Which segment accounted for the largest Petrochemicals Market share?
- by marketherald
Petrochemicals Industry Overview
The global petrochemicals market size is expected to reach USD 1,002.45 billion by 2030, as per the new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.2% from 2022 to 2030. The demand for petrochemicals is attributed to an increase in demand from the end-use industries such as construction, textile, medical, pharmaceuticals, consumer goods, automotive, and electronics.
Products such as ethylene, propylene, and benzene are widely used in various industries such as packaging, electronics, plastics, and rubber. The ethylene product segment dominated the market in 2021 and is expected to maintain its lead in the forecast period owing to its wide application scope across several industries. Asia Pacific is anticipated to dominate the market in the forecast period owing to the favorable regulatory policies in the region.
Crude oil and natural gas are the major raw materials used for the manufacturing of petrochemical products. The volatile prices of crude oil are a major challenge in the procurement process of crude oil as a raw material for manufacturers. The industry players that are reliant on crude oil as a feedstock for manufacturing are likely to face difficulties in the coming years. However, declining prices of natural gas owing to a rise in its production are expected to augment the growth of the product over the forecast period.
Petrochemicals Market Segmentation
Grand View Research has segmented the global petrochemicals market on the basis of product and region:
Based on the Product Insights, the market is segmented into Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, and Methanol.
- The methanol segment is predicted to register the highest revenue-based CAGR of 7.8% over the forecast period. Methanol is used as a feedstock for producing acetic acid and formaldehyde, which are used in foams, adhesives, foams, solvents, plywood subfloors, and windshield washer fluids.
- Ethylene dominated the market with a revenue share of over 40.0% in 2021. This is attributed to an increase in demand for ethylene from various industries such as construction, packaging, and transportation.
- Butadiene was the second-largest product segment in 2021, in terms of revenue. It is majorly utilized as a chemical intermediate and a monomer during the production of polymers such as styrene-butadiene rubber (SBR), Polybutadiene Rubber (PBR), Polychloroprene (PBR), and Nitrile Rubber (NR).
Petrochemicals Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
The rising demand for petrochemicals in various applications such as automobiles, packaging, household goods, and medical equipment is a key factor encouraging the manufacturers operating in this segment to increase their production capacity across the globe. Companies engaged in manufacturing petrochemical products continuously undergo mergers and acquisitions and joint ventures with governments and other key players that are already in the field of oil and gas. Through these operational integrations, companies seek to expand their reach to potential customers at optimum distribution cost.
Some prominent players in the global petrochemicals market include:
- BASF SE
- Chevron Corporation
- China National Petroleum Corporation (CNPC)
- China Petrochemical Corporation
- ExxonMobil Corporation
- INEOS Group Ltd.
- Lyondell Basell Industries Holdings B.V.
- Royal Dutch Shell PLC
Order a free sample PDF of the Petrochemicals Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Petrochemicals Industry Overview The global petrochemicals market size is expected to reach USD 1,002.45 billion by 2030, as per the new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.2% from 2022 to 2030. The demand for petrochemicals is attributed to an increase in demand from the end-use industries such…
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