various industrial chemicals.
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Petrochemicals Market Driver
Petrochemicals Market Restraint
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Major market players such as BASF SE, Bayer AG, Biobest Group NV, and Syngenta AG are constantly innovating in order to provide advanced Petrochemicals. Moreover, they are increasing their R&D investment as well as their interest in technological adoption, strategic acquisition, and collaboration in order to design and develop modern humanoid Petrochemicals. Furthermore, to sustain their market position, key companies have implemented organic and inorganic growth strategies such as new robot launches and long-term contracts with airport authorities.
Petrochemicals Market Top Players Company Profiles
Petrochemicals Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, packaging accounted for the majority of market share in 2021 and is expected to maintain its dominance during the forecast period. To ensure the safe packaging of products, the petrochemical industry requires specialized equipment and containers. The product can be used to package both food and non-food items. Food is kept safe and fresh using modern packaging materials. Liners, which are made of petrochemicals, also keep food away from packaging materials that could react with the contents. During the next few years, the automobile sector is expected to grow at a rapid pace. Petrochemicals, which are an essential component of automobile manufacture, are used by the automotive industry to boost company sales. The benefits of using intermediates in the vehicle industry include weight reduction, reduced fuel use, which aids in pollution control, reduced assembly time, and ease of assembly.
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Report Metric | Details |
---|---|
Market size value in 2019 | USD 546.02 billion |
Market size value in 2031 | USD |
Growth Rate | 7% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Data-sheets-value="{" |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Petrochemicals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Petrochemicals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Petrochemicals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Petrochemicals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG15A2111
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