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United States Petrochemicals Market Size, Share, Analysis: By Product: Ethylene (C2) Derivative, Propylene (C3) Derivative, Butadiene (C4) Derivative, Benzene, Xylene Derivatives, Toluene, Methanol and its derivatives, Others; By Feedstock: Propane and Butane, Naphtha, NGL, Others; Regional Analysis; Competitive Landscape; 2024-2032
United States Petrochemicals Market Outlook
The United States petrochemicals market size was approximately USD 107.35 billion in 2023. The market is projected to grow at a CAGR of 6.6% between 2024 and 2032, reaching a value of around USD 193.68 billion by 2032.
Key Trends in the Market
Petrochemicals refers to the set of chemicals that are extracted by refining and processing petroleum (crude oil) and natural gas. Petrochemicals are key components in various products such as soaps, plastics, paints, fertilisers, and insulation solutions. Petrochemicals also provide the key raw materials for manufacturing innovative energy technologies such as wind turbine blades, solar panels, and electric vehicle parts.
- The United States and other advanced countries across the globe use up to 20 times more plastic than other developing countries on a per capita basis. The United States plastics market is significantly expanding with producers launching new projects and aiming to develop a new plastics corridor in Pennsylvania, Ohio, and West Virginia, where ethane is abundant in the fracking wells, hence supporting the United States petrochemicals market demand.
- The United States is expected to expand its global share of ethylene (Steam cracking) up to 22% by 2025. The country benefits from the feedstock advantage of access to low-cost ethane, due to the presence of abundant natural gas supplies. This further allows the country to gain a major share in the export of ethane-based chemicals in the short and medium term.
- The United States petrochemicals market growth can be attributed to surging globalisation, rapid urbanisation, and increased mobility demand. The petrochemical production is expected to improve in the coming years with the growing demand for plastics in end sectors such as consumer packaging and electronics.
United States Petrochemicals Market Segmentation
Based on product, the market is segmented into ethylene (C2) derivative, propylene (C3) derivative, butadiene (C4) derivative, benzene, xylene derivatives, toluene, and methanol and its derivatives, among others.
On the basis of feedstock, the market can be divided into propane and butane, naphtha, and NGL, among others. The major regional markets for petrochemicals in the United States are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the United States petrochemicals market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- BASF SE
- Dow Inc.
- Chevron Corporation
- ExxonMobil Corporation
- Methanex Corporation
- Indorama Corporation
- Westlake Chemical
- Ineos Olefin & Polymers
- Shintech
- Others
Market Share by Feedstock
According to the United States petrochemicals market analysis, propane and butane are widely used as feedstocks in petrochemicals. A majority of propane consumed in the United States is produced domestically. Propane is widely used in residential, commercial, and transportation sectors, as fuel for space heating and cooking purposes, and as a feedstock for the petrochemical sector.
Butane is also blended with motor gasoline and used as feedstock for the petrochemical sector. Meanwhile, NGL is distributed as purity molecules or as mixtures based on the production, transportation, storage, and distribution strategies.
The United States naphtha sector is witnessing a transformation with the growing adoption of renewable naphtha. Bionaphtha, produced by companies such as World Energy in the United States, is being used in gasoline blends.
Market Share by Region
The Midwest region represents a considerable portion of the United States petrochemicals market share. Since 2020, Ohio, a state in the Midwest region of the United States, has surpassed China, a key producer of petrochemicals, as the major centre for inexpensive production of plastics. This can be attributed to the advantages of cost, economic climate, and strategic location of Ohio.
Businesses and producers in Ohio are located in close proximity to about 50% of the population of the United States and 70% of the end-to-end plastics industry supply chain. This gives the region a competitive advantage and contributes to reducing greenhouse gas emissions.
Competitive Landscape
BASF SE, established in 1865, conducts business across six segments, including chemicals, materials, industrial solutions, surface technologies, nutrition and care, and agricultural solutions. With operations in more than 90 countries worldwide, the company employs over 111,000 individuals. Through its chemicals segment, BASF offers several petrochemicals such as cracker products, alcohols and solvents, and plasticisers, among others.
Chevron Corporation is a leading integrated company headquartered in the United States. The company produces crude oil, natural gas, transportation fuels, lubricants, petrochemicals, and additives, among others. It is also engaged in the development of technologies that promote the growth of end-use sectors.
ExxonMobil Corporation is a globally renowned producer of integrated fuels, lubricants, and chemicals. The company’s upstream business is segregated into five sectors, including unconventional, deepwater, heavy oil, liquefied natural gas (LNG), and conventional. The company has operations across the globe and is engaged in oil and natural gas exploration across six continents.
Other players operating in the United States petrochemicals market include Dow Inc., Methanex Corporation, Indorama Corporation, Westlake Chemical, Ineos Olefin & Polymers, and Shintech, among others.
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:
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| Breakup by Product |
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| Breakup by Feedstock |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
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 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Petrochemicals Market Overview
8.1 Key Industry Highlights
8.2 North America Petrochemicals Historical Market (2018-2023)
8.3 North America Petrochemicals Market Forecast (2024-2032)
8.4 North America Petrochemicals Market Share by Country
8.4.1 United States
8.4.2 Canada
9 United States Petrochemicals Market Overview
9.1 Key Industry Highlights
9.2 United States Petrochemicals Historical Market (2018-2023)
9.3 United States Petrochemicals Market Forecast (2024-2032)
10 United States Petrochemicals Market by Product
10.1 Ethylene (C2) Derivative
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Propylene (C3) Derivative
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Butadiene (C4) Derivative
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Benzene
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Xylene Derivatives
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Toluene
10.6.1 Historical Trend (2018-2023)
10.6.2 Forecast Trend (2024-2032)
10.7 Methanol and its derivatives
10.7.1 Historical Trend (2018-2023)
10.7.2 Forecast Trend (2024-2032)
10.8 Others
11 United States Petrochemicals Market by Feedstock
11.1 Propane and Butane
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Naphtha
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 NGL
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Others
12 United States Petrochemicals Market by Region
12.1 New England
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Mideast
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Great Lakes
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Plains
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Southeast
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Southwest
12.6.1 Historical Trend (2018-2023)
12.6.2 Forecast Trend (2024-2032)
12.7 Rocky Mountain
12.7.1 Historical Trend (2018-2023)
12.7.2 Forecast Trend (2024-2032)
12.8 Far West
12.8.1 Historical Trend (2018-2023)
12.8.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Value Chain Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 BASF SE
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Dow Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Chevron Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 ExxonMobil Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Methanex Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Indorama Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Westlake Chemical
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Ineos Olefin & Polymers
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Shintech
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Petrochemicals Market: Key Industry Highlights, 2018 and 2032
2. United States Petrochemicals Market: Key Industry Highlights, 2018 and 2032
3. United States Petrochemicals Historical Market: Breakup by Product (USD Billion), 2018-2023
4. United States Petrochemicals Market Forecast: Breakup by Product (USD Billion), 2024-2032
5. United States Petrochemicals Historical Market: Breakup by Feedstock (USD Billion), 2018-2023
6. United States Petrochemicals Market Forecast: Breakup by Feedstock (USD Billion), 2024-2032
7. United States Petrochemicals Historical Market: Breakup by Region (USD Billion), 2018-2023
8. United States Petrochemicals Market Forecast: Breakup by Region (USD Billion), 2024-2032
9. United States Petrochemicals Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 107.35 billion.
The market is projected to grow at a CAGR of 6.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach nearly USD 193.68 billion by 2032.
The major drivers of the market include the increasing use of plastics and other petrochemicals in various end-use sectors, the increasing production of plastics in the country, and the rising use of energy storage systems for renewable sources.
The key trends of the market are the abundant availability of feedstock in the country, favourable production landscape, and transition towards sustainable practices.
The regional markets include New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain and Far West.
The different feedstocks of petrochemicals are propane and butane, naphtha, and NGL, among others.
The key players in the market are BASF SE, Dow Inc., Chevron Corporation, ExxonMobil Corporation, Methanex Corporation, Indorama Corporation, Westlake Chemical, Ineos Olefin & Polymers, and Shintech, among others.
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