Global Petrochemicals Market Size to Reach USD 930.72 Billion in 2030 | Emergen Research
Rising demand for petrochemicals in automotive, and pharmaceuticals industries is a key factor driving petrochemicals market revenue growth
Vancouver, Sept. 18, 2023 (GLOBE NEWSWIRE) — The global petrochemicals market size reached USD 547.26 Billion in 2021 and is expected to register a revenue CAGR of 6.1% during the forecast period, according to latest analysis by Emergen Research. Rising demand for petrochemicals in automotive, and pharmaceutical industries is a key factor driving market revenue growth.
Petrochemicals products are used rapidly in making pharmaceutical ingredients in recent years. Petrochemicals significantly minimize the incidence of nosocomial infections, which include infections transmitted by germs from other patients, hospital food, and inadequately hygienic environments. Petrochemicals are also included in hand sanitizer in the form of carbomer polymers and glycerin. Phenol and Cumene are used in the preparation of preparatory substances for manufacturing aspirin and penicillin. Penicillin is one of the most used antibiotic agents which are used to cure a number of ailments such as pneumonia, spinal meningitis, diphtheria, and throat infections. In addition, a number of petrochemical resins have applications in drug purification methods.
This method assists in the cost-cutting procedure and simplifies the bulk medicine manufacturing process. The growing development of pharmaceutical industries across the globe is expected to create high demand for petrochemicals. According to research in 2020, the pharmaceutical industry in U.S. generated approximately USD 425 billion in revenue. Growing pharmaceutical sector creates high demand for petrochemicals in this country.
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In addition, rising development of building & construction industry across the globe is expected to boost revenue growth for the market. According to research, the global construction sector will expand to USD 15.5 trillion by 2030. China, U.S., and India are leading the way, accounting for 57% of global growth. The construction industry added USD 900 billion to the US economy in the first three months. Petrochemicals are used in the building and construction sector for a diverse and expanding variety of applications, including piping, insulation, window frames, interior design, paints, and coatings, which is expected to boost revenue growth for the market.
Scope of Research
|Market size in 2021||USD 547.26 Billion|
|Revenue forecast to 2030||USD 930.72 Billion|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2022 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product type, manufacturing process, application, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA|
|Key companies profiled||BASF SE, Dow Inc., LyondellBasell Industries Holdings B.V., DuPont de Nemours, Inc., Phillips 66 Company, TotalEnergies, China National Petroleum Corp., Chevron Corporation, Marathon Petroleum Corporation, Exxon Mobil Corporation, Ineos Group Ltd., and Saudi Basic Industries Corporation (SABIC)|
|Customization scope||10 hours of free customization and expert consultation|
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Major Companies and Competitive Landscape
The global petrochemicals market is fairly fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective petrochemical solutions. Some of the major companies included in the global petrochemicals market report are:
- BASF SE.
- Dow Inc.
- LyondellBasell Industries Holdings B.V.
- DuPont de Nemours, Inc.
- Phillips 66 Company
- China National Petroleum Corp.
- Chevron Corporation
- Marathon Petroleum Corporation
- Exxon Mobil Corporation
- Ineos Group Ltd.
- Saudi Basic Industries Corporation (SABIC)
- On 26 July 2022, German-based chemical company BASF approved the construction of its USD 10 billion integrated chemicals plant in Zhanjiang, China. After Ludwigshafen in Germany and Antwerp in Belgium, the massive complex will become the third-largest site of the company across the globe. When fully operating in 2030, the plants will cover a 9-square-kilometer area. The ethylene will be completely used to generate ethylene oxide, ethylene glycol, and 500,000 tonnes per year of high-density polyethylene (HDPE), marking the company’s first venture into the market.
- On 27, July 2022, U.S. based chemical company Dow and Saudi Arabia-based company the Al-Hejailan Group agreed to form a joint venture to develop, build, and manage a Methyl Diethanolamine (MDEA) plant in Jubail, Saudi Arabia. Dow and Al-Hejailan will work together to meet the growing demand for natural gas purification in Saudi Arabia and the Middle East. The Al-Hejailan Group is expected to build and operate the JV. According to the terms of the arrangement, Dow will own 25% of the joint venture, while Al-Hejailan will own 75%.
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Some Key Highlights from the Report
- Butadiene segment revenue is expected to increase at a steady rate over the forecast period due to the growing adoption of butadiene as a monomer and chemical intermediate for the preparation of polymers such as polybutadiene rubber, styrene-butadiene rubber, nitrile rubber, and polychloroprene. Butadiene derivatives have seen major growth in demand, particularly in China, India, and other Asian countries due to the thriving end-use sectors such as consumer goods, automobiles, and construction.
- Packaging segment is expected to register a significantly fast revenue growth rate over the forecast period due to the rising adoption of plastic packaging in various industries. Plastic polymer manufacture accounts for a significant portion of petrochemicals demand. Most plastics are sourced from fossil fuels and it is expected to increase significantly in recent years.
- Market in Asia Pacific accounted for the largest revenue share in the global petrochemicals market in 2021 due to the growing adoption of polymers in various applications across the region, particularly in China, Japan, and India, as well as rising developments in chemical and construction sectors. In addition, increasing adoption of petrochemicals products in food & beverages, healthcare, and consumer goods is supporting revenue growth for the market.
- On 16 June 2021, U.S. based chemical company DuPont announced the successful launch of the STRATCO alkylation units at the Zhongke Refinery and Petrochemicals Co. LTC refinery in Zhejiang, China and Sinopec Shanghai Company (SPC) refinery in Jinshan, Shanghai, China. Sinopec Zhongke and Sinopec Shanghai’s STRATCO alkylation plants are each intended to process MTBE raffinate feedstock and generate 9240 bpsd and 10240 bpsd of alkylate, respectively.
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For the purpose of this report, Emergen Research has segmented global petrochemicals market on the basis of product type, manufacturing process, application, and region:
- Product Type Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019-2030)
- Propylene Oxide
- Acrylic Acid
- Ethylene Oxide
- Ethylene Dichloride (EDC)
- Ethyl Benzene
- Ethyl Benzene
- Alkyl Benzene
- Styrene-Butadiene Rubber
- Nitrile Rubber
- Butadiene Rubber
- Acrylonitrile Butadiene Styrene
- Styrene-Butadiene Latex
- Acetic Acid
- Methyl Methacrylate
- Methyl Tert-Butyl Ether (MTBE)
- Dimethyl Ether
- Manufacturing Process (Revenue, USD Billion, Volume, Kilo Tons; 2019-2030)
- Fluid Catalytic Cracking (FCC)
- Steam Cracking
- Catalytic Reforming
- Application Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019-2030)
- Consumer & Industrial Goods
- Regional Outlook (Revenue, USD Billion, Volume, Kilo Tons; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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