Petrochemicals Market Report 2022 SWOT Analysis, Key Indicators, Forecast 2030

Petrochemicals Market was worth USD 556.09 billion in 2021 and is slated to expand with a CAGR of 6.2% over 2022-2030, thereby amassing USD 1,002.45 billion by end of the assessment timeframe.

Petrochemicals are referred to as a type of chemical products derived from petroleum via the process of refining. But they are also obtained from other fossil fuels and renewable sources such as natural gas, coal, sugar cane, maize or palm fruit. The most commonly used petrochemical products are solvents, epoxy resins, plastics, synthetic fibers, rubbers, and explosives.

What Are The Growth Propellants And Restraints Of This Business Sphere?

The escalating product demand from end use industries such as automotive, pharmaceuticals, and construction and growing plastic consumption in developing economies are augmenting the outlook of this marketplace. Also, rising R&D investments in the field and surge in disposable income of the masses are adding momentum to the industry progression.

A significant contributor to India's economy and prosperity is the petrochemical industry. But as energy demand has expanded, so has petrochemical manufacturing, which results in more complicated waste being produced during oil production and refining both onshore and offshore. The primary source of harmful organic and inorganic pollutants is the petrochemical industry. Organic pollutants, which are mutagenic, carcinogenic, persistent in the environment, and harmful to both human health and the environment, are predominantly composed of complex polycyclic aromatic hydrocarbons (PAHs).

Petrochemical executives are being forced to reconsider the direction of the sector by COVID-19. Before the epidemic, there was already slowing demand growth, a growing excess, and a declining value pool; these trends have only gotten worse. In addition, the transition to renewable energy sources and a regenerative, or circular, economy will cause fundamental instability in the business.

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Segmental Assessment Of This Marketplace:

Based on product
• Benzene
• Butadiene
• Methanol
• Propylene
• Toluene
• Xylene
• Ethylene
The ethylene segment is poised to garner significant returns over the stipulated timeline. This is ascribed to the elevating demand for ethylene from end user industries owing to its flexibility and durability.

By end use
• Packaging
• Automotive
• Electronics
• Others
The packaging segment is slated to capture high revenue share over the estimated timeline owing to the growing consumption of packaged edibles across the globe.

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Expounding The Geographical Ambit And Competitive Hierarchy Of Global Petrochemicals Market:

North America, Middle East & Africa, Europe, Asia Pacific, and Latin America are the major regions characterizing the geographical ambit of this business vertical. Among these, Asia Pacfic is projected to showcase lucrative expansion trends over 2022-2030. This is attributable to the widespread economic expansion, rise in disposable income of the masses, and presence of emerging market players.

The promiment companies operating in the market vertical are BASF SE, SABIC, Sibur, Royal Dutch Shell Plc., LG Chem, INEOS, and Dow Chemical Company.

Notably, in September 2021, The Saudi Industrial Investment Group inked a partnership deal with National Petrochemical Company with an aim to further develop the petrochemicals sector in Saudi Arabia.

Frequently Asked Questions:

• What is the Petrochemicals Market Size?
• What is the CAGR for Petrochemicals Market?
• What are the segments covered in the Petrochemicals Market Report?
• Which region is more attractive for vendors in the Petrochemicals Market?
• Who are the key players in the Petrochemicals Market?

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