Global Petrochemical Market Size By Product Type (Ethylene, Propylene), By Manufacturing Processes (Fluid Catalytic Cracking, Steam Cracking), By Application (Aerospace, Agriculture), By Geographic Scope And Forecast

Petrochemical Market Size And Forecast

Petrochemical Market size was valued at USD 587.13 Billion in 2022 and is projected to reach USD 907.92 Billion by 2030, growing at a CAGR of 5.60% from 2024 to 2030.

The petrochemical industry is always changing as we invent new tech to make things work better and create better products. For instance, fancy new polymerization methods are making plastics with cool, new features. Plus, improvements in catalytic cracking are helping refiners squeeze more useful stuff out of cheaper raw materials. What's also driving this growth? Think about the growing middle class in countries around the world, the ever-expanding transportation industry, and just our overall hunger for energy. Looking ahead, it seems like the world will need even more energy. As businesses get bigger and people buy more stuff, economic growth will naturally mean more energy use. And guess what? Energy-guzzling technology is probably going to become even more popular in the years to come.

Global Petrochemical Market Definition

Petrochemicals are chemicals made from crude oil or natural gas. They are frequently utilized as raw materials for the creation of a vast array of consumer goods and industrial items, including plastics, fertilizers, medications, and synthetic fibers. Cracking, a technique used to create petrochemicals, involves dissolving the hydrocarbons in crude oil or natural gas into smaller molecules that can be utilized as feedstock for the creation of different chemicals. With enormous effects on the economy and environment, the petrochemical sector is a large global business.

Global Petrochemical Market Overview

Petrochemicals are chemicals made from petroleum. Ethylene, propylene, and benzene are examples of petrochemical goods. They also include source monomers for synthetic rubbers. Due to their affordability and stability in the economy, these items have become more and more popular in recent years. Petrochemicals play a significant role in the production of synthetic materials, making them an essential part of the chemical industry. Petrochemical-based goods are now essential to modern life. These are utilized in a wide range of products, including tires, textiles, digital devices, medical equipment, detergents, fertilizers, and packaging.

You'll find petrochemicals popping up everywhere these days, especially in the energy sector. Think solar panels, the batteries powering our gadgets, that cozy thermal insulation in buildings, even the massive blades of wind turbines and parts in electric cars. The International Energy Agency (IEA) is predicting some pretty big numbers, too! They reckon petrochemicals will be gobbling up over 7 million barrels of oil daily by 2050. That's more than half the boost in global oil consumption by 2030! Plus, get thisthey're expected to burn through an extra 56 billion cubic meters of natural gas by 2030, and a whopping 83 billion by 2050. With pharmaceuticals, cars, and tons of other industries clamoring for these materials, manufacturers are really ramping up production to keep up with the high demand.

Petrochemical materials are being utilized more frequently in the automobile sector due to their advantages in terms of vehicle weight reduction, fuel efficiency, reduced pollution, and safety. To create the ideal ecosystem for the sustainable use and reuse of petrochemicals, businesses, policymakers, visionaries, industries, and end users must collaborate. Manufacturers should concentrate on taking a more deliberate approach to capacity expansions in order to take advantage of additional opportunities and increase their revenue streams. Manufacturers should concentrate on taking a more deliberate approach to capacity expansions in order to take advantage of additional opportunities and increase their revenue streams.

Global Petrochemical Market Segmentation Analysis

The Global Petrochemical Market is segmented on the basis of Product Type, Manufacturing Processes, Application, And Geography.

Petrochemical Market, By Product Type

• Ethylene
  1. Polyethylene
  2. Ethylene oxide
  3. EDC
  4. Ethyl benzene
  5. Others
• Propylene
  1. Polypropylene
  2. Propylene oxide
  3. Acrylonitrile
  4. Acrylic acid
  5. Others
• Benzene
  1. Ethyl benzene
  2. Phenol/cumene
  3. Cyclohexane
  4. Others
• Methanol
  1. Formaldehyde
  2. Gasoline
  3. Acetic acid
  4. MTBE
  5. Dimethyl ether
  6. Others
• Others

Based on Product Type, the market is classified into Ethylene, Propylene, Benzene, Methanol, and Others. Due to rising ethylene demand from a variety of industries, including building, packaging, and transportation, ethylene dominates the market. The consumption of ethylene in rising nations like Brazil, India, Vietnam, and Thailand is anticipated to increase over the course of the projected period due to the economies’ ongoing industrialization and thriving automotive and packaging industries. The market for petrochemicals is predicted to rise overall due to the increased use of High-density Polyethylene (HDPE), polyethylene, and Low-density Polyethylene (LDPE).

Looking ahead, methanol is likely to be the fastest-growing chemical out there. You see, it's used to make things like acetic acid and formaldehyde, which then go into solvents, adhesives, and even that blue stuff you squirt on your windshield. With so many industries needing methanol – paints, adhesives, construction, plastics, pharmaceuticals, and even cars – the market's expected to really take off! Now, let's talk about butadiene. It's mainly used to create polymers like polychloroprene, styrene-butadiene rubber, polybutadiene rubber, and nitrile rubber - you know, those chemical building blocks. And because industries like cars, consumer goods, and construction are booming, especially in places like China and India, there's a huge demand for what you can make with butadiene. (NR)

Petrochemical Market, By Manufacturing Processes

• Fluid Catalytic Cracking
• Steam Cracking
• Catalytic Reforming

Based on Manufacturing Processes, the market is classified into Fluid Catalytic Cracking, Steam Cracking, and Catalytic Reforming. Due to the expanding adoption of this process for the manufacturing of petrochemicals, the Fluid Catalytic Cracking (FCC) segment accounted for the greatest revenue share in 2021.

Olefin gases, petrol, and other petroleum products are produced in petroleum refineries using the FCC process, which transforms high-boiling-point. Transforming a low-value refinery stream into high-value products that can be used in integrated processes, enables refineries to produce petrochemicals from heavy oils. The majority of the world’s propylene is produced via ethylene steam cracking of feedstocks such as light hydrocarbons and naphtha, which currently account for 30% of the total production of the chemical.

Petrochemical Market, By Application

• Aerospace
• Agriculture
• Automotive
• Building & Construction
• Consumer & Industrial Goods
• Others

So, when we look at how these materials are used, we see the market divided into areas like Aerospace, Agriculture, Automotive, Building & Construction, Consumer & Industrial Goods, and, well, everything else. We're expecting Building & Construction to really take the lead in bringing in the money over the next few years. That's because construction is set to boom, thanks to the world's growing population, especially in both developed and developing countries. But don't count out the Automotive sector! We're predicting a pretty impressive CAGR for them too. After all, as developing nations build more cars, the demand for petrochemicals from those industries goes up, driving market growth.

Petrochemical Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

When we look at where in the world the Petrochemical Market is booming, it breaks down geographically into North America, Europe, Asia Pacific, and the Rest of the World. Right now, the Asia Pacific region is leading the pack, and experts predict it will stay that way for the foreseeable future. Why? Well, China's cranking up its use of petrochemicals in all sorts of stuff – think everything from electrical components and cars to buildings, consumer goods, and even stuff related to food and drinks. Meanwhile, thanks to the shale gas revolution, North America, especially the U.S., is a major player in the petrochemical game too, making it a key market to watch.

Thanks to readily available and cheap shale gas, the country is a major player in ethylene production globally. And get this – the Middle East and Africa are looking like hot spots for petrochemicals, all because of the growing use of these materials in everything from cars to clothes. Expect the Petrochemical Market in the Middle East and Africa to really take off, driven by investments in more downstream processing, especially in the manufacturing of petrochemicals. What's more, the region has a serious cost edge when it comes to making ethylene, and lots of countries are either building now or planning to build plants for mixed-feed crackers, ammonia/urea, ethylene derivatives, and other cool petrochemical stuff.

Key Players

The “Global Petrochemical Market” study report will provide valuable insight with an emphasis on the global market including some of the major players of the industry are BASF SE, SABIC, Total S.A., BP Plc, Exxon Mobil Corp., Sumitomo Chemical Co., Ltd., Chevron Phillips Chemical Company, Indian Oil Corp Ltd, Formosa Petrochemical Corporation, DuPont de Nemours, Inc., and China Petroleum & Chemical Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In 2019, ExxonMobil, an American oil and gas company, and GAIL Ltd., the industry leader, engaged in a contract. This cooperation aims to supply natural gas to India’s power and transportation sectors.
• In 2019, In its U.S. facility, Shell Chemical LP began producing its fourth alpha olefins unit.
• In August 2021, SABIC announced a joint venture to construct a massive petrochemical complex in China with Fujian Petrochemical Industrial Group Co., Ltd. of China. The plant would be constructed at Gulei Industrial Park in Zhangzhou, in the Fujian Province of eastern China, for an estimated USD 6.18 billion. It will be able to produce 1.5 million tonnes of ethylene and will include two polyethylene units, two polypropylene units, one polycarbonate unit, one mono-ethylene glycol unit, and two polypropylene units.
• In July 2022, The Al-Hejailan Group of Saudi Arabia and the American chemical corporation Dow joined forces to create a Methyl Diethanolamine (MDEA) factory in Jubail, Saudi Arabia. Dow and Al-Hejailan would collaborate to fulfill the rising demand for natural gas purification in Saudi Arabia and the Middle East.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Petrochemical Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in the Global Petrochemical Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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