IMARC Group, a leading market research company, has recently releases report titled “Petrochemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global petrochemicals market report, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the petrochemicals market?
The global petrochemicals market size reached US$ 584.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 815.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
What are petrochemicals?
Petrochemicals are chemical compounds derived from petroleum or natural gas. They are primarily composed of hydrocarbons and can undergo further processing to produce a wide range of products. They can be refined and processed through various methods and transformed into essential materials, such as plastics, synthetic rubber, solvents, detergents, and adhesives. They serve as the primary feedstock for plastics, including polyethylene (PE), polypropylene (PP), and polyvinyl chloride (PVC). They are used in the production of various fuels, including gasoline, diesel, and jet fuel, which provide energy for transportation and heating. They are also utilized to create additives that enhance the performance of fuels and lubricants, which improves efficiency and reduces emissions. They find applications in various industries, including manufacturing, plastics, pharmaceuticals, and agriculture.
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What are the growth prospects and trends in the petrochemicals industry?
The increasing adoption of petrochemicals in the pharmaceutical industry as raw materials for manufacturing solvents, reagents, and some medicinal compounds represents one of the primary factors bolstering the market growth around the world. Moreover, petrochemicals are utilized in the agricultural sector to manufacture fertilizers, herbicides, and pesticides for improving crop yields and protecting plants from pests and diseases. Along with this, the rising demand for exotic fruits, vegetables, and flowers that require highly controlled environments and specific nutritional content in the soil is favoring the growth of the market.
In addition, the growing adoption of petrochemicals in the paints and coating industry manufacturing of paints, varnishes, and coatings, which are applied to protect and decorate surfaces, is influencing the market positively. Apart from this, the increasing adoption of petrochemicals as insulating materials in cables and wires to prevent electrical leakage and protect against environmental factors like moisture is contributing to the market growth. Furthermore, petrochemicals find applications in the automotive industry for manufacturing components, such as bumpers, dashboards, interior panels, exterior trim, seals, hoses, and belts.
They are also utilized to produce lubricants that reduce friction in the engine and other moving parts and provide color, protection against corrosion, and resistance to environmental damage. Petrochemicals are employed in the production of batteries for vehicles, including traditional lead-acid batteries and advanced batteries for electric and hybrid vehicles. Along with this, the rising inclination towards luxury and passenger vehicles is strengthening the growth of the market. Besides this, the growing adoption of petrochemicals in the construction industry for producing roofing materials like asphalt shingles and synthetic rubber membranes to provide waterproofing and weather resistance and improve the longevity of the structure is creating a positive outlook for the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Ethylene
- Propylene
- Butadiene
- Benzene
- Toluene
- Xylene
- Methanol
- Others
Breakup by Application:
- Polymers
- Paints and Coatings
- Solvents
- Rubber
- Adhesives and Sealants
- Surfactants and Dyes
- Others
Breakup by End Use Industry:
- Packaging
- Automotive and Transportation
- Construction
- Electrical and Electronics
- Healthcare
- Others
Market 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
Who are the key players operating in the industry?
The report covers the major market players including:
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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