What is the global market size of Petrochemicals Market?

Petrochemicals Market size was valued at USD 546.02 billion in 2021 and is poised to grow from USD 584.5 billion in 2022 to USD 1021.59 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).

Global Petrochemicals Market Size, Share, Growth Analysis, By Product(Ethylene, Propylene), By Industry(Packaging, Construction) - Industry Forecast 2024-2031

Report ID: SQMIG15A2111 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 68 | Figures: 75

Global 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.

Global Petrochemicals Market Report Snapshots

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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. '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 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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Global Petrochemicals Market Size, Share, Growth Analysis, By Product(Ethylene, Propylene), By Industry(Packaging, Construction) - Industry Forecast 2024-2031

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