Petrochemicals Market Report 2023: Size, Share, Growth, Trends, Manufacturers, Forecast To 2032

As per The Business Research Company's Petrochemicals Opportunities And Strategies Market Report 2023, The global petrochemicals market grew from $539,925.0 million in 2022, having increased at a compound annual growth rate (CAGR) of 1.1% since 2017. The market is expected to grow from $539,925.0 million in 2022 to $682,814.8 million in 2027 at a rate of 4.8%. The market is then expected to grow at a CAGR of 4.7% from 2027 and reach $858,351.3 million in 2032.

During the forecast period, demand for electronic products will support the growth of the petrochemicals market. Petrochemicals are a key source of raw materials in the electronics industry, as they are used in batteries and screens and other household goods. For instance, in April 2020, according to a market figure published by Consumer and Home Electronics GmbH, a Germany-based consumer electronics company, with 31.2 billion Euros in sales in 2021, the consumer electronics segment was up 2.5% from 2020. Additionally, the segment of IT goods for private use grew positively, increasing by 3.1% to 8.7 billion euros. Thus, the rising demand for electronic products will drive the petrochemicals market going forward.

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Chemical plant developments and investments in the petrochemicals market encompass the planning, design, construction and operation of chemical plants, with a focus on achieving specific strategic objectives. These developments are driven by various factors, including market demand, technological advancements, cost competitiveness, sustainability considerations and regulatory requirements in the petrochemicals market. For instance, in July 2022, BASF SE, a Germany-based chemicals company, approved the construction of its $10 billion integrated chemicals plant in Zhanjiang, China. The plant is expected to be completed by 2030 and will produce a wide range of chemicals, including engineering plastics, thermoplastic polyurethanes and ethylene glycol. This is a major investment in China's chemical industry and will have a positive impact on the region. The plant will create jobs, boost economic growth and help protect the environment.

The top opportunities in the petrochemicals market by type will arise in the ethylene market, which will gain $51,660.3 million of global annual sales by 2027. The top opportunities in the petrochemicals market by end user will arise in the other end-users market, which will gain $44,235.9 million of global annual sales by 2027. The petrochemicals market size will gain the most in China at $18,392.4 million

Petrochemicals Market Segmentation:
The Petrochemicals market is segmented by type and by end-user.
By Type -
a) Ethylene
b) Propylene
c) Benzene
d) Xylene
e) Styrene
f) Toluene
g) Cumene
h) Other Petrochemicals

By End User-
a) Textile
b) Furniture
c) Paints And Coatings
d) Pharmaceuticals
e) Synthetic Rubber And Fibers
f) Plastic Materials And Resins
g) Toiletries And Cleaning Compounds
h) Other End-User

Major players in the Petrochemicals market include Saudi Basic Industries Corporation (SABIC), Sinopec, ENEOS Holdings Inc, LG Chem Ltd, Royal Dutch Shell

The regions covered in the global Petrochemicals market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Petrochemicals Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Petrochemicals Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
......
22. Key Mergers And Acquisitions
23. Opportunities And Strategies
24. Petrochemicals Market, Conclusions And Recommendations
25. Appendix
26. Copyright and Disclaimer

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