Global Petrochemicals Market 2020, Revenues, Business Overview, Growth Rate, SWOT Analysis

The Business Research Company’s Petrochemicals Market Report - Opportunities And Strategies - Global Forecast To 2030

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The global petrochemicals market reached a value of nearly $456.5 billion in 2019, having increased at a compound annual growth rate (CAGR) of 3.7% since 2015. The market is expected to decline from $456.5 billion in 2019 to $434.1 billion in 2020 at a compound annual growth rate (CAGR) of –4.9%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is expected to grow slightly from $430.96 billion in 2021 to $431.01 in 2023 at a CAGR of 0.01%. The market is expected to stabilize and reach $453.6 billion in 2025 and $506.1 billion in 2030.

The Key drivers of the Petrochemicals market include:-
Rising demand for polypropylene is expected to contribute to the growth of the petrochemicals market in the forecast period. Polypropylene is used in a wide range of applications including household products, automotive, and medical devices, among others. Superior mechanical properties and moldability make polypropylene a preferred material in manufacturing several products including automotive parts. Polypropylene is being increasingly used in Electric vehicles to neutralize battery weight. It is also used as an insulating material for high voltage carrying cables, and in the interior of the vehicles. It is estimated that by 2025, electric vehicles and hybrid electric vehicles will account for 30% of all vehicle salesi. Rising demand for e-vehicles is expected to boost the demand for polypropylene, which in turn will drive the market for petrochemicals in the forecast period.

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Petrochemicals Market Segmentation:-
By Type
1. Ethylene
2. Propylene
3. Benzene
4. Xylene
5. Styrene
6. Toluene
7. Cumene

The benzene market was the largest segment of the petrochemicals market segmented by type, accounting for 21.9% of the total in 2019. It was followed by ethylene, propylene, and others. Going forward, the ethylene segment is expected to be the fastest growing segment in the petrochemicals market, at a CAGR of 0.7%.

By End User
1. Textile
2. Furniture
3. Paints And Coatings
4. Pharmaceuticals
5. Synthetic Rubber And Fibers
6. Plastic Materials And Resins
7. Toiletries And Cleaning Compounds
8. Others

The others market was the largest segment of the petrochemicals market segmented by end user industry, accounting for 33.3% of the total in 2019. Going forward, the pharmaceuticals segment is expected to be the fastest growing segment in the petrochemicals market, at a CAGR of 5.5%.

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By Geography - The Petrochemicals market is segmented Into
1.North America
2.Western Europe
3.Asia Pacific
4.Eastern Europe
5.South America
6.Middle East
7.Africa

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Some of the major key players involved in the Petrochemicals market are
1. Royal Dutch Shell PLC
2. Saudi Basic Industries Corporation (SABIC)
3. The Dow Chemical Company
4. China Petroleum & Chemical Corporation (Sinopec)
5. LyondellBasell Industries N.V.

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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.

This release was published on openPR.