Petrochemicals Market Size, Share, Growth Analysis, By Product(Ethylene, Propylene, Butadiene, Benzene), By Industry(Packaging, Construction, Electrical, Consumer Products & Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15A2111 | Region: Global | Published Date: July, 2036
Pages: 157 |Tables: 68 |Figures: 75

Petrochemicals Market Insights

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.

Market Snapshot - 2024-2031

Global Market Size

USD 546.02 billion

Largest Segment

Ethylene

Fastest Growth

Ethylene

Growth Rate

7% CAGR

Global Petrochemicals Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)

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Petrochemicals Market Segmental Analysis

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.

Global Petrochemicals Market By Product , 2021(%)

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Petrochemicals Market Regional Insights

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.

Global Petrochemicals Market By Geography, 2021 - 2028
  • Largest
  • Fastest

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Petrochemicals Market Dynamics

Petrochemicals Market Driver

  • The majority of petrochemicals produced are used to make plastics like polyethylene, polypropylene, and polystyrene. The demand for such plastics, such as plastic packaging for food and other commercial products, has increased significantly over the last few decades, particularly in major end-use industries.
  • Plastic extends the shelf life of food, reduces food waste, and its light weight reduces fuel consumption when goods are transported. It provides immediate economic benefits and can help with resource optimization, both of which are important in the growth of emerging economies. Consumer product demand in developing economies is expected to rise as a large population segment's purchasing power rises. This is expected to increase plastic consumption, driving the market growth.
  • Despite increased efforts to encourage recycling and reduce single-use plastics, finding cost-effective and environmentally friendly alternatives to petrochemical-based plastics to meet the significantly rising global consumption rate remains a challenge. According to the International Energy Agency, the United States, Europe, and other developed economies consume up to 20 times as much plastic per capita as Indonesia, India, and other developing countries, implying enormous market potential.

Petrochemicals Market Restraint

  • Increasing health and environmental concerns about hazardous products in everyday life may limit the market growth. The number of environmentally conscious consumers worldwide is growing as a result of increased access to information. This will most likely encourage more industries to produce environmentally friendly consumer goods. According to the International Agency for Research on Cancer, benzene and other petrochemicals are not only harmful to the environment but are also carcinogenic in humans (IARC). Short-term exposure to this feedstock can result in narcosis, eye irritation, and skin irritation, while long-term exposure can result in serious health issues like anemia, lowered immunity, and cancer. Plastic pollution is currently one of the world's most serious problems. It's been accumulating at an alarming rate in the oceans, and it's now nearly everywhere on the planet.

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Petrochemicals Market Competitive Landscape

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

  • Dow Chemical Company
  • BASF SE
  • Saudi Basic Industries Corporation (SABIC)
  • China Petroleum & Chemical Corporation (Sinopec)
  • ExxonMobil Chemical
  • LyondellBasell Industries
  • Royal Dutch Shell plc
  • Total S.A.
  • Mitsubishi Chemical Corporation
  • Formosa Plastics Corporation
  • INEOS Group
  • Chevron Phillips Chemical Company
  • LG Chem Ltd.
  • Sumitomo Chemical Co., Ltd.
  • Braskem S.A.
  • Huntsman Corporation
  • Lotte Chemical Corporation
  • Reliance Industries Limited
  • Tosoh Corporation
  • Arkema Group

Petrochemicals Market Recent Developments

  • In May 2022, Swan Energy Limited (SEL) acquired Veritas (India) Limited, which manufactures chemicals, petrochemicals, and petroleum products.
  • In January 2022, after a similar factory in South Korea, Saudi Basic Industries Corporation (SABIC) planned a petrochemicals plant in Jubail, on the gulf coast in the Eastern Province.
  • In September 2021, The Saudi Industrial Investment Group and the National Petrochemical Company signed a non-binding merger agreement. After oil giant Saudi Aramco purchased a 70% share in Saudi Basic Industries last year, the two companies began negotiations about a merger last year. The merger would signify further consolidation in the Saudi petrochemicals sector.

Petrochemicals Key Market Trends

  • In response to growing environmental concerns, policymakers have urged businesses to take initiative and operate the manufacturing process in an environmentally friendly and sustainable manner. Several key players are upgrading their operations to comply with new pollution control regulations, as limiting pollution from manufacturing facilities could be critical in limiting pollution and mitigating the effects of climate change.
  • In September 2021, MEGlobal Americas Inc. announced that beginning in 2023, it would purchase renewable energy from Calpine Energy Solutions LLC to meet 100% of the expected power demands for its petrochemical plant in Texas, United States. The transaction demonstrates EQUATE Petrochemical Group's, of which MEGlobal is a part, strong commitment to sustainability.

Petrochemicals Market SkyQuest Analysis

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 2023 USD 546.02 billion
Market size value in 2031 USD
Growth Rate 7%
Forecast period 2024-2031
Forecast Unit (Value) USD Data-sheets-value="{"
Segments covered
  • Product
    • Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Methanol
  • Industry
    • Packaging, Construction, Electrical, Consumer Products & Others
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
  • Dow Chemical Company
  • BASF SE
  • Saudi Basic Industries Corporation (SABIC)
  • China Petroleum & Chemical Corporation (Sinopec)
  • ExxonMobil Chemical
  • LyondellBasell Industries
  • Royal Dutch Shell plc
  • Total S.A.
  • Mitsubishi Chemical Corporation
  • Formosa Plastics Corporation
  • INEOS Group
  • Chevron Phillips Chemical Company
  • LG Chem Ltd.
  • Sumitomo Chemical Co., Ltd.
  • Braskem S.A.
  • Huntsman Corporation
  • Lotte Chemical Corporation
  • Reliance Industries Limited
  • Tosoh Corporation
  • Arkema Group
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Petrochemicals Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Petrochemicals Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

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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FAQs

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).

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. 'Dow Chemical Company', 'BASF SE', 'Saudi Basic Industries Corporation (SABIC)', 'China Petroleum & Chemical Corporation (Sinopec)', 'ExxonMobil Chemical', 'LyondellBasell Industries', 'Royal Dutch Shell plc', 'Total S.A.', 'Mitsubishi Chemical Corporation', 'Formosa Plastics Corporation', 'INEOS Group', 'Chevron Phillips Chemical Company', 'LG Chem Ltd.', 'Sumitomo Chemical Co., Ltd.', 'Braskem S.A.', 'Huntsman Corporation', 'Lotte Chemical Corporation', 'Reliance Industries Limited', 'Tosoh Corporation', 'Arkema Group'

The majority of petrochemicals produced are used to make plastics like polyethylene, polypropylene, and polystyrene. The demand for such plastics, such as plastic packaging for food and other commercial products, has increased significantly over the last few decades, particularly in major end-use industries.

In response to growing environmental concerns, policymakers have urged businesses to take initiative and operate the manufacturing process in an environmentally friendly and sustainable manner. Several key players are upgrading their operations to comply with new pollution control regulations, as limiting pollution from manufacturing facilities could be critical in limiting pollution and mitigating the effects of climate change.

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 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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