Petrochemicals are organic compounds that are the basic building blocks for a wide range of plastics, synthetic fibers, rubber, detergents, paints, coatings, elastomers and other petroleum-based goods. They are widely used in industries as they possess properties such as durability, hardness, reliability and stability. The rise in global population and demand for packaged goods has boosted the need for plastics and hence petrochemicals which are essential for their production.
The global Petrochemicals Market is estimated to be valued at US$ 565.55 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for plastics from various end use industries like packaging, textiles, automotive, construction etc. is the key driver accelerating the growth of global petrochemicals market. Plastics find widespread application in packaging of food, beverages, medicines etc. owing to properties like lightweight, durability and affordability. The booming e-commerce industry has also augmented the demand for packaging plastics. Further, plastic components are increasingly replacing metal parts in automobiles due to advantages such as reduced weight and improved fuel efficiency. Rising population, growing disposable income and changing lifestyle are some of the macroeconomic factors fueling the consumption of plastics and subsequently driving the petrochemicals market.
Segment Analysis
The Global Petrochemicals Market Demand is dominated by the polymers segment. Polymers dominate the petrochemicals market as they are versatile materials that can be produced from oil and gas with petrochemicals serving as intermediates or raw materials. Polymers find widespread applications across industries such as packaging, consumer goods, automotive, construction, and others due to properties such as durability, flexibility and resistance to degradation. The market for polymers is expected to grow driven by increasing demand from applications such as plastic packaging, synthetic fibers and expandable polystyrene.
Key Takeaways
The global petrochemicals market is expected to witness high growth over the forecast period. The global Petrochemicals Market is estimated to be valued at US$ 565.55 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the global petrochemicals market. The region's petrochemical industry is growing at a faster pace owing to rising population, rapid economic development and industrialization. Countries such as China, India, and South Korea account for a major share of demand in the region.
Key players
The key players operating in the petrochemicals market include Alcatel Submarine Networks, Prysmian Group, Nexans, Henson Group and HFCL. Alcatel Submarine Networks leads the submarine telecommunications cable market with ability to provide turnkey optical network solutions and high bandwidth systems to enable connectivity between regions. Prysmian Group also provides unique cable technologies and system integration capabilities for petrochemical applications.
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