The Global Petrochemicals Market was Valued at USD 463.1 Billion in 2020, and it is Expected to Reach USD 656.0 Billion By 2027, With a CAGR Of 5.1%, During The Forecast Period 2021-2027. Petrochemicals have numerous applications such as chemical building blocks for an extensive variety of materials and applications in the automotive industry. Petrochemicals are an important component of products used in everyday life. Petrochemicals are a class of chemical compounds typically derived from petroleum and other hydrocarbons, collected from crude oil and natural gas. Petrochemicals are also an integral part of the chemical industry, as the demand for composites is increasing strongly globally, the use of petrochemicals in the chemical sector is also expected to grow at a very rapid rate. In addition, petrochemicals are used to make various products, which are applied in end-use industries. Petroleum products are widely used in the production of many materials, including coatings, paints, insulation, and adhesives. These materials are also widely used in construction.
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The
global petrochemical market has achieved remarkable growth. The market is
facing these major changes due to growing demand from several end-use
industries such as aerospace, automotive, construction, construction, food and
beverage, agriculture, electricity, electronic devices, and medical. Also, in
the present context, the growing environmental concerns and concerns about the
production of petrochemicals are playing an important role in the evolution of
many manufacturing and other industrial processes that may contribute in part
to climate change. Additionally, the global petrochemical industry is expected
to experience strong market growth over the next few years as the oil and gas
industry is responsible for the production of up to 99% of all plastics.
The
Global Petrochemicals Industry Segmentation:
By Type
- Ethylene
- Propylene
- Benzene
- Butadiene
- Xylenes
- Toluene
- Others
By
End-Use Industry
- Building
and Construction
- Packaging
- Automotive
- Electrical
& Electronics
- Aerospace
- Consumer
Goods
- Others
By Region
- North
America
- Europe
- Asia
Pacific
- Latin
America
- Middle
East & Africa
Based on
type, Ethylene segment was dominating the market in the year 2020
Amongst
all the type of petrochemicals, Ethylene segment is accounted for the largest
market by both value and volume. Ethylene is primarily employed in numerous
productions such as that of ethyl-benzene, ethylene oxide, and ethylene
dichloride which are usually used in industries like building and packaging and
packaging. Rise in methanol production is directly related to its increasing
use in gasoline and olefins (MTO) blending processes. Other petrochemicals such
as benzene, butadiene, toluene, vinyls, xylene, and styrene also hold
significant share of the global petrochemicals market.
Based on
End-Use Industry, Building and Construction segment dominated the Petrochemical
market and is expected to witness similar growth rate over the forecast period.
Based on
end-use industries, the petrochemical market is segmented into Building and
Construction, Packaging, Automotive, Electrical & Electronics, Aerospace,
Consumer Goods, and Others. Amongst which, the building and construction
segment is anticipated to hold the largest market share thought the forecasted
period. Building and constructions segment dominates the market with almost 25%
of the total petrochemicals market in 2020 and is anticipated to continue its
dominance during 2021 to 2027. Extensive growth in construction and building
process in both developed and developing regions is the key factor driving the
market growth in the estimated period.
Based on
Regions, the Asia Pacific region dominated the global petrochemical market in
the year 2020
Based on
the regions, the Petrochemical market has been segmented as North America,
Europe, Asia Pacific, Latin America, and Middle East & Africa. North
America is witnessing significant growth due to the increasing shale gas
exploration in countries like U.S. and Canada. Both the countries together
accounted for over 90% of shale gas production market in North America in 2020.
The manufacturing of shale gas in bulk provides the advantage of substituting
of conventional feedstock such as natural gas and crude oil in producing
petrochemicals from them. The surges in usage of shale gas in production of
petrochemicals have altered the price patterns in North America. The
petrochemicals producers have shifted to low-cost producers from highest cost
producers due to reduction of raw materials. However, the Asia Pacific
region accounted for the largest share of the market.
Company
Profiles and Competitive Intelligence:
The major
players operating in the global petrochemical industry includes BASF SE,
British Petroleum Plc, E. I. Dupont De Nemours & Company, Total S.A., Exxon
Mobil Corp., China National Petroleum Corporation (CNPC), Saudi Arabian Oil
Co., Sumitomo Chemical Co., Ltd., The DOW Chemical Company, and Chevron
Phillips Chemical Company among others. The key players operating in this
market are focusing on collaborating with various stakeholders and innovating
new products.
The
report also provides in-depth analysis of market dynamics such as drivers,
restraints opportunities and challenges
Drivers
- Increasing
use of polymers in the packaging and automotive industries.
- Extensive
use of methanol in varied end-use industries.
- Increasing
paint and coating demands.
- Easy
availability of raw materials from the Middle East.
Restraints
- Travelling
restrictions owing to COID-19 outbreak
- Dwindling
prices of oil and gas.
Opportunities
- Adoption
of novel technologies
- Rapid
industrialization and urbanization in Asia-Pacific.
The
report also provides in-depth analysis of recent news developments and
investments
- DuPont
acquired Desalitech Ltd., which is a closed circuit reverse osmosis (CCRO)
company in December, 2019.
- Sumitomo
Chemical Company, Limited (“Sumitomo Chemical”) acquired four South
American subsidiaries in Brazil, Argentina, Chile, and Colombia, owned by
group companies of Nufarm Limited (“Nufarm”), which is a leading
Australian agricultural chemical company in April, 2020. The company
expected to expand its business through such acquisition and merges with
the help of its fully-owned subsideries in these regions.
Company
Profiles and Competitive Intelligence
The key
players operating in the market are:
- BASF
SE
- British
Petroleum Plc
- E.
I. Dupont De Nemours & Company
- Total
S.A.
- Exxon
Mobil Corp.
- China
National Petroleum Corporation (CNPC)
- Saudi
Arabian Oil Co.
- Sumitomo
Chemical Co., Ltd.
- The
DOW Chemical Company
- Chevron
Phillips Chemical Company
The
unique insight provided by this report also includes the following:
- In-depth
value chain analysis
- Opportunity
mapping
- Sector
snapshot
- Key
Players Positioning Matrix
- Regulatory
scenario
- Strategies
Adopted-Benchmarking Heat Map
- Market
trends
- Covid-19
impact analysis
- Product
comparison
- Pre
& Post COVID 19 impact on Petrochemical Market
- Competitive
Landscape
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