Press release
Global Petrochemicals Market Overview 2033 : Forecasted Market Size And Growth Rate | Royal Dutch Shell PLC, Saudi Basic Industries Corporation (SABIC), The Dow Chemical Company
Petrochemicals Global Market Report
The Business Research Company presents an extensive market research report on the Petrochemicals Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The petrochemicals market size has grown strongly in recent years. It will grow from $692.11 billion in 2023 to $730.54 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to economic growth in emerging markets, growth of the packaging industry, low interest rate environment, and global population growth.
The petrochemicals market size is expected to see strong growth in the next few years. It will grow to $910.48 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to rising demand for polypropylene, and rising demand for synthetic materials . Major trends in the forecast period include investing in automation and instrumentation services, investing in developing on-purpose propylene technologies, implementing artificial intelligence in operations, investing in plastic recycling to deal with regulatory challenges, and investing in crude oil to chemical technologies.
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Key Market Players:
Major companies operating in the petrochemicals market report are Royal Dutch Shell PLC, Saudi Basic Industries Corporation (SABIC), The Dow Chemical Company, China Petroleum & Chemical Corporation (Sinopec), LyondellBasell Industries N.V., LG Chem Ltd., Chevron Phillips Chemical Company LLC, INEOS Group Holdings S.A., BASF SE, GS Caltex Corporation, Haldia Petrochemicals Ltd, Kuwait Petroleum Corporation, Imperial Oil Limited, Castrol, Duqm Refinery & Petrochemical Industries, Mitsui Chemicals, PKN ORLEN, China National Offshore Oil Corporation, Sumitomo Chemical Co., Inc, LUKOIL, Nizhnekamskneftekhim, NOVA Chemicals Corporation, Keiyo Ethylene Co Ltd, Rongsheng Petrochemical, Reliance Industries Limited, Manali Petrochemicals Ltd, DCW Limited, China National Petroleum Corporation, Supreme Petrochem Ltd, Sasol, Total, Egyptian Petrochemicals Holding Company (ECHEM), RusGazDobycha, Borealis AG, BP plc, Cepsa, Gazprom, Mitsubishi Chemical Corp, Saudi Aramco, Versalis, Osaka Petrochemical Industries Ltd, Maruzen Petrochemical Co., Idemitsu Kosan Co., Rosneft, Repsol, Sidi Kerir Petrochemicals Company (SIDPEC), ADNOC, ExxonMobil Petroleum & Chemical, Zhejiang Hengyi, Carbon Holdings Limited, SIBUR, Finolex Industries Limited.
Market Drivers:
The petrochemicals market is expected to benefit from growth in the automobile industry during the forecast period. An automobile is a motorized vehicle designed for the transportation of passengers or cargo on roads, typically powered by an internal combustion engine or electric motor. There is a drive for the production of automobiles, which is leading to an increase in demand for petrochemical products that are used in the manufacturing of brake parts, radiators, and other components. For instance, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, car production in the United States grew to 11.87 million units, up from 10.91 million units in June 2023. Thus, the growth of automobiles is expected to increase the demand for petrochemicals during the forecast period.
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The petrochemicals market covered in this report is segmented -
1) By Type: Ethylene-Petrochemicals, Propylene-Petrochemicals, Benzene-Petrochemicals, Xylene, Styrene-Petrochemicals, Toluene, Cumene, Other Petrochemicals
2) By Application: Polymers, Paints & Coatings, Solvents, Rubber, Adhesives & Sealants, Surfactants, Pigments & Dyes, Fibers & Fabrics, Other Applications
3) By End User Industry: Textile, Furniture, Paints And Coatings, Pharmaceuticals, Synthetic Rubber And Fibers, Plastic Materials And Resins, Toiletries And Cleaning Compounds, Other End Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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