Rising polypropylene demand is anticipated to fuel the petrochemicals market’s expansion by 2030. Increasing popularity of e-vehicles will excel petrochemical industry demand. Asia-Pacific region is anticipated to remain one of the most appealing markets throughout the projection period.
Newark, Nov. 24, 2022 (GLOBE NEWSWIRE) — The petrochemical market was estimated at around USD 520.8 billion in 2021, growing at a CAGR of nearly 6.4% during 2022-2030. The market is projected to reach approximately USD 910.5 billion by 2030.
Petrochemicals are substances made chemically from petroleum. Petroleum distillates is another name for them. One of the main market drivers is the rise in demand for downstream products from a variety of end-use industries, such as the construction, pharmaceutical, and automotive sectors. Because petrochemicals are essential to many industrial processes, they serve as the foundation of an industrial economy. Tires, industrial oil, detergents, and plastics are some of the products made from petrochemicals.
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Because of variables like the increased usage of petrochemicals in the packaging, electrical & electronics, automotive, construction, and healthcare sectors, the worldwide petrochemical market has experienced tremendous growth. Different plastic components used in the transportation and automotive industries are produced using a variety of polymers. Petrochemicals are being driven by this element in the market. Also projected is an increase in demand for polymers due to the expanding use of polymeric resins in the manufacture of automobile components, which would slow the market’s growth for petrochemicals.
Numerous goods with a range of uses in the building and construction industry are produced using petrochemicals. While insulation technologies with unmatched performance increase the buildings’ energy efficiency, contemporary paints and coatings not only offer color but also help protect them. Polymers, paints and coatings, solvents, adhesives and sealants, among other products, are produced using petrochemicals. Buildings all over the world are becoming more sustainable because to transparent, very durable, powerful petrochemical materials. Petrochemicals are used in the building and construction sector for a variety of purposes, including as insulation, piping, window frames, interior design, paints, and coatings. The production of polyvinyl chloride uses ethylene (also known as ethene), a petrochemical product (PVC, or vinyl). In the building and construction industry, polyvinyl chloride (PVC, or vinyl) is used in a variety of applications, including the creation of wiring and cables, leak-proof PVC pipes, and siding and window frames that are incredibly durable, affordable, and help save energy when heating and cooling homes. Rail cars, vehicles, tanker vessels, and pipeline networks are all used to deliver ethylene for petrochemical purposes.
Over the course of the expected year, rising polypropylene demand is likely to fuel market growth for petrochemicals. Polypropylene is used to make many items, including those for the house, cars, and medical equipment. Due to its high mechanical properties and moldability, polypropylene is a widely used.
The market for petrochemical market is segmented into the type, and application. According to the type, the ethylene segment is expected to increase at the quickest rate. From plastics to antifreeze mixtures and solvents, ethylene serves as the foundation for a diverse spectrum of compounds. Polyethylene, polymers, and fibers are just a few of the commercial compounds that may be produced with it. Plastic bottles, bags, food packaging, PVC pipes, siding, medical equipment, and clothing are just a few of the things that are made using these chemical compounds.
Over the projected period, the methanol segment is expected to record the largest revenue. Acetic acid and formaldehyde, which are utilized in foams, adhesives, foams, solvents, plywood subfloors, and windshield washer fluids, are made from methanol as a feedstock. Due to its strong demand in a number of end-use industries, including construction, paints and adhesives, medicines, plastics, and automotive, methanol demand is expected to increase.
The building & construction segment is anticipated to hold major share in the petrochemical market by application during the forecast period. It is anticipated that the construction sector will experience rapid expansion in the near future due to rising global population in both developed and emerging economies. Many different items, including polymers, paints & coatings, solvents, adhesives, and sealants, are made with the help of petrochemicals.
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The biggest market share of the total market was held by the Asia-Pacific in the petrochemical market. In Asia Pacific, notably in China, there is a considerable need for petrochemicals. This is a result of the region’s increased use of petrochemical products in the production of various end-use products for industries including automotive, building and construction, consumer and industrial goods, electrical and electronics, food and beverage production, etc.
North American market expansion is anticipated to be fueled by the expanding shale gas exploration operations in the U.S. and Canada. Growing shale gas production in these nations offers the chance to switch out traditional feedstocks for shale gas in the manufacturing of diverse petrochemicals. Significant capacity expansion in the United States and Canada is anticipated to drive the market’s expansion in North America over the projected period.
|Report Coverage||Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, and Latin America|
|Market Size(unit)||USD Billion|
|Petrochemical Market CAGR||6.4%|
|Segments Covered||By Type
List of the prominent players in the Global Petrochemical market:
• 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.
The global Petrochemical market is segmented as follows:
• Building & Construction
• Consumer & Industrial Goods
• North America
o The U.S.
o The UK
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Rest of Latin America
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. 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.
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