Petrochemicals Industry Data Book - Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene and Methanol Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030
The global Petrochemicals Industry was valued at 566.5 million tons in 2021 and is anticipated to increase at a significant CAGR of 5.1% from 2022 to 2030.
Grand View Research’s petrochemicals industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.
Benzene Market Insights
The global benzene market size was estimated at USD 55.8 million tons in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 4.1% from 2022 to 2030. The increasing demand for styrene in various end-use industries such as packaging, automotive, electronics, and others is acting as a major driving force for the continuously increasing demand for benzene. Styrene, produced from benzene’s derivative ethylbenzene, is used in a wide range of industries. The majority of the product goes into the production of polystyrene, which due to its flexibility, resilience, moisture resistance, and lightweight is used in the packaging industry.
The automotive industry is increasing continuously with the introduction of a new range of electric vehicles has also resulted in an increase in demand for benzene as styrene is used in the production of tires and several body parts of both diesel or gasoline-powered vehicles and electric vehicles.
According to Niti Aayog, India is among the fastest-growing country in the automotive sector witnessing a compounded annual growth rate of 4% from 2011 to 2020. Additionally, according to the National Bureau of Statistics of China in 2020, tire production in the country reached to 807.47 million. Thus, this increasing demand for automobiles in different countries is resulting in an increase in demand for benzene.
Order your copy of the Free Sample of “Petrochemicals Industry Data Book - Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene and Methanol Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Xylene Market Insights
The global xylene market size was estimated at 60.4 million tons in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2030. Xylene is a solvent and raw material widely utilized across various industries including paints and coatings, adhesives and sealants, pharmaceuticals, plastics, and textiles. The increasing demand for products and advancements within these industries plays a pivotal role in driving the growth of the market. In the paints and coatings industry, the market holds significant importance as it is extensively employed in formulating solvent-based paints, varnishes, and enamels. Its versatility as a solvent is crucial for achieving the desired performance characteristics in these coatings. Similarly, the adhesives and sealants industry heavily relies on these products as a solvent for bonding additives. Its ability to dissolve and facilitate the adhesion of different materials is instrumental in the formulation of high-quality adhesives and sealants.
Furthermore, the market plays a vital role in the production of various plastics, including polyesters and polyethylene terephthalate (PET). These plastics have widespread use in industries such as packaging, textiles, and automotive, further contributing to the demand for products. The growing demand for end-use products in these industries serves as a catalyst for the growth of the market. As industries continue to innovate and advance, the demand for the market is expected to rise in tandem with the market's evolving needs and requirements.
The demand for additives in the U.S. market is primarily fueled by their use as a solvent and as a constituent in various additives, such as monomers. The product serves as an important solvent in industries spanning from paints and adhesives to chemical manufacturing due to its exceptional solvency properties, making it highly effective in dissolving and mixing other substances.
Go through the table of content of Petrochemicals Industry Data Book to get a better understanding of the Coverage & Scope of the study
Petrochemicals Industry Data Book Competitive Landscape
Over the past years, This industry participants have been witnessed to continuously engage in acquisitions & mergers, and joint ventures with governments and other key players that are already in the field of oil and gas. By these operational integrations, companies seek to expand their reach to potential customers at optimum distribution cost.
Key players operating in the Petrochemicals Industry are:
- BASF SE
- Chevron Corporation
- China National Petroleum Corporation (CNPC)
- China Petrochemical Corporation (Sinopec)
- Exxonmobil Corporation
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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