Which Segment Accounted For The Largest Petrochemicals Market Share?

Petrochemicals Industry Overview

The global petrochemicals market size was valued at USD 556.09 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030.

The demand for petrochemicals is attributed to an increase in the demand for downstream products from various end-use industries such as construction, pharmaceuticals, and automotive, which is a major factor driving the market. Petrochemical is a vital component for many industrial processes, and hence forms the backbone of an industrial economy. Some of the products derived from petrochemicals include tires, industrial oil, detergents, and plastics. Basic plastic derived from the product act as a building block in the manufacturing of consumer goods.

Gather more insights about the market drivers, restrains and growth of the Global Petrochemicals Market

End-use industries evaluate the quality of products supplied from time to time and establish procurement agreements with suppliers to purchase petrochemicals derivatives in bulk and ensure their stable and seasonal supply. An increasing number of product suppliers in the market has resulted in the high bargaining power of the buyers.

The industry is significantly affected by the prices of crude oil as it is a basic raw material used for the manufacturing of the product. The volatility in the prices and supply of crude oil has affected the production cost of petrochemicals, which, in turn, makes their production process costly. Factors such as the growing inclination of consumers in the developed and developing regions toward environment-friendly products and the volatile prices of raw materials of petrochemicals are likely to hamper the market growth in the coming years.

The steam cracking process is one of the most commonly used processes for manufacturing petrochemicals from natural gas or crude oil. In this process, ethane, a derivative of natural gas or naphtha that is predominantly derived from crude oil, is used for the manufacturing of olefins. A steam cracker has equipment operating at pressure from near-vacuum to 100 atm and operating at temperatures from 100 K to 1400 K.

Browse through Grand View Research's Bulk Chemicals Industry Related Reports

• Methanol Market - The global methanol market size was estimated at USD 31.81 billion in 2018 and is projected to accelerate at a CAGR of 2.9% from 2019 to 2025. Increasing consumption of methanol for the production of dimethyl ether and Methyl tert-butyl ether (MTBE), utilized as the alternatives for gasoline, is expected to propel the growth.
• Acetic Acid Market - The global acetic acid market size was valued at USD 8.92 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.2% from 2020 to 2027. Rising demand for the product from Vinyl Acetate Monomer (VAM) producers worldwide is projected to remain a key driving factor for the market growth.

Petrochemicals Market Segmentation

Grand View Research has segmented the global petrochemicals market on the basis of product and region:

• Petrochemicals Product Outlook (Volume, Million Tons; Revenue, USD Billion, 2018 - 2030)
  • Ethylene
  • Propylene
  • Butadiene
  • Benzene
  • Xylene
  • Toluene
  • Methanol
• Petrochemicals Regional Outlook (Revenue, USD Million, 2017 - 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Market Share Insights

Jan 2021: LyondellBasell and Sinopec finalize joint venture to manufacture propylene oxide and styrene monomer in China.

August 2019: China National Petroleum Corporation signed an agreement with the Republic of Benin to construct a pipeline from Niger to the Atlantic coast in Benin to strengthen its crude oil business footprint in Africa.

Key Companies profiled:

Some prominent players in the global Petrochemicals market include

• BASF SE
• Chevron Corporation
• China National Petroleum Corporation (CNPC)
• China Petrochemical Corporation
• Exxon Group Ltd.
• INEOS Group Ltd.
• LyondellBasell Industries Holdings B.V.
• Royal Dutch Shell PLC

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