NEW YORK, United States, Oct. 08, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Petrochemical Market Size, Share, Growth Analysis Report By Type (Ethylene, Propylene, Butadiene, Benzene, Toluene, Xylene, Methanol), By Application (Polymers, Paints & Coatings, Solvents, Rubber, Adhesives & Sealants, Surfactants, Dyes), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
The report analyses the Petrochemicals market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Petrochemical market.
Petrochemicals Market Overview:
Petrochemicals are the backbone of an industrial economy and a necessity for many industrial processes. Numerous items, including tires, industrial oil, and plastic, are manufactured using petrochemical detergents. The product's waste, basic plastic, is utilized as a component in the production of consumer goods. Petrochemical products are frequently used in various items, such as paints, cars, packaging, home goods, and medical equipment. Modern technology also allows the industry to process a broader variety of raw materials and various product types.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and Forecast Growth, Porter's 5 Forces Analysis
- Facts and Factors research methodology
Key Insights from Primary Research
- As per the analysis, the Petrochemical market is likely to grow above a CAGR of around 5.90% between 2022 and 2028.
- The Petrochemical market size was worth around US$ 549.5 billion in 2021 and is estimated to hit approximately US$ 775.07 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Some major drivers propelling the growth of the petrochemicals market's revenue include expanding petrochemical demand in the pharmaceutical & automotive industries, rising plastic packaging use, and rising petrochemical component adoption in industrial processes.
- By type, the ethylene category is expected to dominate the market.
- By application, the polymer category dominated the market in 2021.
- The Asia Pacific dominated the petrochemicals market in 2021.
Competitive Players
The report contains qualitative and quantitative research on the global Petrochemical Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Petrochemical market include;
- BASF SE
- SABIC
- TOTAL
- Indian Oil Corporation Limited
- Chevron Phillips Chemical Company
- BP PLC
- Sumitomo Chemical Company
- Reliance Industries Limited
- DowDuPont
- Royal Dutch Shell PLC.
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Industry Growth Drivers
- Growing adoption of petrochemical in automotive industries to drive market growth
The global petrochemical market has grown significantly due to factors like the expanded use of petrochemicals in the packaging, electrical & electronics, automotive, construction, and healthcare sectors. Numerous polymers are employed in producing various plastic components, which find usage in the transportation and automotive industries. This factor is driving the market for petrochemicals. Additionally, it is anticipated that the growing usage of polymeric resins in the production of automotive components would increase demand for polymers, affecting how quickly the petrochemicals market expands.
Restraints
- Volatility in the costs of raw materials likely to hamper the market growth
However, the expansion of this sector may be hampered by shifting raw material prices. On the other hand, consistent growth in the construction, chemical, and automotive industries will give market participants the chance to invest in the petrochemicals market.
Petrochemical Market: Segmentation Analysis
The global petrochemical market has been segmented into types, applications, and regions.
Based on type, ethylene, propylene, butadiene, benzene, toluene, xylene, and methanol are segments of the global petrochemical market. In 2021, ethylene had a market-dominating revenue share of more than 40.0%.
Based on application, the petrochemicals market is segmented into polymers, paints & coatings, solvents, rubber, adhesives and sealants, surfactants, and dyes. The polymer segment is expected to dominate the petrochemical market.
Browse the full “Petrochemical Market Size, Share, Growth Analysis Report By Type (Ethylene, Propylene, Butadiene, Benzene, Toluene, Xylene, Methanol), By Application (Polymers, Paints & Coatings, Solvents, Rubber, Adhesives & Sealants, Surfactants, Dyes), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/petrochemical-market
Regional Analysis:
The global petrochemical market is segmented into geographical regions: North America, Latin America, Europe, Asia-Pacific, the Middle East & Africa. In 2021, the Asia Pacific region, especially China, dominated the petrochemical market due to the region's rapidly developing chemical & construction industries and the increased use of polymers in a wide range of applications, particularly in China, Japan, and India.
China's growth in the petrochemical market over the past 20 years has been characterized by swift investment and open competition. In addition, the nation has been a pioneer in developing sizable petrochemical complexes with high chemical yields, with several existing and new investments planned all around the nation.
Recent Developments:
- January 2021: To produce propylene oxide (P.O.) and styrene monomer (S.M.) in China, LyondellBasell Industries Holdings B.V. and the China Petroleum & Chemical Corporation established a 50/50 joint venture.
- In 2019, Shell Chemical L.P. started producing its fourth alpha olefins unit in its U.S. facility.
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 549.5 Billion |
| Projected Market Size in 2028 | USD 775.07 Billion |
| CAGR Growth Rate | 5.90% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | BASF SE, SABIC, TOTAL, Indian Oil Corporation Limited, Chevron Phillips Chemical Company, BP PLC, Sumitomo Chemical Company, Reliance Industries Limited, DowDuPont, Royal Dutch Shell PLC., and others. |
| Key Segment | By Type, Application, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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The global Petrochemical market is segmented as follows:
By Type
- Ethylene
- Propylene
- Butadiene
- Benzene
- Toluene
- Xylene
- Methanol
By Application
- Polymers
- Paints And Coatings
- Solvents, Rubber
- Adhesives and Sealants
- Surfactants
- Dyes
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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