Petrochemicals Market is Estimated To Witness High Growth Owing To Increasing Demand For Chemical Products


https://www.coherentmarketinsights.com/market-insight/petrochemicals-market-268
Petrochemicals Market 


Market Overview:

Petrochemicals are a range of chemicals derived from oil and gas. They are used to manufacture a wide range of everyday products such as plastics, clothing, insulation, and household items. Petrochemicals provide advantages such as light weight, durability, malleability and corrosion resistance. The growing global demand for plastic and chemical products from various end-use industries is fueling the need for petrochemical products.

Market key trends:

One of the key trends in the petrochemicals market is the growing investments in cracker plants and capacity expansions worldwide. Manufacturers are investing heavily in expanding and building new cracker plants to produce petrochemical monomers like ethylene and propylene that are used to make various derivatives and end products. For instance, Saudi Aramco and Total signed a joint venture deal valued at over $8 billion to build a petrochemical complex with an annual capacity of 9 million tons/year in Saudi Arabia to capitalize on growing demand. Similarly, ExxonMobil broke ground on a multi-billion dollar ethane cracker facility in Beaver County, Pennsylvania to crack natural gas liquids into ethylene and polyethylene pellets. This trend is expected to continue during the forecast period as companies invest in projects to meet incremental demand from end-use sectors and benefit from economies of scale.

Segment Analysis
The global petrochemicals market is segmented into olefins, aromatics, polymers, and other petrochemicals. Within olefins, ethylene is the dominating sub-segment, accounting for over 35% of the global petrochemicals market share in 2023. Ethylene finds wide applications in the production of polyethylene, which is used across industries such as packaging, construction, automotive, and consumer goods.

The global Petrochemicals Market Share is estimated to be valued at US$ 584.50 Billion in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways
The global petrochemicals market is expected to witness high growth, exhibiting a CAGR of 7.0% over the forecast period, due to increasing demand from end-use industries such as packaging, construction, automotive, and consumer goods.

Regional analysis
Asia Pacific dominated the global petrochemicals market with around 45% share in 2023. Growing population, rising disposable incomes, and swift industrialization in major Asia Pacific countries including China and India are driving the demand for petrochemicals in the region. North America is expected to be the fastest growing region, expanding at a CAGR of over 8.0% during the forecast period.

Key players
Key players operating in the petrochemicals market are BASF SE, Sinopec Limited, ExxonMobil, The Dow Chemical Company, Shell Chemical Company, SABIC, LyondellBasell Industries, Total S.A., Sumitomo Chemical Co. Ltd., Chevron Phillips Chemical Company LLC and E. I. du Pont de Nemours and SNPC, INEOS, and Reliance Industries. Factors such as expanding production capacities, new product launches, and strategic partnerships are helping these players strengthen their foothold in the global market.


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