Press release
Global Petrochemicals Market: Exploring Future Growth and Trends for 2024-2029
Petrochemicals Market
Rising demand for polypropylene and synthetic materials fuels the Petrochemicals market from $734.12 billion in 2024 to $983.21 billion in 2029 at a compound annual growth rate (CAGR) of 5.9%.
What Is The Projected Market Size Of The Global Petrochemicals Market And Its Growth Rate?
• The petrochemicals market size is forecasted to grow from $734.12 billion in 2024 to $781.65 billion in 2025 at a compound annual growth rate (CAGR) of 6.5%.
• By 2029, the market size will reach $983.21 billion at a CAGR of 5.9%, driven by the rising demand for Polypropylene and Synthetic materials.
What Is Driving The Growth In The Petrochemicals Market?
The surge in the automobile industry is propelling the growth of the Petrochemicals market. As the production of automobiles increases, the demand for Petrochemicals products used in the manufacturing of brake parts, radiators, and other components also rises correspondingly. For instance, in August 2023, car production in the United States grew to 11.87 million units, up from 10.91 million units in June 2023, according to the Board of Governors of the Federal Reserve System. This growth of the automobile industry is set to boost the Petrochemicals market during the forecast period.
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Who Are the Key Players Driving Petrochemicals Market Growth?
Key players in the petrochemicals market include:
• 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
• And many others.
What Are The Key Trends In The Petrochemicals Market?
Key trends in the Petrochemicals market include:
• Investment in automation and instrumentation services
• Development of on-purpose propylene technologies
• Implementation of artificial intelligence in operations
• Investing in plastic recycling to deal with regulatory challenges
• Investment in crude oil to chemical technologies.
What Are The Segments Of The Global Petrochemicals Market?
• By Type: Ethylene-Petrochemicals, Propylene-Petrochemicals, Benzene-Petrochemicals, Xylene, Styrene-Petrochemicals, Toluene, Cumene, Other Petrochemicals
• By Application: Polymers, Paints & Coatings, Solvents, Rubber, Adhesives & Sealants, Surfactants, Pigments & Dyes, Fibers & Fabrics, Other Applications
• 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
Which Region Leads The Petrochemicals Market?
The Asia-Pacific region dominated the Petrochemicals market in 2024, followed by the Middle East. These regions, along with Western Europe, Eastern Europe, North America, South America, and Africa, are analyzed in the petrochemicals market report.
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What Is Covered In The Petrochemicals Market Global Market Report?
- Market Size Analysis: Analyze the Petrochemicals Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Petrochemicals Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Petrochemicals Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Petrochemicals Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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