Press release
Petrochemicals Market Projections, Trends and Forecast 2024 - 2031 | BASF SE, Sinopec Limited, ExxonMobil
Petrochemicals
Market Overview:
Petrochemicals are organic compounds produced from petroleum through chemical processing. They are widely used to produce chemicals including plastics, paints, synthetic fibers, solvents, detergents and adhesives.
Market Dynamics:
Rising construction activities is expected to drive the growth of the petrochemicals market during the forecast period. Petrochemicals are extensively used as building materials such as concrete admixtures, roofing materials like tiles, pipes, cords and others. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to $15.5 trillion worldwide by 2030.
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Growing automotive production is another factor fueling the market growth. Petrochemical derivatives such as synthetic rubber, resins, fibers and plastics are majorly used in automotive interiors, exteriors and other components. As per projections, global vehicle production is estimated to reach over 120 million units by 2030 from the current 95 million units. This high demand from the expanding construction and automotive industries is anticipated to boost the petrochemicals market.
Major Drivers of Demand for Petrochemicals - Rise in Construction Activities Worldwide
The global construction industry has witnessed steady growth over the past few decades driven by increasing urbanization and infrastructure development activities in developing economies. The growth in the construction sector has created robust demand for materials like plastics, paints, solvents which are derived from petrochemical feedstocks. According to estimates, the global construction output is projected to grow by 85% to reach $15.5 trillion by 2030. This rise in construction activities worldwide presents a major growth opportunity for the petrochemical industry as petroleum-based polymers and resins are integral ingredients used in buildings, roads, bridges and other infrastructure projects.
Major Drivers of Demand for Petrochemicals - Increasing Plastic Consumption in Emerging Economies
Another key driver behind growing petrochemical demand is the rising plastic consumption in emerging economies like China, India, Brazil, Indonesia etc. These countries account for over 60% of the global population and their consumption patterns are shifting towards more plastic-based consumer goods like packaged food, clothing, electrical appliances etc. especially in urban areas. The growing middle class in developing nations is also driving higher demand for vehicles which contain significant amount of polymers. It is estimated that plastic demand in emerging markets will grow at twice the rate of mature markets in the coming years. This rapid increase in plastic usage will have a profound impact on petrochemical producers globally.
Major Opportunity for Petrochemicals Market - Shift Towards Natural Gas and Renewable Feedstocks
With many governments promoting renewable energy and low-carbon technologies, natural gas and bio-based feedstocks present a huge opportunity for petrochemical sector. Natural gas as a feedstock produces lower emissions than naphtha or gas oil. Many US-based petrochemical companies have already shifted to advantaged natural gas feedstock following the shale gas revolution. Similarly, renewable feedstocks such as vegetable oils, biomass and waste materials can be used to produce bio-chemicals and bio-plastics providing an eco-friendly alternative. As environmental sustainability gains prominence worldwide, transition towards more gas-based and renewable sources will be a defining trend in the coming decades opening up new investment opportunities.
Major Trend in Petrochemicals Market - Capacity additions in Middle East and Asia Pacific
One of the key trends observed in global petrochemical industry is capacity additions and expansion primarily focused in Middle East and Asia Pacific regions. The Middle East led by Saudi Arabia, UAE and Qatar has emerged as the lowest cost producer of petrochemicals backed by abundant oil and gas reserves. Major companies like SABIC and ADNOC are undertaking large projects worth billions to capture growing markets. Meanwhile, China, India, South Korea are aggressively investing in new capacity expansion to meet the needs of their vast manufacturing sectors and maintain export competitiveness. This capacity build-up in low cost Asian and Middle Eastern markets will intensify global competition but also ensure adequate supply reliability.
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Top Companies Featured in This Report:
β BASF SE
β Sinopec Limited
β ExxonMobil
β The Dow Chemical Company
β Shell Chemical Company
β SABIC
β LyondellBasell Industries
β Total S.A.
β Sumitomo Chemical Co. Ltd.
β Chevron Phillips Chemical Company LLC and E. I. du Pont de Nemours and SNPC
β INEOS
β Reliance Industries.
Market Segmentation:
By Product Type:
β Ethylene
β Polyethylene
β Ethyl benzene
β Ethylene oxide
β Propylene
β Propylene oxide
β Polypropylene
β Isopropanol
β Butadiene
β Styrene
β Acrylonitrile butadiene styrene
β Butadiene
β Benzene
β Cyclohexane
β Nitrobenzene
β Ethyl benzene
β Xylene
β Toluene
β Solvents
β Benzene
β Xylenes
Key Regions/Countries Classified as Follows:
Β» North America (U.S., Canada, Mexico)
Β» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Β» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
Β» South America (Brazil, Argentina, Rest of SA)
Β» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Petrochemicals Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Petrochemicals market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Petrochemicals market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Petrochemicals market.
Segment Analysis: Examining the market value and sales volume of Petrochemicals by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Petrochemicals market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Petrochemicals sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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