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Report Overview

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 6.70% in the forecast period of 2024-2032 to attain a value of around USD 909.83 Billion by 2032.

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Petrochemicals Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 507.55
Market Size 2032 USD Billion 909.83
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 6.7%
CAGR 2024-2032 - Market by Region Asia Pacific 7.5%
CAGR 2024-2032 - Market by Country India 7.6%
CAGR 2024-2032 - Market by Country China 7.3%
CAGR 2024-2032 - Market by Product Ethylene 7.7%
Market Share by Country 2023 Mexico 2.0%

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.

CAGR 2024-2032 - Market by Country
India 7.6%
China 7.3%
Saudi Arabia 7.2%
Mexico 7.1%
Canada 6.9%
USA XX%
UK 6.6%
Germany XX%
France XX%
Japan XX%
Australia XX%
Brazil XX%
Italy 6.3%

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
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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.*

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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 6.70% 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.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 909.83 Billion by 2032.

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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124