Our
Clients
: Aug, 2020
: 100
:
Global Petrochemicals Market Analysis by Type, Intermediate Chemicals, Polymer, Application, Region and segments forecast till 2033
Market Overview
The global petrochemicals market is projected to grow from USD 323.95 Million in 2022 to a value of USD 457.18 Million in 2033, at a CAGR of 4.4%.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 323.95 Million |
Market Forecast in 2033 | USD 457.18 Million |
CAGR % 2023-2033 | 4.4% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | Type, Intermediate Chemicals, Polymer, Application |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | BASF SE, BP Plc, DuPont de Nemours, Inc., Total S.A., Exxon Mobil Corp., China Petroleum & Chemical Corporation, Saudi Arabian Oil Co., Sumitomo Chemical Co., Ltd., Dow, Chevron Phillips Chemical Company, LyondellBasell Industries NV, Mitsubishi Chemical Corporation, INEOS, PetroChina Company Limited, Saudi Basic Industries Corp., Idemitsu Kosan Co., Ltd., Reliance Industries Limited, Royal Dutch Shell Plc, Indian Oil Corp. Ltd. And Formosa Petrochemical Corporation. |
Petrochemicals are chemical products derived from petroleum, although many of the same chemical compounds are also obtained from other fossil fuels such as coal and natural gas or from renewable sources such as corn, sugar cane, and other types of biomass. Petrochemical production relies on the multi-phase processing of oil and associated petroleum gas.Key raw materials in the petrochemical industry include products of petroleum oil refining. Petrochemical goods include; ethylene, propylene, and benzene; source monomers for synthetic rubbers, and inputs for technical carbon. Petrochemical and petroleum products are second-level products derived from crude oil after several refining processes.
The demand for petrochemicals is attributed to an increase in the demand for downstream products from various end-use industries such as construction, pharmaceuticals, and automotive, which is a major factor driving the market. Petrochemical is a vital component for many industrial processes, and hence forms the backbone of an industrial economy. Some of the products derived from petrochemicals include tires, industrial oil, detergents, and plastics. Basic plastic derived from the product act as a building block in the manufacturing of consumer goods. End-use industries evaluate the quality of products supplied from time to time and establish procurement agreements with suppliers to purchase petrochemical derivatives in bulk and ensure their stable and seasonal supply.
Over the past few decades, the growth of the petrochemicals market has largely been driven by the growing demand from developing regions. In addition, the increasing use of low-cost gas feed-stocks, as opposed to oil-based feedstock, has largely benefited petrochemical companies over the past few years, a trend that is expected to continue during the forecast period.
Consolidation in developed markets and a rise in the number of new market entrants in developing regions are projected to drive the global petrochemicals market during the assessment period. A major share of the market can be attributed to national oil companies (NOC), international oil companies, and other companies with noteworthy petrochemical assets. Furthermore, investments in the petrochemicals market are largely being pumped by national oil companies due to the growing demand from the domestic market.
Demand To Drop Amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is expected to have a strong impact on the growth of the petrochemical market in 2020. Travel restrictions, dwindling prices of oil & gas, production cuts, and growing requirement for chemicals and refined products are expected to hinder the growth of the market for petrochemicals in 2020. The ongoing efforts taken by various governments to curb the transmission of the novel coronavirus are projected to disrupt the overall supply chain of various raw materials that are used across the petrochemical market.
Type Insights
Ethylene dominated the market with a revenue share of over 40.0%. This is attributed to an increase in demand for ethylene from various industries such as construction, packaging, and transportation.
Intermediate Chemicals Insights
The Methanol segment is slated to garner significant returns over the assessment timeframe accounting for around 60% of the global demand.
Methanol is an important building block for the petrochemical industry and is used in the production of a variety of chemicals, including formaldehyde, acetic acid, and olefins. The global market share of methanol in the petrochemical industry varies depending on the specific chemical and region, but methanol is generally considered to be a significant player in the industry.
Polymer Insights
The Polyethylene (PE) segment is the largest segment of the global petrochemical market, accounting for over 30% of the total market share. This is due to its versatile properties, which make it suitable for a wide range of applications, including packaging, construction, automotive, and electronics.
Application Insights
The construction segment is slated to garner significant returns over the assessment timeframe. the petrochemical industry is expected to continue to grow in the coming years, driven by increasing demand from various end-use industries, including construction, and advancements in technology and production processes.
Regional Insights
The global petrochemicals market is further segmented further into five major countries, North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the market with a volume share of over 50.0% in 2022.
The flourishing chemicals industry and the increase in polymer consumption are anticipated to be the key factors for the market growth in this region. Companies in the region are shifting toward natural gas liquids and other non-oil feed-stocks to cater to the rising demand for the product, along with strategizing cost-effective methods to increase sales of the products.
Competitive Analysis
BASF SE, BP Plc, DuPont de Nemours, Inc., Total S.A., Exxon Mobil Corp., China Petroleum & Chemical Corporation, Saudi Arabian Oil Co., Sumitomo Chemical Co., Ltd., Dow, Chevron Phillips Chemical Company, LyondellBasell Industries NV, Mitsubishi Chemical Corporation, INEOS, PetroChina Company Limited, Saudi Basic Industries Corp., Idemitsu Kosan Co., Ltd., Reliance Industries Limited, Royal Dutch Shell Plc, Indian Oil Corp. Ltd. And Formosa Petrochemical Corporation.
Global Petrochemicals Market- Segmental Analysis
Based on Type:
Ethylene
Propylene
Benzene
Butadiene
Xylenes
Toluene
Based On Intermediate Chemicals:
Methanol
Ethylene Oxide
Propylene Oxide
Based On Polymer:
Polyethylene (PE)
Polypropylene (PP)
Polyvinyl chloride (PVC)
Polystyrene (PS)
Polyester (PET)
Acrylonitrile butadiene styrene (ABS)
Based On Application:
Construction
Packaging
Automotive
Electrical & Electronics
Aerospace
Consumer Goods
Others
Why to buy this Report?
The report provides quantitative and qualitative aspect for Global Petrochemicals Market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in Global Petrochemicals Market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
Business Model
Production Capacity, Revenue, Sales, Gross Margin
Key Business Strategy
SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the Card Type in taking a key decision within the business:
Company Share Analysis from 2020-2022
Company Analysis by Revenue and Sales
Company Production Capacity, Gross Margin
Company Share Analysis by Card Type/Card Type
Company Share Analysis by Product/Specification