Petrochemicals Market to reach USD 675.15 million by 2029: Competitive Landscape, Trends, Statistics, and Segmentation

Market Definition

Petrochemicals are chemicals which has derived from petroleum gas or natural gas. They are a vital part of the chemical industry as in increase the demand for synthetic materials continuously and plays a main role in today's society and economy. Petrochemicals are used to manufacture several products that people use in their daily lives, including furniture, appliances, electronics, solar power panels, plastics, medicines, cosmetics, and wind turbines.

Data Bridge Market Research analyses that the petrochemicals market was valued at USD 397.38 million in 2021 and is expected to reach USD 675.15 million by 2029, registering a CAGR of 6.85 % during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.

Petrochemical is an active constituent for several industrial processes, and hence forms the backbone of an industrial economy. There are thousands of product derived from petrochemicals detergents, including tires, industrial oil, and plastic. Basic plastic derived from the product which act as a building block in the production of consumer goods. Petrochemical products are used in medical equipment, paints, cars, packaging, household goods, clothing and building material these are some common applications. Moreover, the industry continues to innovate through new technology and increase the ability to process in different types with different raw materials.

Some of the major players operating in the petrochemicals market are:
BASF SE (Germany)
LyondellBasell Industries Holdings B.V. (U.S.)
INEOS (U.K.)
Shell Plc. (UK)
SABIC (Saudi Arabia)
Reliance Industries Limited (India)
Mitsubishi Chemical Holdings Corporation (Japan)
Dow (U.S.)
LG Chem (South Korea)
Chevron Phillips Chemical Company LLC. (U.S.)
China National Petroleum Corporation (China)
Maruzen Petrochemical (Japan)
SIBUR Holding PJSC (Russia)
Unicorn Petroleum (India)
Star West (US)
Applied Thermal Control ltd (UK)
Clariant (Switzerland)
Eastman Chemical Company (US)
Flowserve Corporation (US)
Radco Industries (US)
Huntsman International L.L.C (US)
TOTALEnergies (France)
 Indian Oil Corporation Ltd (India)
BP PLC (UK)
Sumitomo Chemical Company (Japan)
DuPont (US)

Read the Full Report Here­­ With TOC and Charts: https://www.databridgemarketresearch.com/reports/global-petrochemicals-market

Opportunities

The demand for advanced petrochemical products arises by many end user industries. They are demanding for the product which have more eco-friendly and innovative applications. Some industries have try to improved petrochemical products which can use in building and construction, aviation, agriculture electrical and electronics, food and beverage, healthcare, and automotive, this is encouraging numerous petrochemicals manufacturer to create new technologies to process the petrochemicals better into newer products which are easier on the surroundings and have more useful and innovative applications. Moreover, increase in emerging new markets and strategic collaborations will act as market drivers and further increase useful opportunities for the market's growth rate.

Global Petrochemicals Market Scope

The petrochemicals market is segmented on the basis of products, manufacturing process, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product
Ethylene
Propylene
Butadiene
Benzene
Xylene
Toluene
Polystyrene
Methanol

 Manufacturing Process
Fluid Catalytic Cracking (FCC)
Steam Cracking
Catalytic Reforming

 Application
Polymers
Paints and Coatings
Solvents
Rubber
Adhesives and Sealants
Surfactants, Dyes
Others

End-User
Packaging
Automotive and Transportation
Construction
Electrical and Electronics
Healthcare
Others

Petrochemicals Market Regional Analysis/Insights

The petrochemicals market is analysed and market size insights and trends are provided by country, products, manufacturing process, application and end-user as referenced above.

The countries covered in the petrochemicals market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

During the forecast period, North America dominates the petrochemicals market in terms of revenue and market share. This is due to the increasing demand for petrochemicals in this region. The north America region leads the petrochemicals market due to the increasing manufacturing of shale gas, accessibility of raw material at reasonable prices, and development of the automotive sector in this region.

During the projected period, Asia-Pacific is anticipated to be the fastest developing region due to the prevalence of numerous market players in this region.

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About Data Bridge Market Research:

Data Bridge Market Research is a multinational management consulting firm with offices in India and Canada. As an innovative and neoteric market analysis and advisory company with unmatched durability levels and advanced approaches. We are committed to uncovering the best consumer prospects and fostering useful knowledge for your company to succeed in the market.

Data Bridge Market Research is a result of sheer wisdom and practice that was conceived and built-in Pune in the year 2015. The company came into existence from the healthcare department with far fewer employees intending to cover the whole market while providing the best class analysis. Later, the company widened its departments, as well as expanded its reach by opening a new office in the Gurugram location in the year 2018, where a team of highly qualified personnel joins hands for the growth of the company. "Even in the tough times of COVID-19 where the Virus slowed down everything around the world, the dedicated team of Data Bridge Market Research worked round the clock to provide quality and support to our client base, which also tells about the excellence in our sleeve."

We provide a variety of services such as market verified industry reports, technology trend analysis, Formative market research, strategic consulting, vendor analysis, production and demand analysis, and consumer impact studies among many others.

This release was published on openPR.