Petrochemicals Market Segmentation by End-Use Industry (Automotive, Packaging, Electronics, Construction, Healthcare, and Others); and by Type (Propylene, Xylene, Methanol, Ethylene, and Others)-Global Demand Analysis & Opportunity Outlook 2031

Global Petrochemicals Market Highlights Over 2022- 2031

The global petrochemicals market is estimated to grow at a ~6% CAGR over the forecast period, i.e., 2022 – 2031. Moreover, the market registered a revenue of approximately USD 582.0 billion in 2021. The growth of the market can be attributed to the increase in the production of crude oil as it is used for the manufacturing of petrochemicals. As per the U.S. Energy Information Administration, the U.S field production of crude oil has increased from 5,918 thousand barrels in March 2000 to 11,655 thousand barrels in March 2022. Moreover, there has been a surge in the demand for petrochemicals from various end-users such as electronics, construction, healthcare, and others. In addition, advancements in technology for the processing of crude oil are expected to increase the growth of the global petrochemicals market.

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The global petrochemicals market is segmented by type into propylene, xylene, methanol, ethylene, and others. Out of these, the ethylene segment is anticipated to hold the largest share over the forecast period owing to the use of ethylene in the production of dichloride, benzene, and oxide that are used in the packaging and construction industries.

Global Petrochemicals Market Regional Synopsis

Regionally, the global petrochemicals market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness modest growth over the forecast period on the back of development in the chemical industry and an increase in the exports of chemicals. According to the Indian Brand Equity Foundation, the Indian Oil Corporation, has announced the plan to invest USD 495.22 crore for manufacturing high-value specialty chemicals through setting-up India’s first mega-scale maleic anhydride unit.

Market Segmentation

Our in-depth analysis of the global petrochemicals market includes the following segments:

By End-Use Industry

• Automotive

• Packaging

• Electronics

• Construction

• Healthcare

• Others

By Type

• Propylene

• Xylene

• Methanol

• Ethylene

• Others

Growth Drivers and Challenges Impacting the Growth of the Global Petrochemicals Market

Growth Drivers

• Increase in the production of crude oil

• Surge in the demand for petrochemicals from various end-users

Challenges

• Instability in the prices of raw materials

• Growing awareness among the population related to the environment- friendly products

Key Companies Dominating the Global Petrochemicals Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global petrochemicals market that are included in our report are BASF SE, BP p.l.c., SABIC, Sumitomo Chemical Co., Ltd., LyondellBasell Industries Holdings B.V., Chevron Philips Chemical Company LLC, INEOS AG, Indian Oil Corporation Ltd, China Petrochemical Corporation., Exxon Mobil Corporation, and others.

Latest Developments in the Global Petrochemicals Market:

• 21 October 2021: SABIC, a global chemical industry leader, today introduced a new portfolio of bio-based ULTEM resins that provide sustainability benefits while maintaining the same high performance and processability as incumbent ULTEM materials.

• 31 March 2022: BASF SE and Henkel have agreed to replace fossil carbon feedstock with renewable feedstock for most products in Henkel's European Laundry & Home Care and Beauty Care businesses over the next four years.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the client's requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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