Petrochemicals Market Size to Reach $685.01 Billion By 2031: Experiences Growth Due to Surge in Demand for Polymers in Various End-Use Industries | The Insight Partners

Petrochemicals Market Size and Forecast 2021 – 2031, Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type, Application, End-use Industry, and Geography with Major key players Shell International BV, China Petroleum Corporation, LyondellBasell Industries Holdings BV, Chevron Phillips Chemical Company LLC, SABIC, BASF SE, BP Plc, INEOS, DOW Inc, and Mitsubishi Chemical Corporation.

NEW YORK, Nov. 22, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, Global Petrochemicals market is observing significant growth owing to a surge in demand for polymers across various end-use industries and growth in the packaging industry.

The report runs an in-depth analysis of market trends, key players, and future opportunities. The petrochemicals market analysis focuses on an array of products that are expected to determine market strength in the coming years.

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The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, manufacturers, distributors/suppliers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

Overview of Report Findings

Market Growth: The petrochemicals market is expected to reach US$ 685.01 billion by 2031 from US$ 457.57 billion in 2023; it is anticipated to record a CAGR of 5.2% during the forecast period. The petrochemicals market is a critical segment of the global chemical industry and involves the production and distribution of chemicals derived from petroleum and natural gas. These chemicals are essential in manufacturing a wide range of products such as packaging materials, polymers, synthetic fibers, industrial chemicals, solvents, and coatings, among others. One of the significant driving factors for the petrochemicals market is the growing demand for polymers across end-use industries. Polymers derived from petrochemicals have a wide range of applications such as packaging, automotive, electronics, and construction.
Surge in Demand for Polymers across End-Use Industries: Petrochemical-based polymers such as polyamide, polypropylene, polystyrene, high-density polyethylene, thermoplastic elastomers, polyurethane, polycarbonate, and polyvinyl chloride are widely used in the automotive industry as these polymers offer excellent durability and resistance to corrosion. According to the CDI Products Company, the automotive industry is a significant consumer of polymers. These polymers enhance the longevity of automotive components, including interior parts and exterior body panels, as well as under-the-hood applications. As per the Plastics Europe 2023 report, the global production of plastics increased from 380.4 million tons in 2020 to 400.3 million tons in 2022. The rising demand for polymers across various end-use industries fuels the petrochemicals market growth.
Growth in Packaging Industry: Petrochemicals play a major role in making packaging solutions, primarily due to their versatility, durability, and cost-effectiveness. The most common petrochemical-based plastics include polyethylene, polypropylene, polyethylene terephthalate (PET), polyvinyl chloride, and polystyrene. Polyethylene is widely used in plastic bags and film wraps due to its flexibility and moisture resistance, while PET is utilized in manufacturing beverage bottles. The presence of established sectors, including food & beverages, food retail, and consumer goods, in countries such as China, India, Japan, and South Korea propel the demand for packaging solutions in Asia Pacific. China is the world’s largest producer and consumer of plastics. According to the Plastics Europe 2022 report, China held a 32% share of global plastics production in 2021, witnessing continual growth.
Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.

Read full market research report, “Petrochemicals Market Size and Forecast (2021 – 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Ethylene, Benzene, Propylene, Xylene, and Others), Application (Polymers, Paints and Coatings, Solvent, Rubber, Adhesives, Surfactants, and Others), End-use Industry (Packaging, Automotive, Construction, Electrical & Electronics, Healthcare, Agriculture, Aerospace & Defense, and Others), and Geography“, published by The Insight Partners.

Market Segmentation

Based on type, the petrochemicals market is categorized into ethylene, benzene, propylene, xylene, and others. The ethylene segment held the largest share of the market in 2023.
By application, the petrochemicals market is segmented into polymers, paints and coatings, adhesives, surfactants, solvent, rubber, and others. The polymers segment held the largest share of the petrochemicals market in 2023.
Based on end-use industry, the petrochemicals market is segmented into packaging, automotive, healthcare, agriculture, construction, aerospace and defense, electrical and electronics, and others. The packaging segment held the largest share of the petrochemicals market in 2023.
The petrochemicals market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development

Key Players: A few major companies operating in the petrochemicals market include Shell International BV, China Petroleum Corporation, LyondellBasell Industries Holdings BV, Chevron Phillips Chemical Company LLC, SABIC, BASF SE, BP Plc, INEOS, DOW Inc, and Mitsubishi Chemical Corp.
Trending Topics: Petroleum market growth, ethylene dominance, strategic shift by 2030, oil exploration, propylene demand, and emerging market opportunities, among others.

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Global Headlines on Petrochemicals

India to Attract US$ 87 Billion Investment in Petrochemicals
Global Oversupply of Petrochemicals
Grace Announces Startup of Nayara Energy’s 450 KTA Polypropylene Plant
Manali Petrochemicals to Expand Propylene Glycol and Polyester Polyol Production Capacity
China’s Petrochemical Surge is Driving Global Oil Demand Growth

Conclusion

Petrochemicals are used in various end-use industries such as automotive, packaging, construction, electrical and electronics, and aerospace and defense. Petrochemicals are significantly used in the production of plastic polymers. The automotive industry relies on plastics and polymers for manufacturing lightweight components that enhance fuel efficiency and reduce emissions. Technological advancements in petrochemical production processes have also propelled the market growth. Furthermore, the increasing focus on sustainability and environmental regulations influences the petrochemicals market. Economic factors such as crude oil prices significantly impact the petrochemicals market.

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As petroleum is a primary raw material for petrochemical production, fluctuations in crude oil prices directly affect production costs and profitability. Geopolitical factors, trade policies, and international relations also play a crucial role in determining market dynamics. The rising demand for polymers across various end-use industries further fuels the petrochemicals market growth.

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