Petrochemical Market Scope
Petrochemicals are chemical products that are derived from petroleum or other fossil fuels like coal or natural gas. Demand for petrochemicals is primarily driven by the increasing adoption of synthetic fibers/rubbers and plastics across the globe. Plastic is a highly consumed material across the globe for the manufacturing of drinking bottles and single-use plastic bags. However, petrochemicals have wide application in the pharmaceutical industry for the manufacturing of multiple drugs like antibiotics, antibacterial, cough syrups, creams, ointments, etc., and also used in heart valves and other esoteric medical equipment that will create noteworthy growth for the petrochemicals market.
|Unit||Value (USD Million)|
|Key Companies Profiled||Dow Inc. (United States), DuPont (United States), BASF (Germany), Chevron Phillips Chemical (United States), Lukoil (Russia), SABIC (Saudi Arabia), Exxon Mobil Corporation (United States), Ineos Group Ltd (United Kingdom), Sumitomo Chemical (Japan), Sinopec (China) and Braskem (Brazil)|
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new product launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Petrochemical market throughout the predicted period.
Dow Inc. (United States), DuPont (United States), BASF (Germany), Chevron Phillips Chemical (United States), Lukoil (Russia), SABIC (Saudi Arabia), Exxon Mobil Corporation (United States), Ineos Group Ltd (United Kingdom), Sumitomo Chemical (Japan), Sinopec (China) and Braskem (Brazil) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Reliance Petrochemicals (India) and Shell Chemicals (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Petrochemical market by Type (Olefins (Ethylene, Propylene, Butadiene), Aromatics (Benzene, Toluene, Xylenes) and Methanol), by Application (Polymers, Synthetic Rubbers & Fibers, Plastics, Solvents, Soaps and Detergents, Fertilizers & Pesticides, Paints, Flooring and Insulating Materials and Others) and Region with country level break-up.
On the basis of geography, the market of Petrochemical has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
On 1st April 2022, Sumitomo Chemical announced the name change of its Petrochemicals & Plastics Sector to Essential Chemicals & Plastics Sector. Company’s Petrochemicals & Plastics Sector manufacturers and offers a wide range of materials from basic chemicals to plastics such as polyolefin and acrylic resin. With this move, the aim of the company is to transform its business with the mission of continuing to provide essential chemical products including the goal of achieving carbon neutrality by 2050.
- Innovation into New Materials and Process for the Expansion of New Frontier in Order to Meet Consumer Demand for Novel Solutions
- Rising Demand for Synthetic Rubber Due to Growing Automotive Industry Across the Globe
- Increasing Use of Natural Gas to Produce Wide Variety of Petrochemicals
- Growing Popularity of Clothes Made with Synthetic Fibers like Polyester, Polyamide, Acrylic, and Polyolefin Due to Its Durability and Resistant to Shrinkage and Stretch
- Prominence Growth of Ethane-based Petrochemical Production Capacity in the United States and Huge Demand for Plastic in Developing Countries
- Stringent Regulations and Ban on the Use of Petrochemical Derived Products and Emerging Trend of Eco-friendly Chemicals & Resins Can Hamper the Growth
- Availability of Naturally Sourced Alternative of Petrochemicals and Presence of a Large Number of Petrochemical Manufacturers in the Global Market
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Petrochemical Manufacturers, Petrochemical Suppliers and Distributors, Venture Capitalists and Private Equity Firms, Government Bodies, End-Users and Others
Frequently Asked Questions (FAQ):
1. What are the key segments playing vital role in Petrochemical Market?
The Petrochemical study can be customized to meet your requirements. The market size breakdown by type [Olefins (Ethylene, Propylene, Butadiene), Aromatics (Benzene, Toluene, Xylenes) and Methanol], by end use application [Polymers, Synthetic Rubbers & Fibers, Plastics, Solvents, Soaps and Detergents, Fertilizers & Pesticides, Paints, Flooring and Insulating Materials and Others].
2. How big is the Petrochemical Market?
The Petrochemical Market is gaining popularity and expected to see strong valuation by 2027.