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Petrochemical Market Size is Projected to Hit US$ 798.8 Billion by 2030

The petrochemical market size was USD 498.47 billion in 2021 and is expected to reach USD 798.8 billion by 2030. It is anticipated to grow with a healthy CAGR of 5.4% from 2021 to 2030.

In 2022, the petrochemical market study provides crucial information on market share, market size, growth rate analysis Y-O-Y, production, consumption, and sales analysis for the forecast period 2021 to 2030. The report contains 150+ pages with detailed analysis.

Petrochemical is an essential part of the chemical industry due to its increased adoption for synthetic material production. Petrochemicals are majorly produced from hydrocarbons like butane, ethane, propane, and other components of natural gas or petroleum. Thousands of end use products are manufactured using petrochemicals such as wind turbines, solar power panels, furniture, cosmetics, medicines, electronics, and plastics among others. Petrochemical plays crucial role in the growth of global economy. Petrochemicals are primarily manufactured using catalytic reforming, Fluid Catalytic Cracking (FCC), and steam cracking processes. Among all the products ethylene, propylene, toluene, methanol, and benzene are widely used petrochemicals across the globe. Toluene is used in the manufacturing of sports equipment’s and inks, while benzene is used in the food packaging, electronics, and furniture production. Ethylene and propylene are majorly adopted in paints, paper, detergent, electronics, and adhesive industries however; methanol is used for the construction of the buildings and thermal insulations. Excellent chemical as well as physical properties offered by the petrochemicals make it material of choice in many commercial applications across the globe.

Growth Factors:

Increasing usage of petrochemical in industrial applications including construction, automotive, aviation, food, electricals, paint and coatings, paper and pulp is major factor driving growth of the global petrochemical market. Additionally, capacity expansion of petrochemical by the major operating players is another factor expected to boost growth of the target market in the coming years. Moreover, petrochemical industry provides several raw materials to the processing industries. This is in turn creating huge adoption of petrochemicals in manufacturing and processing industries worldwide and boosting growth of the global market. Further, evolution of the shale gas in the developed economies such as U.S. and Canada that has led to decrease the feedstock prices which has positive impact on the industrial growth. Nevertheless, emerging markets of petrochemical is anticipated to create potential opportunities for the growth of the target market.

Scope of the Petrochemical Market

Report HighlightsDetails
Market SizeUS$ 798.8 Billion by 2030
Growth RateCAGR of 5.4% From 2021 to 2030
Base Year2021
Historic Data2017 to 2020
Forecast Period2021 to 2030
Segments CoveredProduct, Application, Manufacturing Processes
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

COVID-19 Impact:

The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The petrochemical report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.

Regional Analysis:

The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific dominated the global market with a market share of more than 50%, in 2020. The growth of the region primarily attributed to rapid industrialization, coupled with increasing consumption of the petrochemical in countries of the Asia Pacific especially in the China. Increasing adoption of petrochemical in China for the various end user applications including automotive, electronics, construction, food & beverages is major factors boosting growth of the target industry and in turn growth of the Asia Pacific region. Further, presence of leading players, along with favorable government regulations are among major factors augmenting growth of the target market in the near future.

North America is expected to register significant market share in global market over the forecasted period, owing to growing activities of shale gas exploration in the North American countries especially in the United States and Canada of the region. U.S. and Canada accounted for more than 90% production of the shale gas in 2018. Further, capacity expansion by the leading players in the North America is among major factors anticipated to augment target industry growth in this region during the forecast period. Moreover, growing research and development activities by the key companies in the country is other important factor to contribute the high market share of North America over the forecast period. Growth in Europe is accredited to growing production of the ethylene in U.K. Germany and France, along with growing product demand from the automotive and construction industries. African and Middle Eastern region will display noticeable growth over the forecast period.

Key Players:

The petrochemical market is consolidated with a major number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report. Primary research represents a bulk of research efforts, supplemented by extensive secondary research.

Some of the prominent players in the petrochemical market include:

  • BP Plc
  • Total S.A.
  • Exxon Mobil Corp.
  • BASF SE
  • Sumitomo Chemical Co., Ltd.
  • Dow
  • Chevron Phillips Chemical Company
  • Saudi Arabian Oil Co.
  • DuPont de Nemours, Inc.
  • China Petroleum & Chemical Corporation

Market Segmentation

By Product Type

  • Ethylene
    • Polyethylene
    • Ethylene oxide
    • EDC
    • Ethyl benzene
    • Other (including alpha olefins, vinyl acetate, etc.)
  • Propylene
    • Polypropylene
    • Propylene oxide
    • Acrylonitrile
    • Cumene
    • Acrylic acid
    • Isopropanol
    • Other
  • Butadiene
    • SB Rubber
    • Butadiene rubber
    • ABS
    • SB latex
    • Other (nitrile rubber, mechanical belts, etc.)
  • Benzene
    • Ethyl benzene
    • Phenol/cumene
    • Cyclohexane
    • Nitrobenzene
    • Alkyl benzene
    • Other (including alkyl benzene, maleic anhydride)
  • Xylene
  • Toluene
    • Benzene
    • Xylenes
    • Solvents
    • TDI
    • Others (including pesticides, drugs, nitro toluene, etc.)
  • Methanol
    • Formaldehyde
    • Gasoline
    • Acetic acid
    • MTBE
    • Dimethyl ether
    • MTO/MTP
    • Other

By Manufacturing Processes

  • Fluid Catalytic Cracking (FCC)
  • Steam cracking
  • Catalytic reforming

By Application

  • Aerospace
  • Agriculture
  • Automotive
  • Building & Construction
  • Consumer & Industrial Goods
  • Others

Regional Segmentation

  • North America (U.S. and Canada)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Product Types
2.3. Assumptions& Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Petrochemicals Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope

Chapter 5. COVID 19 Impact on Petrochemicals Market

5.1. Covid-19: Petrochemicals Industry Impact
5.2. Petrochemicals Business Impact Assessment: Covid-19
5.2.1. Services Challenges/Disruption
5.2.2. Market Trends and Petrochemicals Opportunities in the COVID-19 Landscape for Major Markets
5.3. Strategic Measures against Covid-19
5.3.1. Government Support and Initiative to Combat Covid-19
5.3.2. Proposal for Petrochemicals Market Players to deal with Covid-19 Pandemic Scenario

Chapter 6. Petrochemicals Market Dynamics Analysis and Trends

6.1. Market Dynamics
6.1.1. Market Drivers
6.1.1.1. Rising demand for downstream products from end-use industries
6.1.1.2. Increasing capacity additions in the base chemical industry
6.1.2. Market Restraints
6.1.2.1. Fluctuating raw material prices
6.1.3. Market Opportunities
6.1.3.1. Emerging applications and markets

Chapter 7. Global Petrochemicals Market: Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis
7.1.1.1. Petrochemicals Market Revenue by Market Players (2019 – 2020)
7.1.1.2. Petrochemicals Market Revenue Market Share by Market Players (2019 – 2020)
7.1.2. Key Organic/Inorganic Strategies Adopted by Players
7.1.2.1. Product Portfolio, Expansion, Geographic Expansion, Product Innovation
7.1.2.2. Merger and Acquisition, Collaboration and Partnerships
7.1.3. Market Players Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of End user

Chapter 8. Global Petrochemicals Market, By Product Type

8.1. Petrochemicals Market, by Product Type, 2019-2030
8.1.1. Ethylene
8.1.2. Market Revenue and Forecast (2019-2030)
8.1.2.1. Polyethylene
8.1.2.2. Market Revenue and Forecast (2019-2030)
8.1.2.3. Ethylene oxide
8.1.2.4. Market Revenue and Forecast (2019-2030)
8.1.2.5. EDC
8.1.2.6. Market Revenue and Forecast (2019-2030)
8.1.2.7. Ethyl benzene
8.1.2.8. Market Revenue and Forecast (2019-2030)
8.1.2.9. Other (including alpha olefins, vinyl acetate, etc.)
8.1.2.10. Market Revenue and Forecast (2019-2030)
8.1.3. Propylene
8.1.4. Market Revenue and Forecast (2019-2030)
8.1.4.1. Polypropylene
8.1.4.2. Market Revenue and Forecast (2019-2030)
8.1.4.3. Propylene oxide
8.1.4.4. Market Revenue and Forecast (2019-2030)
8.1.4.5. Acrylonitrile
8.1.4.6. Market Revenue and Forecast (2019-2030)
8.1.4.7. Cumene
8.1.4.8. Market Revenue and Forecast (2019-2030)
8.1.4.9. Acrylic acid
8.1.4.10. Market Revenue and Forecast (2019-2030)
8.1.4.11. Isopropanol
8.1.4.12. Market Revenue and Forecast (2019-2030)
8.1.4.13. Other
8.1.4.14. Market Revenue and Forecast (2019-2030)
8.1.5. Butadiene
8.1.6. Market Revenue and Forecast (2019-2030)
8.1.6.1. SB Rubber
8.1.6.2. Market Revenue and Forecast (2019-2030)
8.1.6.3. Butadiene rubber
8.1.6.4. Market Revenue and Forecast (2019-2030)
8.1.6.5. ABS
8.1.6.6. Market Revenue and Forecast (2019-2030)
8.1.6.7. SB latex
8.1.6.8. Market Revenue and Forecast (2019-2030)
8.1.6.9. Other (nitrile rubber, mechanical belts, etc.)
8.1.6.10. Market Revenue and Forecast (2019-2030)
8.1.7. Benzene
8.1.8. Market Revenue and Forecast (2019-2030)
8.1.8.1. Ethyl benzene
8.1.8.2. Market Revenue and Forecast (2019-2030)
8.1.8.3. Phenol/cumene
8.1.8.4. Market Revenue and Forecast (2019-2030)
8.1.8.5. Cyclohexane
8.1.8.6. Market Revenue and Forecast (2019-2030)
8.1.8.7. Nitrobenzene
8.1.8.8. Market Revenue and Forecast (2019-2030)
8.1.8.9. Alkyl benzene
8.1.8.10. Market Revenue and Forecast (2019-2030)
8.1.8.11. Other (including alkyl benzene, maleic anhydride)
8.1.8.12. Market Revenue and Forecast (2019-2030)
8.1.9. Xylene
8.1.10. Market Revenue and Forecast (2019-2030)
8.1.11. Toluene
8.1.12. Market Revenue and Forecast (2019-2030)
8.1.12.1. Benzene
8.1.12.2. Market Revenue and Forecast (2019-2030)
8.1.12.3. Xylenes
8.1.12.4. Market Revenue and Forecast (2019-2030)
8.1.12.5. Solvents
8.1.12.6. Market Revenue and Forecast (2019-2030)
8.1.12.7. TDI
8.1.12.8. Market Revenue and Forecast (2019-2030)
8.1.12.9. Others (including pesticides, drugs, nitro toluene, etc.)
8.1.12.10. Market Revenue and Forecast (2019-2030)
8.1.13. Methanol
8.1.14. Market Revenue and Forecast (2019-2030)
8.1.14.1. Formaldehyde
8.1.14.2. Market Revenue and Forecast (2019-2030)
8.1.14.3. Gasoline
8.1.14.4. Market Revenue and Forecast (2019-2030)
8.1.14.5. Acetic acid
8.1.14.6. Market Revenue and Forecast (2019-2030)
8.1.14.7. MTBE
8.1.14.8. Market Revenue and Forecast (2019-2030)
8.1.14.9. Dimethyl ether
8.1.14.10. Market Revenue and Forecast (2019-2030)
8.1.14.11. MTO/MTP
8.1.14.12. Market Revenue and Forecast (2019-2030)
8.1.14.13. Other
8.1.14.14. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Petrochemicals Market, By Manufacturing processes

9.1. Petrochemicals Market, by Manufacturing processes, 2019-2030
9.1.1. Fluid Catalytic Cracking (FCC)
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Steam cracking
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. Catalytic reforming
9.1.3.1. Market Revenue and Forecast (2019-2030)

Chapter 10. Global Petrochemicals Market, By Application

10.1. Petrochemicals Market, by Application, 2019-2030
10.1.1. Aerospace
10.1.1.1. Market Revenue and Forecast (2019-2030)
10.1.2. Agriculture
10.1.2.1. Market Revenue and Forecast (2019-2030)
10.1.3. Automotive
10.1.3.1. Market Revenue and Forecast (2019-2030)
10.1.4. Building & Construction
10.1.4.1. Market Revenue and Forecast (2019-2030)
10.1.5. Consumer & Industrial Goods
10.1.5.1. Market Revenue and Forecast (2019-2030)
10.1.6. Others
10.1.6.1. Market Revenue and Forecast (2019-2030)

Chapter 11. Global Petrochemicals Market, Regional Estimates and Trend Forecast

11.1. North America
11.1.1. Market Revenue Forecast by Product Type(2019-2030)
11.1.2. Market Revenue Forecast by Manufacturing processes (2019-2030)
11.1.3. Market Revenue Forecast by Application (2019-2030)
11.1.4. U.S
11.1.4.1. Market Revenue Forecast (2019-2030)
11.1.5. Canada
11.1.5.1. Market Revenue Forecast (2019-2030)
11.2. Europe
11.2.1. Market Revenue Forecast by Product Type (2019-2030)
11.2.2. Market Revenue Forecast by Manufacturing processes (2019-2030)
11.2.3. Market Revenue Forecast by Application (2019-2030)
11.2.4. UK
11.2.4.1. Market Revenue Forecast (2019-2030)
11.2.5. Germany
11.2.5.1. Market Revenue Forecast (2019-2030)
11.2.6. France
11.2.6.1. Market Revenue Forecast (2019-2030)
11.2.7. Rest of EU
11.2.7.1. Market Revenue Forecast (2019-2030)
11.3. Asia Pacific (APAC)
11.3.1. Market Revenue Forecast by Product Type (2019-2030)
11.3.2. Market Revenue Forecast by Manufacturing processes (2019-2030)
11.3.3. Market Revenue Forecast by Application (2019-2030)
11.3.4. China
11.3.4.1. Market Revenue Forecast (2019-2030)
11.3.5. India
11.3.5.1. Market Revenue Forecast (2019-2030)
11.3.6. Japan
11.3.6.1. Market Revenue Forecast (2019-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue Forecast (2019-2030)
11.4. LATAM
11.4.1. Market Revenue Forecast by Product Type (2019-2030)
11.4.2. Market Revenue Forecast by Manufacturing processes (2019-2030)
11.4.3. Market Revenue Forecast by Application (2019-2030)
11.4.4. Brazil
11.4.4.1. Market Revenue Forecast (2019-2030)
11.4.5. Rest of LATAM
11.4.5.1. Market Revenue Forecast (2019-2030)
11.5. Middle East and Africa (MEA)
11.5.1. Market Revenue Forecast by Product Type (2019-2030)
11.5.2. Market Revenue Forecast by Manufacturing processes (2019-2030)
11.5.3. Market Revenue Forecast by Application (2019-2030)
11.5.4. GCC
11.5.4.1. Market Revenue Forecast (2019-2030)
11.5.5. North Africa
11.5.5.1. Market Revenue Forecast (2019-2030)
11.5.6. South Africa
11.5.6.1. Market Revenue Forecast (2019-2030)
11.5.7. Rest of MEA
11.5.7.1. Market Revenue Forecast (2019-2030)

Chapter 12. Company Profiles

12.1. BASF SE
12.1.1. Company Overview, Business Information, Regional Presence
12.1.2. Product Portfolio, Analysis
12.1.2.1. Product Details, Specification, Application
12.1.3. Revenue, Price, and Gross Margin (2019-2020)
12.1.4. Recent Developments and Strategies
12.2. BP Plc.
12.2.1. Company Overview, Business Information, Regional Presence
12.2.2. Product Portfolio, Analysis
12.2.2.1. Product Details, Specification, Application
12.2.3. Revenue, Price, and Gross Margin (2019-2020)
12.2.4. Recent Developments and Strategies
12.3. DuPont de Nemours, Inc.
12.3.1. Company Overview, Business Information, Regional Presence
12.3.2. Product Portfolio, Analysis
12.3.2.1. Product Details, Specification, Application
12.3.3. Revenue, Price, and Gross Margin (2019-2020)
12.3.4. Recent Developments and Strategies
12.4. Total S.A.
12.4.1. Company Overview, Business Information, Regional Presence
12.4.2. Product Portfolio, Analysis
12.4.2.1. Product Details, Specification, Application
12.4.3. Revenue, Price, and Gross Margin (2019-2020)
12.4.4. Recent Developments and Strategies
12.5. Exxon Mobil Corp.
12.5.1. Company Overview, Business Information, Regional Presence
12.5.2. Product Portfolio, Analysis
12.5.2.1. Product Details, Specification, Application
12.5.3. Revenue, Price, and Gross Margin (2019-2020)
12.5.4. Recent Developments and Strategies
12.6. China Petroleum & Chemical Corporation
12.6.1. Company Overview, Business Information, Regional Presence
12.6.2. Product Portfolio, Analysis
12.6.2.1. Product Details, Specification, Application
12.6.3. Revenue, Price, and Gross Margin (2019-2020)
12.6.4. Recent Developments and Strategies
12.7. Saudi Arabian Oil Co.
12.7.1. Company Overview, Business Information, Regional Presence
12.7.2. Product Portfolio, Analysis
12.7.2.1. Product Details, Specification, Application
12.7.3. Revenue, Price, and Gross Margin (2019-2020)
12.7.4. Recent Developments and Strategies
12.8. Sumitomo Chemical Co., Ltd.
12.8.1. Company Overview, Business Information, Regional Presence
12.8.2. Product Portfolio, Analysis
12.8.2.1. Product Details, Specification, Application
12.8.3. Revenue, Price, and Gross Margin (2019-2020)
12.8.4. Recent Developments and Strategies
12.9. Dow
12.9.1. Company Overview, Business Information, Regional Presence
12.9.2. Product Portfolio, Analysis
12.9.2.1. Product Details, Specification, Application
12.9.3. Revenue, Price, and Gross Margin (2019-2020)
12.9.4. Recent Developments and Strategies
12.10. Chevron Phillips Chemical Company
12.10.1. Company Overview, Business Information, Regional Presence
12.10.2. Product Portfolio, Analysis
12.10.2.1. Product Details, Specification, Application
12.10.3. Revenue, Price, and Gross Margin (2019-2020)
12.10.4. Recent Developments and Strategies

Chapter 13. Appendix

13.1. About Us
13.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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