Petrochemicals Market Comprehensive Industry Overview & Projections 2032
The global petrochemicals market size was valued at USD 623.83 billion in 2023 and is expected to grow from USD 649.16 billion in 2024 to USD 900.91 billion by 2032 at a CAGR of 4.2% during the forecast period. Asia Pacific dominated the petrochemicals market with a market share of 52.16% in 2023.
Natural gas, crude oil, and coal are used to derive petrochemicals. The expansion of the market can be credited to the growth of industries such as electronics, packaging, automotive, and construction, which is poised to increase the demand for petrochemical products. Petrochemicals are chemical substances derived from crude oil, coal, and natural gas. Over the years, their definition has expanded to include a range of aliphatic, aromatic, and naphthenic organic chemicals. Products derived from petrochemicals, such as chemicals, plastics, and synthetic materials, have bolstered market growth. These products are used in various end-use industries, such as packaging, electronics, construction, and automotive industries. As these industries grow and evolve, the demand for petrochemical products is anticipated to increase.
Fortune Business Insights™ provides this information in its research report, titled “Petrochemicals Market, 2024-2032”.
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List of Key Players Mentioned in the Report:
BASF SE (Germany)
LyondellBasell Industries Holdings B.V. (Netherlands)
INEOS (K.)
Shell plc (K.)
SABIC (Saudi Arabia)
Reliance Industries Limited (India)
Mitsubishi Chemical Corporation. (Japan)
Dow Chemical Company (U.S.)
LG Chem (South Korea)
Chevron Phillips Chemical Company LLC. (U.S.)
China National Petroleum Corporation (China)
Maruzen Petrochemical Co., Ltd. (Tokyo)
Segmentation:
Surging Deployment of Ethylene for Vinyl Chloride Production Fueled the Segment Growth
On the basis of type, the market is categorized into methanol, propylene, ethylene, xylene, and others. The ethylene segment captured the largest petrochemicals market share in 2022. Ethylene is used in the production of ethylene glycol, vinyl chloride, and polyethylene. This factor is propelling the ethylene segment growth.
Growing Demand for Plastic Packaging Impeled the Segment Growth
Based on end-use industry, the market is divided into electronics, automotive, construction, packaging, and others. The packaging segment held the largest market share in 2022. The demand for plastic packaging, mainly in non-food and food packaging is increasing. This factor is bolstering the packaging segment growth.
From the regional perspective, the market is divided into South America, North America, the Asia Pacific, Europe, and the Middle East & Africa.
Report Coverage:
The research report offers detailed insights into the major factors proliferating the market growth. It further encompasses the restraining factors, the COVID-19 pandemic’s impact on market growth, and major industry developments. Additional aspects of the report include the competitive strategies deployed by leading industry players to reinforce their position.
Drivers and Restraints:
Expansion of the Packaging Industry to Foster Market Growth
One of the key factors propelling the petrochemicals market growth is the flourishing packaging industry. This factor can be attributed to the growing urbanization trend. Due to the growth in urban population, the demand for packaged goods has increased.
Despite an expanding scope for the adoption of the product, the harmful impacts of petrochemical products may impede the market growth.
Regional Insights:
Asia Pacific Dominated Due to the Strong Presence of Traditional Automotive Industry
The Asia Pacific petrochemicals market dominated in 2022. The robust presence of the traditional automotive industry in China is escalating the regional growth.
The growth of North America market for petrochemicals can be attributed to the growing petroleum sector due to technological advancements in shale oil production by hydraulic fracturing.
Competitive Landscape:
Leading Companies Focus on Mergers and Acquisition Strategies to Maximize Their Revenue
The major industry players in the petrochemicals market are forging partnerships and deploying other strategic initiatives such as product innovations, joint ventures, and others. Several companies are also focusing on mergers and acquisition strategies to capture the largest market share and boost revenue.
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Key Industry Development:
January 2024 – LyondellBasell announced a deal to acquire a 35% stake in Saudi Arabia’s National Petrochemical Industrial Company (NATPET) for over USD 500 million. The joint venture, facilitated by its spheripol polypropylene (PP) technology, positions LYB to grow and enhance its core PP business by providing access to advantageous feedstocks and increasing product marketing capacity in a critical region.
January 2024 – SABIC Fujian Petrochemicals Co. Ltd, a joint venture between Fujian Fuhua Gulei Petrochemical Co., Ltd. and SABIC Industrial Investment Company, announced the establishment of a complex at Fujian’s Gulei Industrial Park. This marks another milestone in SABIC’s investment strategy in China, with a projected investment of USD 6.4 billion.