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The global petrochemicals market reached a value of US$ 547.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 778.3 Billion by 2027, exhibiting a CAGR of 5.70% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Petrochemicals are chemical substances comprising ethylene, propylene, and benzene, which are derived from natural gas and petroleum. They are economical, cost-effective, durable and used to manufacture paints, alkyd resins, industrial de-greasers, odorless thinners, construction chemicals, dry cleaning products, cleaning and maintenance chemicals, insecticides, insecticides aerosols, and agricultural pesticides. They are also utilized in solar panels, thermal insulation for buildings, parts of electric vehicles, batteries, and wind-turbine blades. Apart from this, petrochemicals find extensive applications in the cosmetics, electronics, packaging, and textile industries across the globe.
At present, there is a 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. This, along with the growing demand for ethane in the manufacturing of olefins, represents one of the key factors driving the market. Besides this, there is an increase in the employment of petrochemicals in the automobile industry to design the body, tires, interiors, and dashboard of vehicles due to their lightweight, durability, and flexibility. This, coupled with the rising application of methanol to produce biodiesel and dimethyl ether, is propelling the growth of the market. In addition, the escalating demand for petrochemicals in the agriculture industry to manufacture plastic mulch, greenhouse covers, and tunnels for reducing water loss and ultraviolet (UV) levels is positively influencing the market. Furthermore, key manufacturers are focusing on the expansion of their production capacities to meet the petrochemicals demand and expand their consumer base. The rising use of petrochemicals in the paint and coating sector on account of their high solvency is projected to offer lucrative growth opportunities to industry investors.
IMARC Group provides an analysis of the key trends in each sub-segment of the global petrochemicals market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, application and end use industry.
Breakup by Type:
Breakup by Application:
Breakup by End Use Industry:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles 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 TotalEnergies SE.
|Base Year of the Analysis||2021|
|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.|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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