Petrochemicals Market to Exhibit a Striking Growth of USD 675.15 billion with Registering a CAGR of 6.85% by 2029

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.

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.

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.

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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)

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.

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