IMARC Group, a leading market research company, has recently releases report titled “Petrochemicals Market Report by Type (Ethylene, Propylene, Butadiene, Benzene, Toluene, Xylene, Methanol, and Others), Application (Polymers, Paints and Coatings, Solvents, Rubber, Adhesives and Sealants, Surfactants and Dyes, and Others), End Use Industry (Packaging, Automotive and Transportation, Construction, Electrical and Electronics, Healthcare, and Others), and Region 2024-2032” Offers a comprehensive analysis of the industry, which comprises insights on the global petrochemicals market.
How Big is the Petrochemicals Market?
The global petrochemicals market size reached US$ 616.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 949.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032.
Industry Overview of Petrochemicals
Petrochemicals are a diverse group of chemical compounds that are primarily derived from petroleum or natural gas. They comprise ethylene, propylene, butene, benzene, methanol, acetone, polyethylene (PE), polyvinyl chloride (PVC), and ethyl acetate. They are versatile as they allow manufacturers to create a wide array of goods that cater to diverse consumer and industrial needs. They are often cost-effective as compared to alternative raw materials and are suitable for businesses looking to optimize production and maintain competitive pricing for their products. They are crucial in modern agriculture to enable higher crop yields and food production. As a result, petrochemicals are widely employed in the energy, healthcare, construction, agriculture, electronics, transportation, and textile industries across the globe.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/petrochemicals-market/requestsample
What are the growth prospects and trends in the petrochemicals industry?
Presently, the rising demand for numerous electronic products among the masses represents one of the key factors impelling the growth of the market. Additionally, the increasing utilization of petrochemicals in the automotive industry for manufacturing components, such as engine parts, tires, and interior materials, along with the rising popularity of lightweight plastics and components to enhance fuel efficiency in vehicles, is strengthening the market growth.
Apart from this, the escalating demand for petrochemicals to produce construction materials like polyvinyl chloride (PVC) pipes, insulation, adhesives, and roofing materials, with the increasing number of infrastructure development projects around the world, is offering a favorable market outlook. In addition, the rising adoption of petrochemical-based fertilizers, pesticides, and herbicides in the agriculture sector is providing lucrative growth opportunities to industry investors.
Besides this, the emergence of bio-based and recyclable petrochemical products to reduce carbon emissions is supporting the market growth. In line with this, technological advancements in petrochemical production processes to enhance efficiency, reduce costs, and enable the development of innovative products are contributing to the growth of the market. Furthermore, the increasing employment of petrochemicals to produce medical devices and personal protective equipment (PPE) is propelling the market growth.
Leading Companies Operating in the Global Petrochemicals Industry:
- BASF SE
- Chevron Corporation
- China National Petroleum Corporation
- China Petrochemical Corporation
- DuPont de Nemours Inc.
- Exxon Mobil Corporation
- Formosa Plastics Corporation
- Indian Oil Corporation Limited
- INEOS Group Ltd.
- LyondellBasell Industries N.V.
- Reliance Industries Limited
- Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
- Shell plc
- Sumitomo Chemical Co. Ltd.
- TotalEnergies SE
Petrochemicals Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Ethylene
- Propylene
- Butadiene
- Benzene
- Toluene
- Xylene
- Methanol
- Others
Breakup by Application:
- Polymers
- Paints and Coatings
- Solvents
- Rubber
- Adhesives and Sealants
- Surfactants and Dyes
- Others
Breakup by End Use Industry:
- Packaging
- Automotive and Transportation
- Construction
- Electrical and Electronics
- Healthcare
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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