Global Petrochemicals Market to Reach US$ 815.3 Billion by 2028, Stimulated by Significant Growth in Food and Beverage Sector

August 21, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Petrochemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global petrochemicals market size reached US$ 584.6 Billion in 2022. Petrochemicals are a group of chemical compounds derived from petroleum or natural gas. These versatile substances play a crucial role in modern society, serving as building blocks for a wide range of products and industries. Through a process known as petrochemical refining, hydrocarbons obtained from crude oil or natural gas are transformed into various chemical compounds such as ethylene, propylene, benzene, and toluene, among others. These chemicals serve as the foundation for the production of plastics, synthetic rubber, fibers, detergents, pharmaceuticals, and countless other consumer and industrial goods. Petrochemicals have revolutionized modern manufacturing and significantly improved the quality of life for individuals worldwide.

Global Petrochemicals Market Trends:

The expanding demand for plastics and synthetic materials in various industries, including packaging, automotive, construction, and electronics, is driving the global market. Along with this, considerable rise in the utilization of polymer in the food and beverage (F&B) industry as it can help keep products fresh, prevent contamination, and increase their overall shelf-life is supporting the market. Moreover, the rise in population and urbanization worldwide has led to an increased demand for consumer goods and infrastructure, further impelling the petrochemicals market as they are essential in the production of numerous everyday items, including clothing, electronics, medical supplies, and household products. Besides, continual technological innovations have led to more efficient and cost-effective methods for petrochemical production, enabling the industry to meet the growing demand and explore new applications. Furthermore, the advent of shale gas and its increased availability in some regions, such as the United States, has led to an increase in petrochemical investments. Shale gas contains abundant ethane, a feedstock for ethylene production. Looking forward, the market value is projected to reach US$ 815.3 Billion by 2028, expanding at a CAGR of 5.4% during 2023-2028.

Market Summary:

Based on the type, the market has been segmented into ethylene, propylene, butadiene, benzene, toluene, xylene, methanol, and others.
On the basis of the application, the market has been divided into polymers, paints and coatings, solvents, rubber, adhesives and sealants, surfactants and dyes, and others.
Based on the end use industry, the market has been bifurcated into packaging, automotive and transportation, construction, electrical and electronics, healthcare, and others.
Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being BASF SE, Chevron Corporation, China National Petroleum Corporation, China Petrochemical Corporation, DuPont de Nemours Inc., Exxon Mobil Corporation, Formosa Plastics Corporation, Indian Oil Corporation Limited, INEOS Group Ltd., LyondellBasell Industries N.V., Reliance Industries Limited, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), Shell plc, Sumitomo Chemical Co. Ltd. and Total Energies SE.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Type, Application, End Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	BASF SE, Chevron Corporation, China National Petroleum Corporation, China Petrochemical Corporation, DuPont de Nemours Inc., Exxon Mobil Corporation, Formosa Plastics Corporation, Indian Oil Corporation Limited, INEOS Group Ltd., LyondellBasell Industries N.V., Reliance Industries Limited, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), Shell plc, Sumitomo Chemical Co. Ltd. and TotalEnergies SE
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Global Petrochemicals Market to Reach US$ 815.3 Billion by 2028, Stimulated by Significant Growth in Food and Beverage Sector

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