Global Petrochemical Market Size: A Thriving Landscape with USD 910.5 Billion on the Horizon in 2030, At a 6.4% CAGR
The global petrochemical market size is projected to reach USD 910.5 billion by 2030 from its value USD 520.8 billion in 2021, at CAGR of 6.4% during forecast period, according to The Brainy Insights. Demand for polypropylene is anticipated to increase because to the rising popularity of e-vehicles, which will ultimately fuel the petrochemicals market.
Newark, Oct. 16, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 520.8 billion in 2021 global petrochemical market will reach USD 910.5 billion in 2030. These goods have risen in popularity over the past several years due to their affordability and economic stability. Petrochemicals comprise a sizeable portion of the chemical industry because of their growing role in creating synthetic products. Products made from petrochemicals are today necessary for modern society to function. These are used in many items, such as tyres, packaging, fertilizers, electronic devices, textiles, and detergents. Additionally, it is utilized in many components of the contemporary energy system, including wind turbine blades, solar panels, batteries, and thermal insulation of buildings. The top companies in the global petrochemical industry focus on increasing petrochemical output levels to improve their positions.
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Key Insight of the Global Petrochemical Market
Asia Pacific will dominate the market during the forecast period.
Throughout the projection period, Asia-Pacific is expected to continue to be one of the most alluring marketplaces as it generates most of the market’s revenue. The primary force behind the market expansion in this region is anticipated to be the growing chemical industry. China, Japan, and India dominated the market because of the region’s rapidly expanding chemical and construction industries and the rising number of applications.
In 2021, the ethylene segment dominated the market with the largest market share of 35% and market revenue of 182.28 billion.
The type segment is divided into Ethylene, Propylene, Butadiene, Benzene, Methanol, Toluene, and Others. In 2021, the ethylene segment dominated the market with the largest market share of 35% and market revenue of 182.28 billion.
In 2021, the building and construction segment dominated the market with the largest market share of 32% and market revenue of 166.65 billion.
The application segment is divided into Aerospace, Agriculture, Automotive, Building & Construction, Consumer & Industrial Goods, and Others. In 2021, the building and construction segment dominated the market with the largest market share of 32% and market revenue of 166.65 billion.
Advancement in market
The state-owned oil company Saudi Aramco is negotiating to acquire a 10% share in Shandong Yulong Petrochemical Co. This agreement would increase Saudi Aramco’s investments in China. To “facilitate discussions relating to the potential acquisition by Aramco of a 10% strategic equity interest,” the company and Aramco have signed a memorandum of understanding. Aramco is permitted to provide crude oil and other feedstock to Shandong Yulong per the conditions of the preliminary agreement. A deal is subject to regulatory clearances, negotiation of the transaction documents, and due diligence. The company increased its multi-billion-dollar investment in China by completing and upgrading a planned joint venture in northeast China and gaining a larger position in a privately managed petrochemical firm.
|Projected Market Size in 2030||USD 910.5 Billion|
|CAGR Growth Rate||6.4%|
|Key Market Players||BP Plc,Exxon Mobil Corp.,BASF SE,Sumitomo Chemical Co., Ltd.,Dow,China Petroleum & Chemical Corporation,Total S.A.,Chevron Phillips Chemical Company,Saudi Arabian Oil Co.,DuPont de Nemours, Inc.|
|Key Segment||Type, Application|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Driver: Increasing the market’s demand for polypropylene to spur growth.
Over the expected year, rising polypropylene demand will likely fuel petrochemicals’ market growth. Polypropylene makes many items for the house, cars, and medical equipment. Due to its high mechanical properties and moldability, polypropylene is widely used in producing numerous goods, including automotive parts. In electric cars, polypropylene is being used increasingly to counteract the battery’s weight. It is also used to insulate high-voltage gearbox lines and the interiors of automobiles. By 2025, electric and hybrid electric car sales are expected to account for 30% of all new automobile sales. The growing acceptance of e-vehicles is expected to raise demand for polypropylene, ultimately driving the petrochemicals market.
Restraints: environmental concerns.
The production of petrochemicals increases soil, water, and air pollution. The effects of this can be felt globally as well as in smaller systems like specific ecosystems. For instance, greenhouse gases released during the production of petrochemicals may impact climate change, which is why their production is discouraged by climate activists and will likely impact the market’s growth negatively.
Opportunities: increased petrochemical demand in the electrical and electronics sector.
New materials are typically the starting point for creating new products and technological improvements in the electronics and electrical industries. The current electronics and electrical sector extensively relies on petrochemical chemicals to manufacture electronics and electrical items. Many everyday things, including CD players, phones, radios, computers, and TVs, are produced on a large scale due to the petrochemical industry. This is because a number of the raw materials required for the success of the electronic sector are produced and supplied by the petrochemical industry. Petrochemical products in the electronics industry excel in electrical insulation, safety, data storage, ease of assembly, and downsizing. Microchips, the brains of computers, are created using petrochemicals. The catchphrase of the electronics sector is “petroleum chemistry.” It includes chips, printed circuit boards (PCBs), wires, and connectors. Demand for petrochemical services is anticipated to rise in the near future due to expansion in the global electronics sector.
Challenges: the government policies for a green economy.
The climate change crisis has prompted action from government organizations, contributing negatively to the market’s growth. The climate change policies to cut greenhouse emissions and restrict temperature rise will negatively affect the market’s growth.
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Some of the major players operating in the global petrochemical market are:
• BP Plc
• Exxon Mobil Corp.
• BASF SE
• Sumitomo Chemical Co., Ltd.
• China Petroleum & Chemical Corporation
• Total S.A.
• Chevron Phillips Chemical Company
• Saudi Arabian Oil Co.
• DuPont de Nemours, Inc.
Key Segments covered in the market:
• Building & Construction
• Consumer & Industrial Goods
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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