WASHINGTON, Dec. 28, 2022 (GLOBE NEWSWIRE) -- Global Petrochemical Market is valued at $ 37.5 Billion in 2021 and is projected to reach a value of $ 61.2 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 8.5% over the forecast period 2022-2028.
One of the most significant economic areas is the Petrochemical Market business, and consistent expansion is projected. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses current trends and anticipated changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report thoroughly analyzes international producers and suppliers and their current situation and prospects. It also details the global drivers of the demand for the Petrochemical Market, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some key factors anticipated to accelerate the Petrochemical Market growth over the forecast period. Growth in demand for consumable goods from several terminal industries, including the construction, healthcare, and transport industries, primarily drives the market. To increase their income streams, companies can focus on incremental opportunities by taking a more deliberate approach.
We forecast that the ethylene category in the Petrochemical Market sales will account for more than 30% of total sales by 2028. This is linked to increased ethylene demand across several sectors, including building, packaging, and mobility. Market is anticipated that the demand for ethylene in emerging economies will increase due to the countries' ongoing modernization and thriving automobiles and manufacturing sectors.
Asia Pacific region dominates the market. This is because the industrial sector as a whole is still recovering from the worldwide epidemic. The increased need for Petrochemicals in various industries, including transportation, packaging, consumer products, and hospital instruments, is a major driver of firms in this sector expanding their production capacity globally.
Top Players in the Global Petrochemical Market
- BP PLC (UK)
- Total Energies S.A. (France)
- Exxon Mobil Corp. (US)
- BASF SE (Germany)
- Sumitomo Chemical Co. Ltd. (Japan)
- Dow Chemicals (US)
- Chevron Phillips Chemical Company (US)
- Saudi Arabian Oil Co. (Saudi Arabia)
- DuPont de Nemours Inc. (US)
- China Petroleum & Chemical Corporation (China)
For Additional Information on Petrochemical Market Players and Detail List, Download a Report PDF Brochure
Market Dynamics
Increased Demand from Building & Construction Sector to Boost Market Growth
Petrochemicals make various goods for various building & construction industry uses. In addition to adding color to structures, contemporary paints and coatings also help protect them, and soundproofing technologies with significant unmatched improvement in buildings' energy efficiency. Petrochemicals are used in the building and construction sector for various purposes, including paints and coatings, pipes, glass panels, and furniture architecture.
Rise in Demand for Petrochemicals in Electronics & Electrical Industry to Drive the Market Growth
In the electronics and electrical business, advanced materials frequently serve as the foundation for new product development and technological advancements. The production of electronics and electrical goods in the current electronic and electronic sector is highly dependent on Petrochemical products. Due to support from the Petrochemical sector, commonplace items like CD players, smartphones, telephones, computers, and T.V.s are produced on a big scale.
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Recent Developments
- April 2022, Adnoc announced the decision to buy Mubadala Investment Company’s 25 percent stake in Austria-based chemicals producer Borealis. The deal is expected to enable the state-owned oil and gas producer to expand its footprint in the chemical and petrochemical sector. The remaining 75 percent of Borealis would be controlled by OMV, a Vienna-listed integrated oil, gas and petrochemical company.
- September 2022, Yair Lapid, the Prime Minister of Israel approved a bid by Israel Petrochemical Enterprises to acquire full control of Bazan, Israel’s largest oil refinery, in the Haifa Bay in northern Israel. Israel Petrochemicals, which holds 15% of the Bazan oil refineries stock — enough to become a joint owner — used its right of refusal to veto an earlier bid for Bazan by the Hagag Group of property developers.
- September 2021, The National Petrochemical Co. was purchased by the Saudi Industrial Investment Group in September 2021, creating one of the leading chemical producers in the Middle East at a time when prices were skyrocketing. The merger, which was conducted through an all-share transaction, combined two companies with a market valuation of US$ 11.2 Bn. It follows a trend of increasing consolidation among Saudi Arabia's industrial corporations, which are trying to gain scale and boost profits.
Top Trends in Global Petrochemical Market
- One trend that Vantage Market Research (VMR) expects to see in the Petrochemical industry is the growing demand for household products. Numerous home items, including makeup, fragrances, cosmetics, aftershaves, etc., are typically produced using Petrochemical materials. Petrochemical compounds are also present in significant amounts in detergents and coloring dyes. The wax used for hair or beards is created using non-renewable energy sources, which is anticipated to propel the Petrochemical Market's expansion.
- Another trend that VMR predicts will continue in the Petrochemical industry is the Growing adoption of Petrochemicals in automotive industries. Due to its various qualities, including adaptability in construction, design, and endurance, petroleum products are frequently used in the automotive sector. Polypropylene intermediaries make upholstery, bodywork, tire, console, and other parts of vehicles. The increased usage of composite materials based on Petrochemicals in production has revolutionized the automotive industry.
Top Report Findings
- Based on Product Types, most of the Petrochemical Market's revenue is controlled by the ethylene category. Ethylene is the basis for various compounds, including solvents, refrigerants, and polymers. It may be used to make a variety of dangerous chemicals, including polythene, fibers, and polymerization.
- Based on the Manufacturing Processes, most of the Petrochemical Market's revenue is controlled by the FCC category. In refining petroleum, FCC is a secondary unit operation that permits increased gasoline output. The industry for FCC catalysts is anticipated to expand in tandem with the increasing demands for key commodities, including oil, olefinic gases, and gasoline. The FCC catalyst benefits from growing industry expenditure, technological advancements, and capital investment.
- Based on Applications, most of the Petrochemical Market's revenue is controlled by the automotive category. Because they are crucial to the creation of autos, Petrochemicals are employed by the automotive industry to increase sales volume. Utilizing intermediates in the automotive industry gives advantages such as lightweight products, fewer emissions that cause pollution, quicker assembly, and easier processing.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Petrochemical Market Forecast Report (2022-2028).
Top 10 Players Generate More Than 45% of the Global Petrochemical Market Revenue
The report also found that the largest players in the Petrochemical Market are technology providers such as BP PLC (UK), Total Energies S.A. (France), Exxon Mobil Corp. (US), BASF SE (Germany), Sumitomo Chemical Co. Ltd. (Japan). These companies are expected to benefit from increased demand for their products and services and investments in new products. Other major players include Dow Chemicals (US), Chevron Phillips Chemical Company (US), Saudi Arabian Oil Co. (Saudi Arabia), DuPont de Nemours Inc. (US), China Petroleum & Chemical Corporation (China). As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Ethylene Category in Petrochemical Market to Generate Over 30% Revenue
Petrochemical Markets are an expensive investment. Vantage Market Research has analyzed the Petrochemical Market to understand its current and potential future growth factors. For better understanding, based on the product type, the Petrochemical Market is divided into ethylene, propylene, butadiene, benzene, xylene, toluene and methanol.
During the forecast period, the Petrochemical Market is estimated to experience the highest CAGR for the ethylene category. Rapid modernization and the expansion of the packaging industry are likely to increase ethylene consumption, which will support segment growth. As a result of scientific advancement, consumers are utilizing more plastic, which will expand the ethylene industry. It produces plastics for consumer products, packaging, construction, and motor industries.
On the other hand, the methanol category is anticipated to grow tremendously over the forecast period. The high requirement for methanol in several end-use sectors, including construction, pharmaceuticals, paintings and adhesives, plastics, and automotive, is expected to drive expansion in the market.
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Global Petrochemical Market Segmentation
By Product Types
- Ethylene
- Propylene
- Butadiene
- Benzene
- Xylene
- Toluene
- Methanol
By Manufacturing Processes
- Fluid Catalytic Cracking (FCC)
- Steam cracking
- Catalytic reforming
By Applications
- Aerospace
- Agriculture
- Automotive
- Building & Construction
- Consumer & Industrial Goods
- Other Applications
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Region Analysis:
- The growth of the Petrochemicals market in North America can be attributed to the booming shale gas industry in the region. Shale gas is a source of natural gas that is found trapped within shale formations. Shale gas production has increased significantly in recent years due to advanced drilling and hydraulic fracturing technologies. This has led to a decrease in the price of natural gas, a feedstock for the Petrochemical industry.
- As a result, North American producers have gained a competitive advantage over other regions. In addition, the United States is home to some of the world’s largest Petrochemical companies, such as Dow Chemical, ExxonMobil, and Chevron Phillips Chemical. These companies have a significant presence in upstream and downstream segments of the value chain. They are engaged in various activities such as exploration, production, processing, marketing, and distribution of Petrochemical products. All these factors together contribute to the growth of the Petrochemicals market in North America.
- Europe is another major market for Petrochemicals due to many multinational companies operating in the region. Germany is one of the leading producers and consumers of Petrochemicals in Europe. The country has a well-developed infrastructure and a skilled workforce that supports growth. The high growth of the Petrochemicals market in the Asia Pacific is due to the growing demand from the end-use industries, such as construction, automotive, and packaging. The region is also home to some of the world’s largest Petrochemical producers, such as China and India.
- The Petrochemicals market in Latin America is expected to grow significantly due to the increasing demand from emerging economies, such as Brazil, Argentina, and Mexico.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 552.3 Billion |
| Revenue Forecast by 2028 | USD 779.0 Billion |
| CAGR | 5.9% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | BP PLC, Total Energies S.A., Exxon Mobil Corp., BASF SE, Sumitomo Chemical Co. Ltd., Dow Chemicals, Chevron Phillips Chemical Company, Saudi Arabian Oil Co., DuPont de Nemours Inc., China Petroleum & Chemical Corporation |
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