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Petrochemicals Market

Global Petrochemicals Market Analysis, Share, Forecast: By Product: Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Methanol; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Value Chain Analysis; Competitive Landscape; 2024-2032

Global Petrochemicals Market Outlook

The global petrochemicals market stood at a value of around USD 507.55 billion in 2023. The market is further expected to grow at a CAGR of 6.7% in the forecast period of 2024-2032 to attain a value of around USD 910.51 billion by 2032.

 

Global Petrochemicals Market

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Increased Demand for Ethylene to Bolster the Market Growth of the Global Petrochemicals Industry

Based on product, the ethylene segment is predicted to account for a substantial market share in the petrochemicals industry. This increase can be associated with the multifaceted application potential of ethylene as a feedstock in the construction, packaging, and transportation industries, among others. Moreover, the other derivatives that can be synthesised from ethylene include polyethylene, ethylene oxide, ethylene dichloride (EDC), ethylbenzene, and styrene. Furthermore, the polypropylene segment is also predicted to witness a steady growth in the forecast period due to its heightened implementation in the automotive and electronic industries.

 

The Asia Pacific to Occupy a Substantial Market Share in the Global Petrochemicals Industry

The Asia Pacific is expected to occupy a substantial share of the petrochemicals industry in the forecast period. This growth can be attributed to the growing demand for petrochemicals in the region owing to its heightened application scope in many industry verticals such as automotive, consumer and industrial goods, electrical and electronics, food and beverages, and healthcare. Moreover, the increased public investments in the construction industry, owing to the rapidly increasing population, is also contributing to the heightened demand for petrochemicals in the region, which is expected to positively impact the industry growth.

 

Petrochemicals: Market Segmentation

Petrochemicals are chemical by-products that are extracted from hydrocarbon through the process of refining. These hydrocarbons are obtained from natural gas and oils. Petrochemicals are an essential element of the chemical industry, as the demand for synthetic materials continues to grow in the market. In addition, petrochemicals produced by the process of distillation of crude oil, petroleum gases, naphtha, kerosene, and gas oil are the main feedstocks for the petrochemicals industry. In contrast, ethane, propane, and natural gas liquids extracted from natural gas are the other essential feedstocks used in the industry. Moreover, petrochemicals are increasingly used in the manufacturing of plastics, fertilisers, packaging, clothing, digital devices, medical equipment, and detergents, among others. These are also used in modern energy systems, such as solar panels, wind turbine blades, batteries, thermal insulation for buildings, and electric vehicle parts.

 

Global Petrochemicals Market by Segment

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By product, the market is divided into:

  • Ethylene
  • Propylene
  • Butadiene
  • Benzene
  • Xylene 
  • Toluene
  • Methanol

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Petrochemicals Market by Region

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Rising Demand for Petrochemicals in the Construction Industry to Augment the Growth of the Global Petrochemicals Industry

The global petrochemicals industry is being driven by the increased product demand in various end use sectors, especially construction and automotive. According to the UN statistics, the world population is expected to increase from 7.7 billion to 9.7 billion by 2050. This is expected to result in rapid urbanisation, owing to which the governments are increasingly investing in the development of public infrastructure to meet the housing, commercial, and industrial construction demands of the increasing population. In addition, the increased demand for plastic production worldwide is driving the demand for petrochemicals in the plastic industry. Moreover, there has been an increased utilisation of petrochemicals in the automotive industry, such as high-density polyethylene (HDP), for making fuel tanks to prevent fires and polymers, which are further used to create body parts, dashboards, speedometer dials, and steering wheels, among others. Furthermore, the manufacturing of everyday appliances such as CD players, telephones, radios, computers, and televisions on a large scale requires different chemicals. These factors are predicted to drive the demand for petrochemicals, thus, aiding the industry growth in the forecast period.

 

Key Industry Players in the Global Petrochemicals Market

The report gives a detailed analysis of the following key players in the global petrochemicals market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • BASF SE
  • BP Plc
  • Chevron Phillips Chemical Company LLC
  • China National Petroleum Corporation (CNPC)
  • INEOS Group Ltd.
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Region
Breakup by Product
  • Ethylene
  • Propylene
  • Butadiene
  • Benzene
  • Xylene
  • Toluene
  • Methanol
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • BASF SE
  • BP Plc
  • Chevron Phillips Chemical Company LLC
  • China National Petroleum Corporation (CNPC)
  • INEOS Group Ltd.
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

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Petrochemicals Market Report Snapshots

Petrochemicals Market Size

Petrochemicals Market Growth

Petrochemicals Companies

 

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Petrochemicals Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Petrochemicals Historical Market (2018-2023) 
    8.3    Global Petrochemicals Market Forecast (2024-2032)
    8.4    Global Petrochemicals Market by Product
        8.4.1    Ethylene
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Propylene
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Butadiene
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Benzene
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Xylene
            8.4.5.1    Historical Trend (2018-2023)
            8.4.5.2    Forecast Trend (2024-2032)
        8.4.6    Toluene
            8.4.6.1    Historical Trend (2018-2023)
            8.4.6.2    Forecast Trend (2024-2032)
        8.4.7    Methanol
            8.4.7.1    Historical Trend (2018-2023)
            8.4.7.2    Forecast Trend (2024-2032)
    8.5    Global Petrochemicals Market by Region       
        8.5.1    North America
            8.5.1.1    Historical Trend (2018-2023) 
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Europe
            8.5.2.1    Historical Trend (2018-2023) 
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Asia Pacific
            8.5.3.1    Historical Trend (2018-2023) 
            8.5.3.2    Forecast Trend (2024-2032)
        8.5.4    Latin America
            8.5.4.1    Historical Trend (2018-2023) 
            8.5.4.2    Forecast Trend (2024-2032)
        8.5.5    Middle East and Africa
            8.5.5.1    Historical Trend (2018-2023) 
            8.5.5.2    Forecast Trend (2024-2032) 
9    North America Petrochemicals Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Petrochemicals  Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    Asia Pacific Petrochemicals Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Petrochemicals Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Petrochemicals Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    BASF SE
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    BP Plc
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Chevron Phillips Chemical Company LLC
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    China National Petroleum Corporation (CNPC)
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    INEOS Group Ltd.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Others
17    Key Trends and Developments in the Market

 

Additional Customisations Available

1    Manufacturing Process
    1.1    Overview
    1.2    Detailed Process Flow
    1.3    Operation Involved
2    Project Requirement and Cost Analysis
    2.1    Land, Location and Site Development
    2.2    Construction
    2.3    Plant Machinery
    2.4    Cost of Raw Material
    2.5    Packaging
    2.6    Transportation
    2.7    Utilities
    2.8    Manpower
    2.9    Other Capital Investment

 

List of Key Figures and Tables

1.    Global Petrochemicals Market: Key Industry Highlights, 2018 and 2032
2.    Global Petrochemicals Historical Market: Breakup by Product (USD Billion), 2018-2023
3.    Global Petrochemicals Market Forecast: Breakup by Product (USD Billion), 2024-2032
4.    Global Petrochemicals Historical Market: Breakup by Region (USD Billion), 2018-2023
5.    Global Petrochemicals Market Forecast: Breakup by Region (USD Billion), 2024-2032
6.    North America Petrochemicals Historical Market: Breakup by Country (USD Billion), 2018-2023
7.    North America Petrochemicals Market Forecast: Breakup by Country (USD Billion), 2024-2032
8.    Europe Petrochemicals Historical Market: Breakup by Country (USD Billion), 2018-2023
9.    Europe Petrochemicals Market Forecast: Breakup by Country (USD Billion), 2024-2032
10.    Asia Pacific Petrochemicals Historical Market: Breakup by Country (USD Billion), 2018-2023
11.    Asia Pacific Petrochemicals Market Forecast: Breakup by Country (USD Billion), 2024-2032
12.    Latin America Petrochemicals Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    Latin America Petrochemicals Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Middle East and Africa Petrochemicals Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Middle East and Africa Petrochemicals Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Global Petrochemicals Market Structure

Key Questions Answered in the Report

In 2023, the market attained a value of nearly USD 507.55 billion.

The market is projected to grow at a CAGR of 6.7% between 2024 and 2032.

The major market drivers are the growing demand for ethylene and propylene in the packaging and transportation sectors, surging investments by governments to develop public infrastructure, and the increasing manufacturing of everyday appliances such as CD players, radios, computers, and televisions.

The key trends fuelling the market growth include the surging demand for petrochemicals in the construction and automotive sectors and the increasing plastic production activities.

The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

Ethylene, propylene, butadiene, benzene, xylene, toluene, and methanol are the significant products considered in the market report.

The major players in the market are BASF SE, BP Plc, Chevron Phillips Chemical Company LLC, China National Petroleum Corporation (CNPC), and INEOS Group Ltd., among  others.

Analyst Review

The global petrochemicals market attained a value of USD 507.55 billion in 2023, driven by the increased product demand in construction and automotive sector.  Aided by the  investments for the development of public infrastructure and manufacturing of everyday appliances such as CD players, radios, computers, and televisions, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 6.7%.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By product, the market can be distributed into ethylene, propylene, butadiene, benzene, xylene, toluene, and methanol. The major regional markets for petrochemicals are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include BASF SE, BP Plc, Chevron Phillips Chemical Company LLC, China National Petroleum Corporation (CNPC), and INEOS Group Ltd., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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