Global Petrochemicals Market – Industry Trends and Forecast to 2030

Global Petrochemicals Market, By Product (Ethylene, Propylene, ButadieneBenzene, Xylene, Toluene, Polystyrene, Methanol), Manufacturing Process (Fluid Catalytic Cracking (FCC), Steam Cracking, Catalytic Reforming), Application (Polymers, Paints and Coatings, Solvents, Rubber, Adhesives and Sealants, Surfactants, Dyes, Others), End-Use Industry (Packaging, Automotive and Transportation, Construction, Electrical and Electronics, Healthcare, Others) – Industry Trends and Forecast to 2030.

Petrochemicals Market Analysis and Size

Petrochemical is an active constituent of several industrial processes, forming the backbone of an industrial economy. Thousands of products are derived from petrochemical detergents, including tires, industrial oil, and plastic—basic plastic derived from the product, which acts as a building block in the production of consumer goods. Petrochemical products are used in medical equipment, paints, cars, packaging, household goods, clothing, and building material. These are some common applications. Moreover, the industry continues to innovate through new technology and increase the ability to process different types with different raw materials.

Data Bridge Market Research analyses that the petrochemicals market, which was USD 424.60 million in 2022, would rocket up to USD 721.40 million by 2030 and is expected to undergo a CAGR of 6.85% during the forecast period. "Ethylene" dominates the product type segment of the petrochemicals market of its versatile properties such as production capacity, market demand, and continuous advancements in production technologies. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Petrochemicals Market Scope and Segmentation

Market Definition

Petrochemicals are chemicals which have derived from petroleum gas or natural gas. They are a vital part of the chemical industry as they continuously increase the demand for synthetic materials and play a main role in today's society and economy. Petrochemicals manufacture products that people use daily, including furniture, appliances, electronics, solar power panels, plastics, medicines, cosmetics, and wind turbines.

Global Petrochemicals Market Dynamics

Drivers

• Growing adoption of petrochemical in automotive industries

Petrochemicals are widely used in the automotive industry due to their different properties, such as lightweight flexibility, design, and durability. The parts of the interiors, body, tires, and dashboard are made up of petrochemical intermediates. The automobile industry has changed due to the increased use of petrochemical-based composite materials in manufacturing, which helps to boost the market.

•  Rise in demand for household products

Petrochemical products are generally used to produce various household products, for instance, makeup products, perfumes, cosmetics, and aftershaves. Hair dyes and Shampoos also contain petrochemical products in considerable quantities. The wax used for hair or beard is produced using petroleum derivatives which are expected to increase the growth of the petrochemical market.

•  Increase the demand in the food industry

Many petrochemical products can be used in the food industry to form preservatives. These substances increase the shelf life of foods stored in bags and cans. Some ingredients are also found in food colorings and candies. These are also made from several petrochemical products to increase taste and flavor.

Opportunities

•   Growing demand in emerging markets

Developing economies, particularly in Asia, are experiencing rapid industrialization, urbanization, and a rising middle class, driving petrochemical demand. These emerging markets offer significant growth opportunities for petrochemical producers as they seek to meet the demand for plastics, synthetic fibers, and other petrochemical-derived products.

• Shift towards sustainable and bio-based alternatives

The increasing emphasis on sustainability and the circular economy presents opportunities for the petrochemical industry to develop and commercialize bio-based and renewable feedstocks. This includes exploring alternatives such as bio-based plastics, biodegradable materials, and recycling technologies. Investing in research and developing sustainable alternatives can help companies stay competitive and meet evolving consumer preferences.

Restraints/Challenges

• Feedstock availability and price volatility

Petrochemicals are primarily derived from crude oil and natural gas, making their availability and pricing vulnerable to fluctuations in the energy markets. Supply disruptions, geopolitical tensions, and changes in energy policies can affect feedstock availability and lead to price volatility, impacting petrochemical producers' profitability and competitiveness.

• Environmental concerns caused by the petrochemicals industry

The petrochemical industry is under increasing scrutiny due to its environmental impact. The production and use of petrochemicals contribute to greenhouse gas emissions, pollution, and waste generation. Growing environmental concerns and regulations related to carbon emissions and waste disposal can challenge the industry's growth and sustainability. Adhering to manufacturer guidelines and working with experienced HVAC professionals can provide valuable insights and ensure proper maintenance practices are followed. In addition, the lack of favorable reimbursement scenarios and technology penetration in developing economies, the heavy customs duty imposed on medical devices, and the lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2023-2030.

This Petrochemicals market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Petrochemicals market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

• In December 2022, SABIC, OQ, and Kuwait Petroleum International (KPI) signed a Project Development Agreement for a jointly owned petrochemical complex in the sultanate of Oman's special economic zone at Duqm (SEZAD)
• In April 2021, BASF SE announced that it had made available a portion of its plasticizer portfolio based on circula feedstock. The company launched Hexamoll DINCH Cycled, a non-phthalate plasticizer based on chemically recycled feedstock.

Global Petrochemicals Market Scope

The petrochemicals market is segmented based on product type, manufacturing process, application, and end-user industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Ethylene
• Propylene
• Butadiene
• Benzene
• Xylene
• Toluene
• Polystyrene
• Methanol

 Manufacturing Process

• Fluid Catalytic Cracking (FCC)
• Steam Cracking
• Catalytic Reforming

 Application

• Polymers
• Paints and Coatings
• Solvents
• Rubber
• Adhesives and Sealants
• Surfactants
• Dyes
• Others

End-User Industry

• Packaging
• Automotive and Transportation
• Construction
• Electrical and Electronics
• Healthcare
• Others

Global Petrochemicals Market Regional Analysis/Insights

The global petrochemicals market is analysed and market size insights and trends are provided by country, product type, manufacturing process, application, and end-user industry, as referenced above.

The countries covered in the Petrochemicals market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa.

North America is estimated to dominate the Petrochemicals market due to the increasing demand for petrochemicals in this region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the prevalence of numerous market players in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Automotive Infrastructure Growth Installed Base and New Technology Penetration

The Petrochemicals market also provides you with a detailed market analysis for every country's growth in automotive expenditure for capital equipment, installed base of different kinds of products for the Petrochemicals market, the impact of technology using lifeline curves, and changes in automotive regulatory scenarios and their impact on the Petrochemicals market. The data is available for the historic period 2015-2020.

Competitive Landscape and Petrochemicals Market Share Analysis

The petrochemicals market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the Petrochemicals market are:

• BASF SE (Germany)
• Lyondell Basell Industries Holdings B.V. (U.S.)
• INEOS (U.K.)
• Shell Plc. (U.K.)
• SABIC (Saudi Arabia)
• Reliance Industries Limited (India)
• Mitsubishi Chemical Holdings Corporation (Japan)
• Dow (U.S.)
• LG Chem (South Korea)
• Chevron Phillips Chemical Company LLC. (U.S.)
• China National Petroleum Corporation (China)
• Maruzen Petrochemical (Japan)
• SIBUR Holding PJSC (Russia)
• Unicorn Petroleum (India)