The global petrochemicals market size is projected to reach around US$ 600 Bn by 2027 and growing at a CAGR of 4.7% during the forecast period 2020 to 2027.

The petrochemicals industry is a diverse field that impacts nearly every area of life. Petrochemicals are derivatives of petroleum and gas in chemical form. These are either made of naphtha fraction in crude oil, or of paraffin steam cracking in natural gas. There are three main categories of petrochemicals — aromatics, olefins, and methanol.

The report provides analysis of global Petrochemicals market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.                                                        

Market Dynamics

The petrochemical market will expand as a result of increased demand for downstream chemicals from end-use industries. The industry is evolving with suppliers concentrating on high value goods and seeking to reduce the cost of raw materials. The main reasons for decision-making are resilience. The overallplastic waste and emissions generated by processing facilities also forced factories to take action to tackle the rising problem. Producers are attempting to attempt to produce products with an extended scope of use and reduced environmental effects. Technologies for the refining of plastic waste into crude oil are being developed in China. The promotion of these products does not only minimize emissions but also ensure that the petrochemical industry receives raw materials.

Regional Stance

North America held significant market share in 2019 and projected to govern the market amid the projected time span. The development of petrochemicals industries in North America will be driven by growing investments in the US and Canada in shale gas exploration. In 2018, the natural gas production in North America accounted for over 90 percent of the countries combined. The shale gas production gives the benefit of substitution for various petrochemicals for typical feedstocks, such as raw oil and natural gas. North America's shale gas boom has turned industry players from cost-effective manufacturers of petrochemicals and resins to the cheapest because of lower prices for raw materials. Asia-Pacific will experience a substantial CAGR amid the forecast timeframe as a result of rapid industrialization in the region. The key growth-centered countries in the global market are projected to be China and India.

Report coverage

The market research study on “Petrochemicals Market (Petrochemicals Market By Type: Propylene, Ethylene, Benzene, Methanol, Butadiene, Toluene, Xylene, Other; Petrochemicals Market By Application: Solvents, Polymers, Paints and Coatings, Surfactants, Rubber, Adhesives & Sealants, Dyes, Others; Petrochemicals Market By End User: Construction, Healthcare, Packaging, Electrical & Electronics, Automotive & Transportation) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Petrochemicals market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Petrochemicals market size, and segment markets by type, application, and geography along with the information on companies operating in the market. The Petrochemicals market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.  

The global Petrochemicals market is segmented as below:

Market Segmentation

Petrochemicals Market By Type

• Propylene
• Ethylene
• Benzene
• Methanol
• Butadiene
• Toluene
• Xylene
• Others
  
  

Petrochemicals Market By Application

• Solvents
• Polymers
• Paints and Coatings
• Surfactants
• Rubber
• Adhesives and Sealants
• Dyes
• Others

Petrochemicals Market By End User

• Construction
• Healthcare
• Packaging
• Electrical & Electronics
• Automotive & Transportation
• Others

Petrochemicals Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Mexico
• Brazil
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of MEA

Key Players and Market Situation

Participants include major global players such Shell Chemical Company, BASF SE, Total S.A., DuPont, Sinopec Limited, ExxonMobil, Sumitomo Chemical Co. Ltd., Saudi Arabian Oil Co., Dow Inc, Others.

In order to boost their business share, petrochemical firms look at acquisition and mergers and joint partnerships with other main players. Thus businesses aim to meet the most possible consumers at reduced prices with these operating integrations.

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