The global petrochemicals market is expected to exhibit a strong 8% CAGR over the forecast period, according to the latest research report from Market Research Future (MRFR). The global petrochemicals market was valued at USD 621.1 billion in 2018.
Petrochemicals are widely used in a long line of end use industries and are thus highly in demand. The increasing use of polymers in the packaging and automotive industries is likely to be a major driver for the global petrochemicals market over the forecast period. Ethylene is widely used to produce polyethylene, which comes in soft, hard, and pliable forms. These forms of polyethylene are used to produce correspondingly soft or hard packaging, which are gaining increasing demand in recent years. The excellent moisture protection provided by polyethylene has been the major driver for the global petrochemicals market in recent years, as this has driven the demand for polyethylene in the packaging sector. The growing demand for polyethylene packaging, both pliable and rigid, is likely to be a major driver for the global petrochemicals market over the forecast period.
The automotive industry is also a major consumer of polymers, due to their high weight to strength ratio and light weight. Reducing the weight of automotive components has emerged as a major task for automotive industry players due to the benefits this brings in terms of reduced fuel consumption. This has driven the demand for polyethylene components in the automotive industry. The increasing government backing to reducing the weight of automobiles is likely to be a major driver for the global petrochemicals market over the forecast period.
Petrochemicals Market are also widely used in paints and coatings, another end use industry that has witnessed a boom in the last few years. The growing demand for paints and coatings from the automotive and construction industries has been a major driver for the demand for petrochemicals and is likely to remain a key market driver over the forecast period. Petrochemicals provide several benefits in paints and coatings, such as making the products waterproof and easily applicable. This has driven the demand for petrochemicals in the paints and coatings industry. Adhesives and sealants are also likely to remain a key end use application for petrochemicals, as adhesives and sealants made from petrochemicals offer enhanced adhesion and various other beneficial properties in contrast to organic alternatives. The rubber industry is also a key end user of petrochemicals. On the other hand, fluctuations in the price of petroleum and the growing demand for biobased chemicals are the major restraints on the global petrochemicals market.
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Market Segmentation
The segmental analysis of the global petrochemical market is done by end-use industry, type, and application.
The end-use based segments of the global petrochemical market are Packaging, Healthcare, automotive transportation, construction, electrical electronics, and others.
The type-use based segments of the global petrochemical market are ethylene, methanol, propylene, butadiene, benzene, xylene, toluene, and others.
The application-use based segments of the global petrochemical market are polymers, dyes, paints and coatings, surfactants, solvents, adhesives and sealants, rubber, and others.
Regional Analysis
Based on the region, the global market is segmented into North America, Asia-Pacific, Europe, and the Middle East Africa.
As per the assessment by MRFR, the APAC region is expected to acquire the largest market share during the forecast period owing to rapid industrialization. The region is anticipated to record a significant CAGR during the forecast period. The emerging nations like India and China are predicted to make significant participation owing to the developing transport and electrical sector. Furthermore, the region has emerged to be the largest exporting hub of petroleum products, and it is anticipated that the region will continue to maintain its position throughout the review period. The fast development of the building and construction sector is projected to significantly contribute to the market growth during the forecast period. China is predicted to remain highly lucrative during the review period owing to the increased production of electrical electronics and plastic-based products.
North America is anticipated to acquire significant market value during the forecast period owing to the gas feedstock. Furthermore, the increasing demand for petrochemical due to the rising consumption of petrochemical products in the manufacture of several end-use products can augment the regional market.
Europe is anticipated to acquire significant market share during the forecast period owing to the growing application of petrochemical products in food beverages, automotive, building construction, and healthcare regions.
The MEA region is anticipated to acquire significant market value owing to the large scale application of petrochemical products in the region. The Middle East countries like Saudi Arabia, Qatar, and others are projected to play a significant role owing to the presence of oil reservoirs.
Key Players
China Petroleum Chemical Corporation (China)
SABIC (Saudi Arabia)
BASF SE (Germany)
LyondellBasell Industries Holdings B.V. (The Netherlands)
Indian Oil Corporation Limited (India)
TOTAL (France)
Chevron Phillips Chemical Company (US)
Sumitomo Chemical Company (Japan)
BP PLC (UK)
Reliance Industries Limited (India)
DowDuPont (US)
China National Petroleum Corporation (China)
and Royal Dutch Shell PLC (The Netherlands).
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