The global petrochemicals industry was valued at USD 599.68 billion in 2022. It is projected to grow from USD 649.16 billion in 2024 to USD 900.91 billion by 2032, with a compound annual growth rate (CAGR) of 4.2% over this period.
Petrochemicals are derived from natural gas, crude oil, and coal. The market's growth is driven by the expansion of industries such as electronics, packaging, automotive, and construction, which are expected to increase the demand for petrochemical products.
This information is provided by Fortune Business Insights™ in their research report titled "petrochemicals industry, 2024-2032."
Key Players Mentioned in the Report:
BASF SE (Germany)
LyondellBasell Industries Holdings B.V. (Netherlands)
INEOS (UK)
Shell plc (UK)
SABIC (Saudi Arabia)
Reliance Industries Limited (India)
Mitsubishi Chemical Corporation (Japan)
Dow Chemical Company (U.S.)
LG Chem (South Korea)
Chevron Phillips Chemical Company LLC (U.S.)
China National Petroleum Corporation (China)
Maruzen Petrochemical Co., Ltd. (Tokyo)
Segmentation:
Ethylene Segment Growth Driven by Its Use in Vinyl Chloride Production
The market is segmented by type into methanol, propylene, ethylene, xylene, and others. The ethylene segment held the largest market share in 2022, driven by its use in producing ethylene glycol, vinyl chloride, and polyethylene.
Plastic Packaging Demand Boosts Segment Growth
Based on end-use industry, the market is divided into electronics, automotive, construction, packaging, and others. The packaging segment held the largest market share in 2022, fueled by the increasing demand for plastic packaging in both food and non-food sectors.
Regional Market Segmentation
The market is segmented geographically into South America, North America, Asia Pacific, Europe, and the Middle East & Africa.
Information Source: https://www.fortunebusinessinsights.com/petrochemicals-market-102363
The research report provides comprehensive insights into the primary factors driving market growth. It also covers the restraining factors, the impact of the COVID-19 pandemic on market dynamics, and significant industry developments. Additionally, the report highlights competitive strategies used by key industry players to strengthen their market position.
Packaging Industry Expansion Fuels Market Growth
A major driver of growth in the petrochemicals industry is the booming packaging sector, largely due to increasing urbanization. As urban populations grow, the demand for packaged goods rises, boosting the need for petrochemical products.
However, despite the expanding opportunities for petrochemical products, their potential environmental and health impacts could hinder market growth.
Asia Pacific Leads Due to Strong Automotive Industry Presence
In 2022, the Asia Pacific region led the petrochemicals market, driven by the significant presence of the traditional automotive industry, particularly in China.
In North America, market growth can be attributed to advancements in shale oil production, with hydraulic fracturing technologies bolstering the petroleum sector.
Major Players Emphasize Mergers and Acquisitions for Revenue Growth
Leading companies in the petrochemicals industry are focusing on partnerships and other strategic initiatives, such as product innovation and joint ventures. Many firms are pursuing mergers and acquisitions to capture a larger market share and increase revenue.
July 2024 – INEOS Acquires Gexaro, Appryl, and Naphtachimie
In July 2024, INEOS finalized the acquisition of Gexaro, Appryl, and Naphtachimie, a 50:50 joint venture with TotalEnergies in Southern France. This acquisition marks a significant expansion of INEOS's business in France and Southern Europe.
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