Crude-to-chemicals Market Research Report Information By Technology (Steam Cracking Technology, De-asphalting Technology, Hydrocracking Technology) Application (Adhesives & Sealants, Polymers, Paints & Coatings, Dyes, Surfactants, Rubber, Solvent, Others) End Use Industry (Automotive & Transportation, Building & Construction, Electrical and Electronics, Healthcare, Others) Forecast 2030

Global Crude-to-chemicals Market Overview

Crude-to-chemicals Market Size was valued at USD 100 Billion in 2022 and is projected to grow from USD 255 Billion in 2023 to USD 600 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2023 - 2030). Crude-to-chemicals continue to be a powerful market with a strong trend of high interest to all integrated refineries and chemicals producers in majorly China, the Middle East, and Eastern Europe. This is reinforced by many factors, most notably the forecasts which predict a slowing of transportation fuels growth approaching due to hybrid and electric vehicles, while growth in chemicals is expected to increase as populations and middle-class wealth continue to rise, leading to increasing demand for packaging, consumer goods, and automobiles are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Crude-to-chemicals Market Trends

• Increasing Use of Polymers in the Automotive Industry to boost market growth

The increasing use of polymers in the automotive industry is one of the factors driving the demand for petrochemical products and thereby contributing to the growth of the crude-to-chemicals market. Polymers such as polypropylene, polyethylene, and polycarbonate are widely used in the automotive industry due to their properties such as light weight, durability, and corrosion resistance. They are used in various applications such as interior and exterior components, under-the-hood components, and electrical systems. With the increasing demand for fuel-efficient vehicles, automakers are looking for ways to reduce the weight of vehicles without compromising on safety and performance. Polymers are an attractive option as they are lighter than traditional materials such as metal and can help reduce vehicle weight and increase fuel efficiency.

Furthermore, the growing demand for electric vehicles is expected to further increase the use of polymers in the automotive industry. Electric vehicles require lightweight components to increase range and battery life, and polymers are well-suited for this purpose. As a result, the increasing use of polymers in the automotive industry is expected to drive the demand for petrochemical products and contribute to the growth of the crude-to-chemicals market. Therefore, such factors related to Crude-to-chemicals have enhanced the Crude-to-chemicals market CAGR across the globe in recent years.

Crude-to-chemicals Market Segment Insights

Crude-to-chemicals Technology Insights

The  Crude-to-chemicals Market segmentation, based on technology, includes Steam Cracking Technology, De-asphalting Technology, and Hydrocracking Technology. The Steam Cracking Technology segment held the majority share in 2022 of the  Crude-to-chemicals Market revenue. This is the most widely used technology in the crude-to-chemicals market. Steam cracking involves heating hydrocarbons under high temperatures and pressure to break them down into smaller molecules that can be used to produce various petrochemicals such as ethylene, propylene, butadiene, and benzene.

Crude-to-chemicals Application Insights

Based on application, the  Crude-to-chemicals Market segmentation includes Adhesives & Sealants, Polymers, Paints & Coatings, Dyes, Surfactants, Rubber, Solvents, and Others. The polymers segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. Polymers such as polyethylene, polypropylene, and PVC are produced from the petrochemicals obtained through crude-to-chemical processes. These polymers are used in various industries such as packaging, automotive, construction, and electronics. These all factors for Crude-to-chemicals positively impact the market growth.

Figure 2:  Crude-to-chemicals Market, by Technology, 2022 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Crude-to-chemicals Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is one of the major markets for crude-to-chemicals and has accounted for the largest share of the market in recent years. The region's large share in the crude-to-chemicals market can be attributed to several factors, including the growing demand for petrochemicals and chemicals in various end-use industries such as automotive, construction, packaging, and consumer goods. Additionally, the region has a large number of refineries, which are increasingly adopting crude-to-chemicals technologies to increase the production of high-value petrochemicals. Furthermore, the presence of a large consumer base and a growing middle class in countries such as China, India, and Southeast Asian countries is driving the demand for various consumer goods and automotive products. This, in turn, is driving the demand for petrochemicals and chemicals produced through crude-to-chemical processes.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3:  CRUDE-TO-CHEMICALS MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Crude-to-chemicals market accounts for the third-largest market share. Europe is home to several major petrochemical producers, and the region has a large number of refineries that produce feedstock for petrochemical production. The region also has a well-established infrastructure for the transportation and distribution of petrochemical products, making it a significant market for crude-to-chemicals. Furthermore, the European Union has set ambitious targets to reduce carbon emissions and transition to a more sustainable, low-carbon economy. This has led to increased investment in new technologies and processes for petrochemical production, including crude-to-chemicals technologies that can help reduce emissions and improve efficiency. Further, the Germany Crude-to-chemicals market held the largest market share, and the UK Crude-to-chemicals market was the fastest-growing market in the European region.

North America, Crude-to-chemicals market, is expected to grow at the fastest CAGR from 2023 to 2030. The North American market for crude-to-chemicals is driven by several factors, including the abundant supply of shale gas and oil, which has led to the growth of the petrochemical industry in the region. Additionally, the region has a well-developed infrastructure for the transportation and distribution of petrochemical products, making it an attractive market for crude-to-chemicals. Furthermore, the petrochemical industry in North America is increasingly adopting new technologies and processes for petrochemical production, including crude-to-chemical technologies that can help reduce costs and improve efficiency. This is expected to further drive the growth of the North American market for crude-to-chemicals in the coming years. Moreover, the U.S. Crude-to-chemicals market held the largest market share, and the Canada Crude-to-chemicals market was the fastest-growing market in the North American region.

Crude-to-chemicals Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Crude-to-chemicals market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Crude-to-chemicals industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Crude-to-chemicals. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Crude-to-chemicals industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Crude-to-chemicals industry to benefit customers and expand the market sector. Major Crude-to-chemicals market players, including Saudi Arabian Oil Co., Shell Global, Indian Oil Corporation Ltd., ExxonMobil, Sinopec, Hengli Petrochemical, Reliance Industries, and others, are attempting to increase market demand by funding R&D initiatives.

Saudi Arabian Oil Co., also known as Saudi Aramco, is a national petroleum and natural gas company based in Dhahran, Saudi Arabia. It is the world's largest oil producer, with an estimated daily production of over 12 million barrels. The company operates in all aspects of the oil and gas industry, from exploration and production to refining and marketing of petroleum and petrochemical products. Saudi Aramco also has a significant presence in the chemicals industry, with operations spanning from basic chemicals to advanced materials. The company has a diverse portfolio of projects and investments around the world and has recently made strategic acquisitions to expand its presence in key markets.

Shell Global, officially known as Royal Dutch Shell plc, is a multinational oil and gas company headquartered in The Hague, Netherlands. Shell is also involved in renewable energy, including wind and solar power, and has made significant investments in new energy technologies such as hydrogen fuel cells and electric vehicle charging infrastructure. The company's operations include exploration and production of oil and gas, refining and marketing of petroleum and petrochemical products, and trading and shipping of energy products. Shell is also involved in the chemicals industry, with operations spanning from basic chemicals to advanced materials. The company has a strong focus on sustainability and has set ambitious targets to reduce its carbon footprint and promote a transition to a low-carbon economy.

Key Companies in the Crude-to-chemicals market includes

• Saudi Arabian Oil Co.


• Shell Global


• Indian Oil Corporation Ltd.


• ExxonMobil


• Sinopec


• Hengli Petrochemical


• Reliance Industries among others

Crude-to-chemicals Industry Developments

Saudi Aramco plans to invest more than $100 B in chemicals over the next decade. The company will convert 3 MMbpd of oil—nearly one-third of its production—to chemicals in the next 15 yr. Their recent announcement to acquire SABIC for $69 B will transform Saudi Aramco into one of the largest chemical companies in the world and provide opportunities for further upstream integration of SABIC’s assets. Their potential investment in patented crude-oil-to-chemicals technology will allow the company to take full advantage of the benefits of refining-to-chemicals integration

Crude-to-chemicals Market Segmentation

Crude-to-chemicals Technology Outlook

• Steam Cracking Technology


• De-asphalting Technology


• Hydrocracking Technology

Crude-to-chemicals Application Outlook

• Adhesives & Sealants


• Polymers, Paints & Coatings & Dyes


• Surfactants, Rubber & Solvent


• Others

Crude-to-chemicals Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America