Growing focus on product innovation and diversification is another factor that is anticipated to stimulate the market share in the coming years
Wilmington, Delaware, United States, May 23, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global Petrochemicals Market stood at US$ 501.2 billion in 2022 and the global market is projected to reach US$ 721.1 billion by 2031. The global industry is anticipated to expand at a CAGR of 4.3% between 2023 and 2031.
The market value of petrochemicals is increasing, owing to the growing demand from end-use industries. The increasing demand for petrochemicals from end-use industries is a major driver of market growth. Industries such as automotive, construction, and packaging rely heavily on petrochemicals for the production of plastics, resins, fibers, and synthetic materials.
The expanding population, urbanization, and rising disposable income levels in emerging economies are driving the demand for consumer goods, thereby fueling the demand for petrochemicals.
The rising technological advancements are another significant factor contributing to the market growth. The advancements have led to the development of innovative production processes and improved product quality in the petrochemical industry.
Advanced technologies, such as catalytic cracking, steam cracking, and advanced polymerization techniques, have enhanced the efficiency and productivity of petrochemical manufacturing. The advancements have resulted in cost-effective production methods and a broader range of high-performance petrochemical products, further stimulating market growth.
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The market prospects have been driven by factors such as the shale gas revolution. The shale gas revolution, particularly in regions like the United States, has had a significant impact on the petrochemicals market.
Shale gas extraction has increased the availability of feedstock, such as methane, which is a key raw material for petrochemical production. The abundant and low-cost supply of shale gas has driven investments in petrochemical facilities, leading to capacity expansions and increased production of various petrochemicals.
Key Findings of the Market Report
- By product, ethylene petrochemicals are likely to be most preferred, expected to expand at a significant share, attributed to the increasing demand for polyethylene.
- By end-use, the building & construction segment is expected to boost the market growth, attributed to the factors including the urbanization and infrastructure development, and growing construction activities.
- Energy-efficient building materials, and increasing demand for plastics and polymers, are other factors that are projected to augment the segmental growth.
Global Petrochemicals Market: Growth Drivers
- The global petrochemicals market is projected to expand at a steady pace from 2023 to 2031, owing to the shift towards sustainable petrochemicals, due to the growing environmental concerns.
- Another factor that is projected to augment the market growth includes the increasing demand from emerging economies, particularly in the Asia Pacific.
- Additionally, the focus on product innovation and diversification is a major factor that is anticipated to fuel the market prospects in the near future.
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Global Petrochemicals Market: Regional Landscape
- Asia Pacific is expected to dominate the petrochemicals market during the forecast period, attributed to rapid industrialization and urbanization, as well as rising population and growing middle class.
- The regional market is witnessing an increase, due to the factors such as a strong manufacturing sector.
- Expanding automotive industry, and favorable government policies and investments in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
Global Petrochemicals Market: Key Players
Some of the key market players in the global Petrochemicals market are:
- BASF SE
- Mitsubishi Chemical Holding Corporation
- LyondellBasell Industries Holdings B.V.
- ExxonMobil Corporation
- Reliance Industries Ltd.
- Sumitomo Seika Chemicals Co., Ltd.
- Chevron Phillips Chemical Company LLC
- China National Petroleum Corporation
- Idemitsu Kosan Co., Ltd.
- Shell plc
- Indian Oil Corporation Ltd.
Prominent players in the petrochemicals industry are taking advantage of the rapidly increasing demand for petrochemicals. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In 2022, Dow announced the construction of a new polyolefin plant in Thailand. The facility, scheduled to be operational by 2024, will significantly increase Dow’s polyolefin production capacity, catering to the growing demand for polyethylene and polypropylene in the region.
- In 2022, LyondellBasell, one of the world’s largest plastics, chemicals, and refining companies, announced plans to build a new propylene oxide and tertiary butyl alcohol (PO/TBA) plant in the United States. The plant will leverage LyondellBasell’s proprietary PO/TBA technology and meet the increasing demand for these chemicals in various industries.
- In 2022, Chevron Phillips Chemical Company announced its decision to build a new ethane cracker plant in the United States. The plant will have a production capacity of 1.5 million metric tons per year and will enable the company to meet the growing demand for ethylene, a key building block in petrochemical manufacturing.
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Global Petrochemicals Market: Segmentation
- Methyl Methacrylate (MMA)
- Methyl Tert-butyl Ether (MTBE)
- Ethylene Oxide
- Ethyl Alcohol
- Propylene Oxide
- Acrylic Acid
- C4 Stream
- Power & Utilities
- Building & Construction
- Consumer & Industrial Goods
- Electrical & Electronics
- Food & Beverage
- Pulp & Paper
- Textiles & Leather
- Paints & Coatings
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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