Press release
Petrochemicals Market Size, Share, Companies, Industry Trends and Analysis 2031
• The global petrochemicals market was valued at US$ 460.7 Bn in 2021
• It is estimated to grow at a CAGR of 4.3% from 2022 to 2031
• The global petrochemicals market is expected to reach US$ 705.6 Bn by the end of 2031
Analysts' Viewpoint on Petrochemicals Market Scenario
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The global petrochemicals market is estimated to grow at a significant pace during the forecast period, due to a rise in the demand for petrochemical products in various end-use industries such as automotive, aerospace, healthcare, building & construction, agriculture, consumer & industrial goods, electrical & electronics, etc. Construction materials made from petrochemical intermediaries are cost-effective, lightweight, and durable. Petrochemical products are increasingly being used in the automotive industry, as they offer benefits such as reduction in vehicle weight, fuel efficiency, low pollution, and safety. Companies, policymakers, visionaries, industries, and end-users need to work together to make a perfect ecosystem for the sustainable use and reuse of petrochemicals. Manufacturers should tap into incremental opportunities by focusing on a more methodical approach to capacity expansions in order to broaden their revenue streams.
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Rise in Demand for Petrochemicals in Electronics & Electrical Industry
In terms of necessity, new materials often stand as the building blocks for product development and technology breakthroughs in the electronics and electrical industry. The modern electronics & electrical industry is highly dependent on petrochemical products for the manufacture of electronics and electrical goods. Everyday objects such as CD players, telephones, radios, computers, and TVs are manufactured on a large scale due to assistance from the petrochemical industry. This is because the petrochemical industry produces and provides certain commodities on which the electronic industry thrives. Petrochemical products in the electronics industry offer better electrical insulation, safety, data storage, ease of assembly, and a great capacity for miniaturization.
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Microchips - the main component of computers - are made from petrochemicals. Petro-chemistry is the keyword of the electronic industries. It is present everywhere, right from cablings and connectors to printed circuit boards (PCBs) and chips. Expansion of the global electronics industry is estimated to fuel the demand for petrochemical services in the near future.
Middle East & Africa is anticipated to be an attractive region for petrochemicals due to rise in applications of petrochemicals in various end-use industries. The petrochemicals market in Middle East & Africa is likely to grow because of investments in new downstream processing capacity, especially in the production of petrochemicals. The region has the largest cost advantage in ethylene production, and several countries are building, or planning to build, mixed-feed crackers, as well as ethylene derivatives, ammonia/urea, and other petrochemical capacities.
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Analysis of Key Players in Global Petrochemicals Market
The global petrochemicals market is highly fragmented, with the presence of a few large-scale vendors that control majority of the share. Expansion of product portfolios and mergers and acquisitions are prominent strategies adopted by key players. The global petrochemicals market assessment report includes various sections such as petrochemicals market drivers, petrochemicals market restraints, petrochemicals market challenges, sales forecast for petrochemicals market, etc. Some of the leading players in the global petrochemicals market are BASF SE, BP Plc, DuPont de Nemours, Inc., Total S.A., Exxon Mobil Corp., China Petroleum & Chemical Corporation, Saudi Arabian Oil Co., Sumitomo Chemical Co., Ltd., Dow, Chevron Phillips Chemical Company, LyondellBasell Industries NV, Mitsubishi Chemical Corporation, INEOS, PetroChina Company Limited, Saudi Basic Industries Corp., Idemitsu Kosan Co., Ltd., Reliance Industries Limited, Royal Dutch Shell Plc, Indian Oil Corp. Ltd., and Formosa Petrochemical Corporation.
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