The basic Petrochemicals market is projected to grow from USD 323.95 Million in 2022 to a value of USD 457.18 Million in 2030, at a CAGR of 4.4%.
A range of chemical compounds, principally hydrocarbons, are used to create petrochemicals. These hydrocarbons are derived from natural gas and oil. Petroleum gases, naphtha, kerosene, and gas oil are the most significant feedstocks for the petrochemical industry among the several fractions produced by crude oil distillation. Ethane, propane, and natural gas liquids made from natural gas are some more important feedstocks used in the petrochemicals industry. Products made of petrochemicals are widely used and crucial to contemporary civilization.
As a result of strong demand growth, notably from Asia, and high operating rates, particularly in the ethylene and C2 derivatives chain and the propylene and C3 derivatives chain, petrochemical businesses globally have demonstrated brisk profits during the past three years. As a result, businesses have been able to maintain their better profit margins as a result of reduced oil prices rather than following the industry's more customary practise of passing on lower feedstock costs to consumers.
To get the free sample @ https://wemarketresearch.com/sample-request/petrochemicals-market/171/
Segmental Analysis of Global Petrochemicals Market:
Based on Type:
- Ethylene
- Propylene
- Benzene
- Butadiene
- Xylenes
- Toluene
Ethylene dominated the market with a revenue share of over 40.0%. This is attributed to an increase in demand for ethylene from various industries such as construction, packaging, and transportation.
Based On Intermediate Chemicals:
- Methanol
- Ethylene Oxide
- Propylene Oxide
Based On Polymer:
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl chloride (PVC)
- Polystyrene (PS)
- Polyester (PET)
- Acrylonitrile butadiene styrene (ABS)
Based On Application:
- Construction
- Packaging
- Automotive
- Electrical Electronics
- Aerospace
- Consumer Goods
- Others
Global Petrochemicals Market: Geographical Analysis
The global petrochemicals market is further segmented further into five major countries, North America, Europe, Asia-Pacific, Middle East Africa and Latin America.
Asia Pacific dominated the market with a volume share of over 50.0% in 2021. The flourishing chemicals industry and the increase in polymer consumption are anticipated to be the key factors for the market growth in this region. Companies in the region are shifting toward natural gas liquids and other non-oil feed-stocks to cater to the rising demand for the product, along with strategizing cost-effective methods to increase sales of the products.
Global Petrochemicals Market: Competitive Landscape
BASF SE, BP Plc, DuPont de Nemours, Inc., Total S.A., Exxon Mobil Corp., China Petroleum Chemical Corporation, Saudi Arabian Oil Co., Sumitomo Chemical Co., Ltd., Dow, Chevron Phillips Chemical Company, LyondellBasell Industries NV, Mitsubishi Chemical Corporation, INEOS, PetroChina Company Limited, Saudi Basic Industries Corp., Idemitsu Kosan Co., Ltd., Reliance Industries Limited, Royal Dutch Shell Plc., Indian Oil Corp.Ltd. and Formosa Petrochemical Corporation.
Interested in purchasing this Report? Click here: - https://wemarketresearch.com/purchase/petrochemicals-market/171/?license=single
Frequently Asked Questions
- What is the Petrochemicals Market Size?
- What is the CAGR for Petrochemicals Market?
- What are the segments covered in the Petrochemicals Market Report?
- Which region is more attractive for vendors in the Petrochemicals Market?
- Who are the key players in the Petrochemicals Market?
About We Market Research
WE MARKET RESEARCH is an established market analytics and research firm with a domain experience sprawling across different industries. We have been working on multi-county market studies right from our inception. Over the time, from our existence, we have gained laurels for our deep rooted market studies and insightful analysis of different markets.
Our strategic market analysis and capability to comprehend deep cultural, conceptual and social aspects of various tangled markets has helped us make a mark for ourselves in the industry. WE MARKET RESEARCH is a frontrunner in helping numerous companies; both regional and international to successfully achieve their business goals based on our in-depth market analysis. Moreover, we are also capable of devising market strategies that ensure guaranteed customer bases for our clients.
Contact Us:
We Market Research
Phone: +1(929)-450-2887
Email: [email protected]
