Petrochemical Market Status (2017-2021) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2022-2028
Report Description
The global Petrochemical market size is estimated at USD 680.4 billion in 2021, expanding at a CAGR 8.06% from 2022-2028 to reach USD 888.3 billion USD in 2028.
Market Dynamics
A significant driver driving the market is an increase in supply for intermediary goods from different end-use sectors such as pharmaceuticals, construction, and automotive. Petrochemicals are an essential component of many manufacturing applications, and hence constitute the foundation of an industrial economy. Tires, industrial oil, cleansers, and plastic are just a few examples of petrochemical goods. The product's basic plastic is used as a core component in the production of consumer products.
Crude oil prices have a substantial impact on the sector since it is a key raw material utilized in product manufacture. The price and availability of crude oil have had an impact on the cost of producing petrochemicals, making their manufacturing process more expensive. Consumer preferences for environmentally friendly goods are expanding in both developed and emerging countries, and raw material costs for petrochemicals are variable, limiting industry expansion in the years ahead.
Many businesses throughout the world are concerned about the short- and long-term environmental consequences of producing and utilizing plastic products. Alternative materials are being investigated. As a result, demand for plastics has decreased significantly in recent years. The 2020 downturn just made matters worse.
Regional Insights
In 2021, Asia Pacific led the market, accounting for approximately 50.0% of total volume. The booming chemicals sector and rising polymer consumption are expected to be the primary drivers of market expansion in this area. To meet increased demand for the product, companies and local are transitioning to liquefied natural gas and other non-oil renewable sources, as well as planning cost-effective ways to enhance sales.
The market in North America is predicted to rise as unconventional shale exploration operations increase in the United States and Canada. The increased shale gas output in these nations opens up the possibility of using shale gas instead of traditional feedstocks to produce a variety of petrochemicals. Over the projection period, major capacity additions in the United States and Canada are likely to drive market growth in the Region.
Segment Dynamics
In 2021, ethylene led the market, accounting for over 40.0% of total sales. This is due to a growth in ethylene demand from a variety of industries, including packaging, building, and transportation. Over the projected period, ongoing industrialization and thriving automotive and packaging sectors in emerging nations such as Brazil, India, Thailand, and Vietnam are likely to drive ethylene consumption. The increased usage of High-density Polyethylene (HDPE), polyethylene, and Low-density Polyethylene (LDPE) is predicted to boost the petrochemicals industry.
In terms of sales, butadiene was the second-largest commodity sector in 2021. It is primarily used as a chemical intermediary and monomer in the manufacture of polymers such as polybutadiene rubber (PBR), styrene-butadiene rubber (SBR), nitrile rubber (NR), andpolychloroprene rubber (PBR). Due to the obvious thriving end-use sectors such as consumer products, automobiles, and construction, propylene compounds have seen a major growth in demand, particularly in India, China, and other Asian nations.
Competitive Insights
The market for Petrochemical is very competitive, with both domestic and foreign players involved. To stay competitive, large corporations engage in strategic mergers and acquisitions, collaborations, and new product launches. DowDuPont is a significant American petrochemicals business with a global presence. It has managed to stay afloat and profitable by investing heavily in R&D to create a sustained competitive edge. This has enabled it to become an industry leader in a variety of ways, including the development of several newer goods that are more environmentally friendly and have more inventive and valuable uses. It can also be used to justify charging more for these new items.
The report begins with an overview of the Industry Chain structure, and describes the industry environment, then analyses the market size and forecast of Petrochemicals by type, region, and application. In addition, this report introduces the market competition situation among the vendors, and company profile, besides, market price analysis, and value chain features are covered in this report.
Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products etc.):
- 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.
Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Xylene
- Toluene
- Propylene
- Methanol
- Ethylene
- Butadiene
- Benzene
- Others
Application Coverage (Market Size & Forecast, Main Consumer Analysis etc.):
- Surfactants
- Solvents
- Sealants
- Rubber
- Polymers
- Paints and coatings
- Dyes
- Adhesives
- Others
End Users Coverage (Market Size & Forecast, Main Consumer Analysis etc.):
- Packaging
- Healthcare
- Electrical and electronics
- Construction
- Automotive and transportation
- Others
Region Coverage (Regional Consumption, Demand & Forecast by Countries etc.):
- North America (U.S., and Canada)
- Europe (Germany, U.K., France, Italy, Spain etc.)
- Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
- South America (Brazil, Mexico, Argentina etc.)
- Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)
Table Of Content
1. Petrochemical Market Overview
1.1. Product Overview and Scope of Petrochemical
1.2. Global Market Growth Prospects and Revenue Estimates
1.3. Global Petrochemical Market Size Growth Rate Analysis by Type 2021 VS 2028
1.3.1. Xylene
1.3.2. Toluene
1.3.3. Propylene
1.3.4. Methanol
1.3.5. Ethylene
1.3.6. Butadiene
1.3.7. Benzene
1.3.8. Others
1.4. Global Petrochemical Consumption Comparison by Application: 2021 VS 2028
1.4.1. Surfactants
1.4.2. Solvents
1.4.3. Sealants
1.4.4. Rubber
1.4.5. Polymers
1.4.6. Paints and coatings
1.4.7. Dyes
1.4.8. Adhesives
1.4.9. Others
1.5. Global Petrochemical Consumption Comparison by End User: 2021 VS 2028
1.5.1. Packaging
1.5.2. Healthcare
1.5.3. Electrical and electronics
1.5.4. Construction
1.5.5. Automotive and transportation
1.5.6. Others
1.6. Global Petrochemical Market Size Estimates and Forecasts by Region: 2021 VS 2028
1.6.1. North America Petrochemical Estimates
1.6.2. Europe Petrochemical Estimates
1.6.3. China Petrochemical Estimates
1.6.4. Japan Petrochemical Estimates
2. Market Competition by Manufacturers
2.1. Global Petrochemical Revenue Market Share by Manufacturers (2020)
2.2. Petrochemical Market Share by Company Design (Tier 1, Tier 2 and Tier 3)
2.3. Global Petrochemical Average Price by Manufacturers (2017-2021)
2.4. Manufacturers Petrochemical Production Sites, Area Served, Product Types
2.5. Petrochemical Market Competitive Situation and Trends
2.5.1. Petrochemical Market Concentration Rate
2.5.2. Mergers & Acquisitions, Expansion
3. Global Petrochemical Consumption by Region (2017-2021)
3.1. Global Petrochemical Consumption by Region
3.2. Global Petrochemical Consumption Market Share by Region
3.2.1. North America
3.2.2. North America Petrochemical Consumption Growth Rate (2017-2021)
3.2.3. North America Petrochemical Consumption, Price and Gross Margin (2017-2021)
3.2.4. North America Petrochemical Consumption by Country
3.2.4.1. U.S.
3.2.4.2. Canada
3.2.5. Europe
3.2.6. Europe Petrochemical Consumption Growth Rate (2017-2021)
3.2.7. Europe Petrochemical Consumption, Price and Gross Margin (2017-2021)
3.2.8. Europe Petrochemical Consumption by Country
3.2.8.1. Germany
3.2.8.2. U.K.
3.2.8.3. France
3.2.8.4. Italy
3.2.8.5. Spain
3.2.9. Asia Pacific
3.2.10. Asia Pacific Petrochemical Consumption Growth Rate (2017-2021)
3.2.11. Asia Pacific Petrochemical Consumption, Price and Gross Margin (2017-2021)
3.2.12. Asia Pacific Petrochemical Consumption by Country
3.2.12.1. China
3.2.12.2. India
3.2.12.3. Japan
3.2.12.4. Indonesia
3.2.12.5. Malaysia
3.2.12.6. Australia
3.2.12.7. South Korea
3.2.13. South America
3.2.14. South America Petrochemical Consumption Growth Rate (2017-2021)
3.2.15. South America Petrochemical Consumption, Price and Gross Margin (2017-2021)
3.2.16. South America Petrochemical Consumption by Country
3.2.16.1. Brazil
3.2.16.2. Mexico
3.2.16.3. Argentina
3.2.17. Middle East and Africa
3.2.18. Middle East and Africa Petrochemical Consumption Growth Rate (2017-2021)
3.2.19. Middle East and Africa Petrochemical Consumption, Price and Gross Margin (2017-2021)
3.2.20. Middle East and Africa Petrochemical Consumption by Country
3.2.20.1. Saudi Arabia
3.2.20.2. Kuwait
3.2.20.3. UAE
3.2.20.4. South Africa
4. Global Petrochemical Consumption by Type (2017-2021)
4.1. Global Petrochemical Price by Type (2017-2021)
4.2. Global Petrochemical Revenue Market Share by Type (2017-2021)
4.2.1. Xylene
4.2.2. Toluene
4.2.3. Propylene
4.2.4. Methanol
4.2.5. Ethylene
4.2.6. Butadiene
4.2.7. Benzene
4.2.8. Others
5. Global Petrochemical Consumption by Application (2017-2021)
5.1. Global Petrochemical Price by Application (2017-2021)
5.2. Global Petrochemical Revenue Market Share by Application (2017-2021)
5.2.1. Surfactants
5.2.2. Solvents
5.2.3. Sealants
5.2.4. Rubber
5.2.5. Polymers
5.2.6. Paints and coatings
5.2.7. Dyes
5.2.8. Adhesives
5.2.9. Others
6. Global Petrochemical Consumption by End Users (2017-2021)
6.1. Global Petrochemical Price by End User (2017-2021)
6.2. Global Petrochemical Revenue Market Share by End User (2017-2021)
6.2.1. Packaging
6.2.2. Healthcare
6.2.3. Electrical and electronics
6.2.4. Construction
6.2.5. Automotive and transportation
6.2.6. Others
7. Key Companies Profiled
7.1. BASF SE
7.1.1. BASF SE Petrochemical Corporation Information
7.1.2. BASF SE Petrochemical Product Portfolio
7.1.3. BASF SE Petrochemical Consumption, Price and Gross Margin (2017-2021)
7.1.4. BASF SE Main Business and Markets Served
7.1.5. BASF SE Recent Developments/Updates
7.2. SABIC
7.3. LyondellBasell Industries Holdings B.V.
7.4. TOTAL
7.5. Indian Oil Corporation Limited
7.6. Chevron Phillips Chemical Company
7.7. BP PLC
7.8. Sumitomo Chemical Company
7.9. Reliance Industries Limited
7.10. China National Petroleum Corporation
7.11. DowDuPont
7.12. Royal Dutch Shell PLC
7.13. China Petroleum & Chemical Corporation
7.14. ExxonMobil Corporation
7.15. INEOS Group Ltd.
8. Marketing Channel, Distributors and Customers
8.1. Marketing Channel
8.2. Petrochemical Distributors List
8.3. Petrochemical Customers
9. Market Dynamics
9.1. Petrochemical Industry Trends
9.2. Petrochemical Growth Drivers
9.3. Petrochemical Market Challenges
9.4. Petrochemical Market Restraints
10. Global Petrochemical Consumption and Demand Forecast, by Region (2022-2028)
10.1. Global Forecasted Demand Analysis of Petrochemical, by Regions and Country
10.1.1. North America Forecasted Consumption of Petrochemical by Country
10.1.2. Europe Market Forecasted Consumption of Petrochemical by Country
10.1.3. Asia Pacific Market Forecasted Consumption of Petrochemical by Region
10.1.4. Latin America Forecasted Consumption of Petrochemical by Country
10.1.5. Middle East and Africa Forecasted Consumption of Petrochemical by Country
11. Global Petrochemical Consumption and Demand Forecast, by Device Segments (2022-2028)
11.1. Global Forecasted Consumption of Petrochemical by Device Segments (2022-2028)
11.2. Global Consumption and Price Forecast by Device Segments (2022-2028)
11.3. Global Forecasted Growth Rate of Petrochemical by Device Segments (2022-2028)
12. Research Finding and Conclusion
13. Methodology and Data Source
13.1. Methodology/Research Approach
13.1.1. Research Programs/Design
13.1.2. Market Size Estimation
13.1.3. Market Breakdown and Data Triangulation
13.2. Data Source
13.2.1. Secondary Sources
13.2.2. Primary Sources
13.3. Author List
13.4. Disclaimer
Research Methodology
Our research studies are primarily performed in five phases which include Secondary Research, Primary Research, Subject Matter Expert Advice, Quality Check, and Final Review. The process opted for conducting thorough research to make authentic business reports is briefly described below-
Secondary Research-
- Based on the understanding of requirements, we conducted secondary research to identify the Segment specifications, qualitative and quantitative data along with the factors responsible for the growth of the market.
- The secondary sources referred for the study include press releases, company annual reports, and research papers related to the industry.
- Various sources such as industry magazines, trade journals, government websites, and associations were also reviewed for gathering precise analysis on opportunities for business expansions in the market.
- Moreover, quantitative as well as qualitative data were also extracted from paid databases, which included Reuters, Factiva, Bloomberg, One Source, and Hoovers, which proved to be useful for in-depth technical study of the market.
Primary Research-
- The research carried out during the desk research was verified by primary interviews. Primary research was scheduled with a number of industry experts for conducting telephonic interviews, and also our team send questionnaires through their official emails.
- The secondary data collected was then verified by various industry participants which included Segment managers, marketing managers, VPs, CEOs, purchasing managers, subject matter experts.
- An interview with the mentioned participants aids invalidation of our research findings regarding the Segment.
- It helps in the provision of first-hand data on factors such as market size, growth, regional trends, market trends, and competition in the industry. This approach makes our findings precise in order to help our clients in strategic decision-making processes.
Subject Matter Advice-
- The secondary and primary research key findings were then validated by the in-house subject matter experts having extensive experience in the market research industry.
- Specific requirements of the clients were reviewed by the experts to check for completion of the market study. Experts help in channelizing the representation skills of the analyst in terms of providing data that can be easily understood by our customers.
Quality Check-
- The analysis done by the research team was further reviewed to check for data accuracy provided to suit the clients’ specific requirements.
- This revision was done in various phases to check the data authenticity and to remove negligible errors in the final compilation.
Final Review-
- After the quality check, a final review of the report was done to look after the presentation, formatting, and to recheck if all the requirements of the clients were addressed. The next phase remains dispatch of the report to the client.
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