The petrochemicals
market
size was USD 371.9 billion in 2020. The market size is expected to rise from
USD 582.4 billion in 2021 to USD 888.3 billion by 2028 at a CAGR of 6.2% during
the forecast period. The global market is expected to rise during the projected
period due to increasing environmental concerns by manufacturers in the market.
Fortune Business Insights™ publishes this information in a report
titled, "Petrochemicals Market, 2021-2028".
Petrochemicals are chemical substances made from oil, coal, and
natural gases. These chemicals are majorly used in developing consumer products
such as pesticides, shampoos, aspirin, detergents, gasoline, carpeting, and
milk jugs. Products such as propylene, ethylene, benzene, and xylene are used
in packaging, plastics, rubber, and electronics. Increasing demand for the
product in automotive, medical, packaging, construction, and consumer goods
sectors will likely boost the market.
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COVID-19 Impact:
Restricted Supply Chain to Hinder Market
Growth
The outbreak of COVID-19 pandemic has affected various industries, including the chemical sector. Government imposed stringent restrictions on import/export policies and production and manufacturing restrictions to maintain social distancing norms hampered the supply chains. Halted operations and production affected the supply chain management of major key players. Also, these limitations caused due to the pandemic have affected the market growth and development to a higher extent.
List of Key Players Profiled in the
Report:
·
BASF
SE (Ludwigshafen, Germany)
·
LyondellBasell
Industries Holdings B.V. (Texas, U.S.)
·
INEOS
(London, U.K.)
·
Royal
Dutch Shell Plc. (Hague, Netherlands)
·
SABIC
(Riyadh, Saudi Arabia)
·
Reliance
Industries Limited (Mumbai, India)
·
Mitsubishi
Chemical Corporation (Tokyo, Japan)
·
Dow
Chemical Company (Michigan, U.S.)
·
LG
Chem (Seoul, South Korea)
·
Chevron
Phillips Chemical Company LLC. (Texas, U.S.)
·
China
National Petroleum Corporation (Beijing, China)
·
Maruzen
Petrochemical Co., Ltd. (Tokyo, Japan)
·
Sibur
(Moscow, Russia)
Segments:
Packaging Segment Dominates Market Due to
Rising Demand
By type, the market is segmented into ethylene, propylene,
methanol, xylene, and others.
Based on end-use industry, the market is divided into packaging,
electronics, construction, automotive, and others.
Finally, by region, the market is categorized into North America,
Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides complete information and statistical data
regarding market development trends and business strategies adopted by the key
players. Furthermore, recent trends and advancements in the industry are
discussed further in this report along with key industry developments. The
report sheds light on drivers and restraints affecting the market growth and
the impact caused due to COVID-19 pandemic.
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Drivers & Restraints:
Increasing Product Demand in Packaging
Application to Stimulate Growth
The
market is expected to witness significant growth in the coming years owing to
the rising plastic consumption in developing economies. The utilization of
plastic packaging is increased in various industries, thereby boosting the
market in segmented regions. Furthermore, increasing industrialization and
commercialization is expected to drive plastic utilization during the projected
period. Also, cost-effective and eco-friendly characteristics of the produced
plastic are anticipated to drive the market. These factors are likely to ensure
the global petrochemicals market growth in the segmented regions.
However,
hazardous effects caused due to petrochemical products may hinder the market
growth.
Regional Insights:
Asia Pacific Holds Highest Market Share Due to
Rising Industrialization
Asia Pacific dominates the global petrochemicals market share due
to rising demand in the consumer goods industry. Increasing industrialization
and commercialization in developing countries is expected to maintain the
market position during the forecast period.
North America holds the second-largest global market share due to
rising investments in the petrochemicals production sector. This encourages the
key players to implement innovative strategies to increase product range.
Competitive Landscape:
Innovative Strategies Allow Key Players to
Expand Business Globally
The key players in the industry focus on implementing innovative
strategies and business expansion strategies such as mergers, acquisitions,
partnerships, and alliances. Also, developing and designing new products allow
key players to enhance their product portfolio and gain a competitive advantage
in the market.
Industry Developments:
·
August 2021: PJSC SIBUR Holding and Indian Oil
Corporation Ltd (IOC) entered into a partnership to set up a large
petrochemicals facility in India.
·
July 2021: Repsol SA is expanding the production
of specialty chemicals at its subsidiary Repsol Polmeros SA's petrochemicals
complex by installing additional units. Repsol plans to construct a
300,000-tonne-per-year linear polyethylene plant and a 300,000-tonne-per-year polypropylene
plant to expand the manufacturing site's production of 100% recyclable
polymeric materials for use in highly specialized applications aligned with
energy transition initiatives in the pharmaceutical, automotive, and food
industries.
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