Market Overview
The utilization of petrochemicals in the production process across different industry verticals has been fueling the market growth globally. Market Research Future (MRFR) has stated in its latest report that the global petrochemicals market will grow significantly at 6.7% CAGR throughout the forecast period 2017 to 2023. The market is projected to be valued at USD 1075.19 billion by 2023.
The demand for petrochemicals has demonstrated an upswing and will persistently proliferate across the projection period due to the increased application in the production of detergents, plastics, soaps, drugs, solvents, paints, pesticides, fertilizers, drugs, synthetic fibers & rubbers, explosives, etc. The growing requirement of petrochemicals as a key ingredient for products such as televisions, furniture, electronic gadgets, aspirin, clothing, cars, etc. is accelerating the market to expand further.
The initiatives undertaken by the governments for incentivizing petrochemicals trade will complement the growth of the market across the assessment period. However, the factors such as high demand for bio-based chemicals, fluctuation in the price of petrochemicals, etc. are anticipated to restrain the market growth during the assessment period.
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Market Segmentation
By product, the global petrochemicals market has been segmented into methanol, benzene, xylene, toluene, ethylene, propylene, butadiene, and, vinyl styrene. Ethylene segment accounted for 30% of the market volume in 2015, and, is expected to retain its influence over the assessment period. The growth in this segment can be ascribed to the low cost and abundance of ethane. Propylene segment is poised to exhibit immense potential for growth due to its processing in the production of a variety of chemicals such as propylene oxide, acrylonitrile, cumene, butyraldehyde, and, acrylic acid. The highest CAGR during the forecast period is projected to be registered by methanol segment owing to its amplified use in the production of gasoline and olefin.
By application, the global market for petrochemicals is segmented into adhesives, polymers, paints and coatings, dyes, surfactants, rubber, plastics, and, solvents.
Regional Analysis
Based on the region, the global market is segmented into North America, Asia-Pacific, Europe, and the Middle East & Africa.
As per the assessment by MRFR, the APAC region is expected to acquire the largest market share during the forecast period owing to rapid industrialization. The region is anticipated to record a significant CAGR during the forecast period. The emerging nations like India and China are predicted to make significant participation owing to the developing transport and electrical sector. Furthermore, the region has emerged to be the largest exporting hub of petroleum products, and it is anticipated that the region will continue to maintain its position throughout the review period. The fast development of the building and construction sector is projected to significantly contribute to the market growth during the forecast period. China is predicted to remain highly lucrative during the review period owing to the increased production of electrical & electronics and plastic-based products.
North America is anticipated to acquire significant market value during the forecast period owing to the gas feedstock. Furthermore, the increasing demand for petrochemical due to the rising consumption of petrochemical products in the manufacture of several end-use products can augment the regional market.
Europe is anticipated to acquire significant market share during the forecast period owing to the growing application of petrochemical products in food & beverages, automotive, building & construction, and healthcare regions.
The MEA region is anticipated to acquire significant market value owing to the large scale application of petrochemical products in the region. The Middle East countries like Saudi Arabia, Qatar, and others are projected to play a significant role owing to the presence of oil reservoirs.
Key Players
The renowned players of the global petrochemical market are China Petroleum & Chemical Corporation (China), SABIC (Saudi Arabia), BASF SE (Germany), LyondellBasell Industries Holdings B.V. (The Netherlands), Indian Oil Corporation Limited (India), TOTAL (France), Chevron Phillips Chemical Company (US), Sumitomo Chemical Company (Japan), BP PLC (UK), Reliance Industries Limited (India), DowDuPont (US), China National Petroleum Corporation (China), and Royal Dutch Shell PLC (The Netherlands).
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