Global Petrochemical Market to Record Protruding Growth with US$ 888.3 billion By 2028

July 2022 | Report Format: Electronic (PDF)

Chemicals manufactured mostly from coal, natural gas, and oil are known as petrochemicals. It manufactures detergents, shampoos, fuel, aspirin, milk bottles, carpets, insecticides, and other consumer goods. Propylene, benzene, ethylene, and xylene are among the chemicals used in plastics, packaging, electronics, and rubber. The worldwide petrochemicals market is expected to rise due to rising demand in consumer goods, automotive, packaging, medical, construction, and other industries.

The breakout of COVID-19 and the slowing economy had a mixed effect on this market. Demand for ethylene grew dramatically during the early stages of the pandemic, owing to an increasing needs from the packaging sector. This significant rise in demand can be attributed to the increased use of consumer items packaged with polyethylene. Food, medical, and sanitary goods industries also expanded their need for polyethylene at this time. On the other side, due to government-imposed shutdown limitations, demand from the building and automobile industries has dropped dramatically.

Due to increased demand from the consumer products industry, the Asia Pacific market is likely to lead. Plastics, packaging, fertilizers, electronic devices, clothes, detergents, medical equipment, and tires have all seen a boost in demand as a result of rapid economic development in growing economies like India, China, and other ASEAN nations. Instead of depending on coal-to-chemical manufacture to supply raw materials to its huge domestic industrial base, China has been aggressively investing in the shift to alternate feedstocks such as natural gas and naphtha for petrochemical production.

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Petrochemical Market Report Highlights

• September 2021 - The Saudi Industrial Investment Group and the National Petrochemical Company signed a non-binding merger agreement. After oil giant Saudi Aramco purchased a 70% share in Saudi Basic Industries last year, the two companies began negotiations about a merger last year. The merger would signify further consolidation in the Saudi petrochemicals sector.
• June 2021 - The Abu Dhabi National Oil Company and Reliance Industries have agreed to build a new petrochemical complex in Ruwais, Abu Dhabi. Annually, the integrated plant will generate 940,000 tons of chlor-alkali, 1.1 million tons of ethylene dichloride, and 360,000 tons of PVC.

PETROCHEMICAL MARKET SEGMENTATION

The research report published by Market Research Strategy contains industry segments, as below-

Petrochemical Type Outlook (Revenue, USD Million, 2017 - 2028)

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

Petrochemical Application Outlook (Revenue, USD Million, 2017 - 2028)

• Surfactants
• Solvents
• Sealants
• Rubber
• Polymers
• Paints and coatings
• Dyes
• Adhesives
• Others

Petrochemical End Users Outlook (Revenue, USD Million, 2017 - 2028)

• Packaging
• Healthcare
• Electrical and electronics
• Construction
• Automotive and transportation
• Others

Petrochemical Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
• Central & South America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • South Africa

List of Key Players- Petrochemical Market

• BASF SE
• SABIC
• LyondellBasell Industries Holdings B.V.
• TOTAL
• Indian Oil Corporation Limited
• Chevron Phillips Chemical Company
• BP PLC
• Sumitomo Chemical Company
• Reliance Industries Limited
• China National Petroleum Corporation
• DowDuPont
• Royal Dutch Shell PLC
• China Petroleum & Chemical Corporation
• ExxonMobil Corporation
• INEOS Group Ltd.

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