Petrochemicals Market: Global Market Analysis and Future of Petrochemicals

The Global Petrochemicals Market is expected to reach US $620 billion by 2027, thanks to growth in the olefins segment. The report analyzes petrochemicals market dynamics by region and type.

Global Petrochemicals Market Overview:

The global petrochemicals market was valued at US $445.6 billion in 2020, and it is expected to reach US $620 by 2027 with a CAGR of 4.92% during the forecast period. Petrochemicals (Petchems) are chemical compounds made from petroleum after it has been refined. Some petroleum-derived chemical compounds can also be synthesized from alternative fossil fuels like coal or natural gas, or renewable sources like palm fruit, maize, or sugar cane. Fluid catalytic cracking of petroleum fractions produces aromatics and olefins in oil refineries. Olefins are made by steam cracking natural gas liquids like ethane and propane in chemical plants. Aromatics are created when naphtha is catalytically reformated. Olefins and aromatics are used to make a variety of products, including solvents, detergents, and adhesives. Oligomers and polymers made from olefins are useful in resins, plastics, fibers, elastomers, gels, and lubricants. Global Petrochemicals Market To know about the Research Methodology :- Request Free Sample Report 2020 is considered a base year however 2020's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Global Petrochemicals Market Dynamics:

Petrochemical’s Production to Meet Surging Oil Demand: Chemicals demand for oil and gas is increasing at a rapid pace. This has always been the case, and expect it to remain so until 2030. Despite accounting for less than 15% of current oil consumption, the chemicals sector is expected to be the most important growth driver for global oil demand, accounting for four of the seven million barrels per day (MMb/d) increases between 2020 and 2030. Thanks to two key factors: First, an increase in the consumption of plastics in developing economies, resulting in a higher rate of petrochemical demand growth than GDP growth. Chemical demand continues to rise in developed economies as well but at a slower rate. Global Petrochemicals MarketSecond, other areas of oil and gas consumption are likely to expand at a slower pace, or possibly fall in some situations. For example, increased efficiency standards for internal combustion engines (ICE) and the uptake of electric vehicles (EVs) due to lowering battery costs are likely to lead worldwide oil demand for transportation to a peak before 2027. Feedstock with a Limited Advantage: In the petrochemical industry, conventional feedstocks have been used to produce petrochemicals and derivatives. North America and the Middle East (ME) have been the primary sources of these feedstocks in the sector thus far however, within the next five years, the potential for investments based on these traditional feedstocks are likely to be restricted. For example, in North America, the traditional feedstock is expected to diminish over the next ten years as export possibilities raise demand for ethane, among other things. There are potential new sources of favorable gas supply across the world, as well as the likelihood of shale-gas extraction in nations like Argentina. Though, in comparison to what ME and North America have delivered in the recent past, the number of possibilities, as well as their entry into markets, may be somewhat limited. Crude Oil Price Volatility: Since 2005, the price of crude oil, which is refined to generate benzene, ethylene, propylene, and other compounds, has risen steadily, peaking in 2008 at almost US $140 per barrel. Though, by 2014, prices had fallen from about USD 108 per barrel to under US $34 per barrel by January 2015, as non-OPEC oil production (especially in the United States) increased and global demand slowed. Also, the US Crude Oil First Purchase Price was $36.86 per barrel in January 2021, according to the US Energy Information Administration (EIA), compared to US $62.64 in August 2018 and US $55.65 in November 2018. New Upstream Value-Creation Opportunities: Many producers have all but severed the historic linkages between refining and petrochemicals as gas has become the preferred feedstock for petrochemicals. That could change: when options for chemical industries to employ gas feedstocks dwindle, they may turn to petroleum-based feedstocks once more. The appeal is likely to be mutual: oil corporations are fascinated by petrochemicals' stronger demand-growth potential when compared to fuel markets for heating and transportation. These fuel markets are likely to increase at a rate of less than 1% per year, but petrochemicals are expected to grow at a rate of 2 to 3% per year through 2030. Global Petrochemicals Market

Global Petrochemicals Market Segment Analysis:

Based on Type, the Petrochemicals market is segmented as, Olefins (ethene, propene, butenes, and butadiene), and Aromatics (benzene, toluene, and mixed xylenes). In 2020, the ethylene segment was dominant and held almost xx% of the overall market in terms of revenue. This can be related to its dominant consumption and an important source for plastics and industrial chemicals production globally. Detailed information about each segment is also covered in the MMR’s report. Global Petrochemicals Market

Global Petrochemicals Market Regional Insights:

In 2020, Asia Pacific dominated the market, accounting for more than 45% of the overall market share in terms of revenue. Increased domestic demand for petrochemicals as a result of the rapid growth of end-use industries is a key driver driving market growth in this region. To meet the increased demand for petrochemicals, companies in the region are turning to natural gas liquids and other non-oil feedstocks, as well as planning cost-effective ways to raise sales. Global Petrochemicals Market   In 2020, North America had the second-largest revenue share in the market, and it is expected to grow at a CAGR of 6.62% over the forecast period. The ethylene segment in North America is expected to rise thanks to rising ethylene usage, particularly in anti-freezing/cooling applications in the automobile industry. Also, the packaged food industry's increasing use of ethylene is expected to contribute to its demand. Detailed information about each region is also covered in the MMR’s report. The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.

Global Petrochemicals Market Scope: Inquire before buying

Global Petrochemicals Market

Global Petrochemicals Market, by Region

• North America • Europe • Asia Pacific • The Middle East and Africa • South America

Global Petrochemicals Market Key Players

• BASF SE • Chevron Corporation • China National Petroleum Corporation (CNPC) • China Petrochemical Corporation (SINOPEC) • Exxon Mobil Corporation • INEOS Group Ltd. • LyondellBasell Industries Holdings • Royal Dutch Shell PLC • SABIC • Abu Dhabi National Oil Company (ADNOC) • AbraxSys Corporation • 2M Kablo • 3E Company • Dow • Acceval • Others

Frequently Asked Questions:

1. What is the forecast period considered for the Petrochemicals market report? Ans. The forecast period for the global petrochemicals market is 2021-2027. 2. Which key factors are hindering the growth of the Petrochemicals market? Ans. The volatile prices of crude oil and feedstock with limited advantage are the key factors expected to hinder the growth of the market during the forecast period. 3. What is the compound annual growth rate (CAGR) of the Petrochemicals market for the next 6 years? Ans. The global petrochemicals market is expected to grow at a CAGR of 4.92% during the forecast period (2021-2027). 4. What are the key factors driving the growth of the Petrochemicals market? Ans. The production of petrochemicals to meet growing oil demand globally is the factor expected to drive the growth of the market during the forecast period. 5. Which are the worldwide major key players covered in the Petrochemicals market report? Ans. BASF SE, Chevron Corporation, China National Petroleum Corporation (CNPC), China Petrochemical Corporation (SINOPEC), Exxon Mobil Corporation, INEOS Group Ltd., LyondellBasell Industries Holdings, Royal Dutch Shell PLC, SABIC, Abu Dhabi National Oil Company (ADNOC), AbraxSys Corporation, 2M Kablo,3E Company, Dow, Acceval, and Others.
1. Global Petrochemicals Market: Research Methodology 2. Global Petrochemicals Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Petrochemicals Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Petrochemicals Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Petrochemicals Market Segmentation 4.1. Global Petrochemicals Market, by Type (2020-2027) • Olefins o Ethene o Propene o Butenes o Butadiene • Aromatics o Benzene o Toluene o Mixed Xylenes 5. North America Petrochemicals Market (2020-2027) 5.1. Global Petrochemicals Market, by Type (2020-2027) • Olefins o Ethene o Propene o Butenes o Butadiene • Aromatics o Benzene o Toluene o Mixed Xylenes 5.2. North America Petrochemicals Market, by Country (2020-2027) • United States • Canada • Mexico 6. European Petrochemicals Market (2020-2027) 6.1. European Petrochemicals Market, by Type (2020-2027) 6.2. European Petrochemicals Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Petrochemicals Market (2020-2027) 7.1. Asia Pacific Petrochemicals Market, by Type (2020-2027) 7.2. Asia Pacific Petrochemicals Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Petrochemicals Market (2020-2027) 8.1. The Middle East and Africa Petrochemicals Market, by Type (2020-2027) 8.2. The Middle East and Africa Petrochemicals Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Petrochemicals Market (2020-2027) 9.1. Latin America Petrochemicals Market, by Type (2020-2027) 9.2. Latin America Petrochemicals Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. BASF SE 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Chevron Corporation 10.3. China National Petroleum Corporation (CNPC) 10.4. China Petrochemical Corporation (SINOPEC) 10.5. Exxon Mobil Corporation 10.6. INEOS Group Ltd. 10.7. LyondellBasell Industries Holdings 10.8. Royal Dutch Shell PLC 10.9. SABIC 10.10. Abu Dhabi National Oil Company (ADNOC) 10.11. AbraxSys Corporation 10.12. 2M Kablo 10.13. 3E Company 10.14. Dow 10.15. Acceval 10.16. Others

About This Report

Report ID 126575
Category Material & Chemical
Published Date Nov 2021
Updated Date
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