Petrochemical Market

Petrochemical Market was estimated at USD 536 billion in 2020 and projected to grow at 6.7% CAGR during the forecast period

Petrochemical Market Overview

Petrochemical consists of hydrocarbons derived from the downstream processing of different chemicals such as hydrocarbon liquids, crude oil, and natural gas. It has high usage in several industries, such as agriculture, automotive, construction, plastic, packaging, and personal care. Synthetic rubber is a vital component of tires for trucks, cars, and bicycles is mainly derived from the petrochemical butadiene Some chemical compounds made from petroleum are also obtained from different fossil fuels, such as coal or natural gas, or renewable sources such as maize, palm fruit or sugar cane.

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Major Petrochemical Market Drivers

The factors driving the global petrochemical market include wide petrochemical applications in the packaging, automotive, and healthcare industries. Many petrochemicals are used in the manufacturing of different types of plastic components, which find applications in different industries like packaging and automotive industries. For instance, petrochemical feedstock naphtha and other oils refined from crude oil are used as feedstocks for petrochemical crackers that produce the basic building blocks for making plastics.

Furthermore, increasing the use of polymer resins in the manufacturing of automotive components is expected to fuel the demand for polymer, which can surge the petrochemical market. For instance, it’s been estimated approximately 30,000 parts in a vehicle, about 1/3, are made of plastic, with about 39 different types of basic plastics and polymers used. About 70% of the plastic used comes from four polymers: polypropylene (PP), polyurethane (PU), polyamide (PA), and polyvinyl chloride (PVC). Such factors are expected to drive demand in the coming years.
Restraint in the Petrochemical Market

However, rising environmental concerns regarding the use of plastic which is a by-product of petrochemical are expected to hinder the market growth. For instance, in 2020, New York officially banned the distribution of single-use plastic carrier bags, making New York the second US state to introduce a ban after California in 2014 which can restrain the growth of petrochemical due to it being the vital component in manufacturing plastic.

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Type – Segment Analysis

Based on the type, olefins are expected to grow at the fastest rate in the global petrochemical market over the forecast period owing to their versatile uses in different industries. Olefins are widely used in the synthesis of various derivatives such as ethylene oxide, ethylbenzene, and ethyl dichloride. These derivatives are widely used in the construction and packaging industries. Olefin (Ethylene) is a primary compound used for manufacturing plastic and is widely used to develop food packaging, bottles, bags, and other plastics-based goods. For instance, according to the Department of Chemicals and Petrochemicals Ministry of Chemicals and Fertilizers, India’s plastic consumption is about 17.8 MMT and is expected to grow at 10% CAGR. Packaging holds the maximum share of 24% and is expected to grow at 18% annually, which signifies great growth in the olefin sector.

End-Use Industry – Segment Analysis

Based on the end-use industry, construction is projected to capture the largest market share over the forecast period in the global petrochemical market due to the rapid growth in construction activities in the global economy. Petrochemicals are used in a plethora of construction applications from insulation to piping, window frames and interior design, paints, coatings. Moreover, according to the report by the US Census Bureau in 2021, the construction spending till august 2021 was USD 1.58 trillion at a seasonally adjusted annual rate which contributes to the expansion of petrochemical market.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific region is anticipated to dominate the Petrochemical Market over the forecasted period owing to the rapid growth in the infrastructural and automotive industry growth in the region. For instance, it’s been estimated that auto sales in China surged 365% in February in 2021 over the same month in 2020, which can likely impact the growth trend of the petrochemical industry.

Top Market Players

Various notable players operating in the market, include, BASF SE, INEOS, Chevron Corporation, China National Petroleum Corporation, Exxon Mobil Corporation, DuPont, Royal Dutch Shell PLC, PetroChina Company Limited, Reliance Industries Limited, SABIC, among others.

Key Developments:

• • In 2021, PetroChina launched USD 1.2 bn ethane-to-ethylene project in Xinjiang. The project is designed to produce 600,000 tonnes of ethylene, 300,000 tonnes of high-density polyethylene and 300,000 tonnes of full-density polyethylene per year.
  • In 2021, Chemicals and energy firm Exxon Mobil Corporation made a final investment decision to open a new petrochemical complex in the Dayawan Petrochemical Industrial Park in Huizhou, China in a bid to meet rising demand for performance chemical products in the country.

Segments covered in the Report:

The global petrochemical market has been segmented on the basis of type, end-use industry, application, and regions. Based on type, the market is segmented into olefins, xylene, methanol, toluene, propylene, butadiene, and others. Based on end-use industry, the market is segmented into packaging, transportation, construction, electrical & electronics, healthcare, and others. Based on application, the market is segmented into polymers, paints and coatings, solvents, rubber, adhesives and sealants, surfactants, dyes, and others

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Market Segmentation

Global Petrochemical Market by Type

• • Olefins
  • Xylene
  • Methanol
  • Toluene
  • Propylene
  • Butadiene
  • Others

Global Petrochemical Market by End-Use Industry

• • Packaging
  • Transportation
  • Construction
  • Electrical & Electronics
  • Healthcare
  • Others

Global Petrochemical Market by Application

• • Polymers
  • Paints and Coating
  • Surfactants
  • Pigment and Dyes
  • Solvents
  • Rubber
  • Adhesives and Sealants
  • Dyes
  • Others

Global Petrochemical Market by Region

• • North America Petrochemical Market (Option 1: As a part of the free 25% customization)

    • North America Petrochemical Market by Type
    • North America Petrochemical Market by End-Use Industry
    • North America Petrochemical Market by Application
    • US Petrochemical Market All-Up
    • Canada Petrochemical Market All-Up

  • Europe Petrochemical Market (Option 2: As a part of the free 25% customization)

    • Europe Petrochemical Market by Type
    • Europe Petrochemical Market by End-Use Industry
    • Europe Petrochemical Market by Application
    • UK Petrochemical Market All-Up
    • Germany Petrochemical Market All-Up
    • France Petrochemical Market All-Up
    • Spain Petrochemical Market All-Up
    • Rest of Europe Petrochemical Market All-Up

  • Asia-Pacific Petrochemical Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Petrochemical Market by Type
    • Asia-Pacific Petrochemical Market by End-Use Industry
    • Asia-Pacific Petrochemical Market by Application
    • China Petrochemical Market All-Up
    • India Petrochemical Market All-Up
    • Japan Petrochemical Market All-Up
    • Rest of APAC Petrochemical Market All-Up

  • RoW Petrochemical Market (Option 4: As a part of the free 25% customization)

    • RoW Petrochemical Market by Type
    • RoW Petrochemical Market by End-Use Industry
    • RoW Petrochemical Market by Application
    • Brazil Petrochemical Market All-Up
    • South Africa Petrochemical Market All-Up
    • Saudi Arabia Petrochemical Market All-Up
    • UAE Petrochemical Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Petrochemical Market All-Up

Major Players Operating in the Petrochemical Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BASF SE
  • INEOS
  • Chevron Corporation
  • China National Petroleum Corporation
  • Exxon Mobil Corporation
  • DuPont
  • Royal Dutch Shell PLC
  • PetroChina Company Limited
  • Reliance Industries Limited
  • SABIC