The global petrochemicals market size is expected to reach USD 1002.45 billion by 2030, as per the new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.3% from 2024 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.

Gather more insights about the market drivers, restrains and growth of the Global Petrochemicals Market

 

The competitiveness among the producers of the product is high as the market is characterized by the presence of a large number of global players with strong distribution networks. Top players are dominating the industry for the past few years owing to the increasing investment in R&D activities related to new product development.

Petrochemicals Market Report Highlights

  • The methanol product segment is expected to expand at the highest revenue-based CAGR of 8.9% over the forecast period. The demand is attributed to the increase in demand for methanol in manufacturing biodiesel, which is biodegradable, safe, and produces fewer air pollutants as compared to other fuels
  • Surged use of polyethylene, High-density Polyethylene (HDPE), and Low-density Polyethylene (LDPE) is expected to foster the overall growth of the market for petrochemicals.
  • The butadiene product segment is expected to be an emerging segment in the coming years as it is a key building block used in the manufacturing of several chemicals and materials employed in the industries such as consumer durables, healthcare, and building and construction
  • Manufacturers have adopted joint ventures and acquisitions as major strategies to increase their global presence

Key Petrochemicals Market Company Insights

Some of the key players operating in the market include SABIC, ExxonMobil Corporation, and BASF SE.

  • SABIC, a global leader in petrochemicals, emphasizes on diversified product portfolio ranging from basic chemicals to specialty products. It focuses on innovation, sustainability, and operational excellence. SABIC often invests in R&D to enhance product quality, efficiency, and explore eco-friendly alternatives.
  • ExxonMobil is a leading player in petrochemical industry, with a focus on integrated downstream operations. Its strategy involves technological innovation, cost leadership, and commitment to sustainability. ExxonMobil continuously invests in advanced technologies to improve efficiency and reduce environmental impact.

Mitsubishi Chemical Holdings Corporation and Formosa Petrochemical Corporation are some of the emerging market participants in petrochemicals market.

  • Mitsubishi Chemical Holdings Corporation is an emerging player in the global petrochemicals market, emphasizing on innovation and sustainability. The company invests in R&D to create value-added products and reduce environmental impact. It also explores strategic collaborations to enhance its market position in a competitive market.
  • Formosa Petrochemical Corporation, an emerging player with a strong presence in Asia, focuses on expanding its petrochemical operations. Its strategy involves capacity expansions, technology upgrades, and a commitment to environmental responsibility. Further, it aims to meet increasing demand for petrochemical products in the region.

List of Key Players of Petrochemicals Market

  • BASF SE
  • Chevron Corporation
  • China National Petroleum Corporation (CNPC)
  • China Petrochemical Corporation
  • ExxonMobil Corporation
  • INEOS Group Ltd.
  • LyondellBasell Industries Holdings B.V.
  • Royal Dutch Shell PLC
  • SABIC
  • Dow

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