IMARC Group, a leading market research company, has recently releases report titled “Petrochemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global petrochemicals market outlook, share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Petrochemicals
Petrochemicals are a diverse group of chemical compounds that are primarily derived from petroleum or natural gas. They comprise ethylene, propylene, butene, benzene, methanol, acetone, polyethylene (PE), polyvinyl chloride (PVC), and ethyl acetate. They are versatile as they allow manufacturers to create a wide array of goods that cater to diverse consumer and industrial needs. They are often cost-effective as compared to alternative raw materials and are suitable for businesses looking to optimize production and maintain competitive pricing for their products. They are crucial in modern agriculture to enable higher crop yields and food production. As a result, petrochemicals are widely employed in the energy, healthcare, construction, agriculture, electronics, transportation, and textile industries across the globe.
How Big Is the Petrochemicals Market?
The global petrochemicals market size reached US$ 584.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 815.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
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What are the growth prospects and trends in the petrochemicals industry?
Presently, the rising demand for numerous electronic products among the masses represents one of the key factors impelling the growth of the market. Additionally, the increasing utilization of petrochemicals in the automotive industry for manufacturing components, such as engine parts, tires, and interior materials, along with the rising popularity of lightweight plastics and components to enhance fuel efficiency in vehicles, is strengthening the market growth.
Apart from this, the escalating demand for petrochemicals to produce construction materials like polyvinyl chloride (PVC) pipes, insulation, adhesives, and roofing materials, with the increasing number of infrastructure development projects around the world, is offering a favorable market outlook. In addition, the rising adoption of petrochemical-based fertilizers, pesticides, and herbicides in the agriculture sector is providing lucrative growth opportunities to industry investors.
Besides this, the emergence of bio-based and recyclable petrochemical products to reduce carbon emissions is supporting the market growth. In line with this, technological advancements in petrochemical production processes to enhance efficiency, reduce costs, and enable the development of innovative products are contributing to the growth of the market. Furthermore, the increasing employment of petrochemicals to produce medical devices and personal protective equipment (PPE) is propelling the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Ethylene
- Propylene
- Butadiene
- Benzene
- Toluene
- Xylene
- Methanol
- Others
Breakup by Application:
- Polymers
- Paints and Coatings
- Solvents
- Rubber
- Adhesives and Sealants
- Surfactants and Dyes
- Others
Breakup by End Use Industry:
- Packaging
- Automotive and Transportation
- Construction
- Electrical and Electronics
- Healthcare
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- BASF SE
- Chevron Corporation
- China National Petroleum Corporation
- China Petrochemical Corporation
- DuPont de Nemours Inc.
- Exxon Mobil Corporation
- Formosa Plastics Corporation
- Indian Oil Corporation Limited
- INEOS Group Ltd.
- LyondellBasell Industries N.V.
- Reliance Industries Limited
- Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
- Shell plc
- Sumitomo Chemical Co. Ltd.
- TotalEnergies SE
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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