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The global petrochemicals industry is being driven by the heightened investments in the research and development of petrochemical products by the leading manufacturers worldwide. This increase can be attributed to the growing application of petrochemicals in major industry verticals such as packaging, automotive, and electronic manufacturing industries. In addition, the rising public investments in construction activities, fuelled by the rapidly increasing global population, is predicted to significantly increase the demand for petrochemicals in the construction sector, which, in turn, is expected to augment the industry growth in the coming years.
The rising emphasis of the leading players to enhance their production capacity and develop innovative production methods by applying advanced technological solutions is estimated to positively impact the industry growth in the forecast period. In October 2020, Chevron Phillips Chemical Company LLC, jointly owned by Chevron Corporation (NYSE: CVX) and Phillips 66 (NYSE: PSX), announced that the company successfully completed the first US scale production of circular polyethylene made using recycled mixed-waste plastics through the process known as chemical recycling, wherein plastic waste is converted into valuable liquids, that is, petrochemicals. In addition, another leading chemical manufacturer, Dow Inc. (NYSE: DOW), in a press release dated June 2021, announced the production of new polyurethane solutions based on a circular feedstock extracted from waste products of the mobility sector that provides an alternative to virgin fossil-fuel based feedstock. In addition, New SPECFLEX C and VORANOL C product ranges will also be offered to the mobility sector in partnership with leading automotive suppliers Adient and Autoneum initially. Such developments are expected to significantly impact the growth of the petrochemicals industry in the forecast period.
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The major players in the global petrochemicals market are BASF SE, BP Plc, Chevron Phillips Chemical Company LLC, China National Petroleum Corporation (CNPC), INEOS Group Ltd, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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