According to the latest report by IMARC Group, titled “Petrochemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global petrochemicals market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global petrochemicals market size reached 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.
Petrochemicals represent the chemical substances that comprise of ethylene, propylene, benzene, etc., that are derived from natural gas and petroleum. They are cost-effective, economical, durable, and used for manufacturing paints, alkyd resins, industrial de-greasers, odorless thinners, construction chemicals, dry cleaning products, cleaning and maintenance chemicals, insecticides, aerosols, agricultural pesticides, etc. In addition to this, petrochemicals are extensively utilized in solar panels, thermal insulation for buildings, parts of electric vehicles (EVs), batteries, wind-turbine blades, etc. As such, they find wide-ranging applications across several sectors, such as electronics, automotive, packaging, textile, etc.
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Petrochemicals Market Trends and Drivers:
The escalating need for ethane in the manufacturing of olefins is primarily driving the petrochemicals market. Additionally, the rising utilization of polymers in the food and beverage (F&B) industry to keep products fresh, prevent contamination, increase their overall shelf-life, etc., is further catalyzing the market growth.
Besides this, the widespread adoption of petrochemicals to design the body, tires, interiors, and dashboard of vehicles, owing to their lightweight nature, durability, flexibility, etc., is acting as another significant growth-inducing factor. Moreover, the elevating product usage in the agriculture sector for producing plastic mulch, greenhouse covers, tunnels, etc., is also positively influencing the global market. Apart from this, numerous leading manufacturers are focusing on the expansion of their production capacities to meet the product demand, which, in turn, is anticipated to fuel the petrochemicals market over the forecasted period.
|Petrochemicals Market Report Scope|
|Market size value in 2021||US$ 547.4 Billion|
|Market forecast in 2027||US$ 778.3 Billion|
|Growth Rate||CAGR of 5.70% from 2022 to 2027|
|Base year for estimation||2021|
Global Petrochemicals Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
- 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.
- TotalEnergies SE.
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The report has segmented the market on the basis of region, type, application and end use industry.
Breakup by Type:
Breakup by Application:
- Paints and Coatings
- Adhesives and Sealants
- Surfactants and Dyes
Breakup by End Use Industry:
- Automotive and Transportation
- Electrical and Electronics
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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