Petrochemicals Market Research Report—Global Forecast till 2030

Petrochemicals Market Research Report Information By Type (Ethylene, Propylene, Butadiene, Benzene, Toluene, Xylene, Methanol), By Application (Polymers, Paints and Coatings, Solvents, Rubber, Adhesives and Sealants, Surfactants, Dyes, Other), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

ID: MRFR/CnM/2286-CR | 100 Pages | Author: Priya Nagrale | October 2022         

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Global Petrochemicals Market Overview

The  Petrochemicals Market Size was valued at USD 501.01 Billion in 2022. The Petrochemicals industry is projected to grow from USD 565.55 Billion in 2023 to USD 1017.41 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.26% during the forecast period (2023 - 2030). Petrochemicals are chemical products derived from petroleum or natural gas. They are typically used as raw materials for the production of a wide range of consumer goods and industrial products, such as plastics, fertilizers, pharmaceuticals, and synthetic fibers. Petrochemicals are produced through a process called cracking, which involves breaking down the hydrocarbons in crude oil or natural gas into smaller molecules that can be used as feedstock for the production of various chemicals. The petrochemical industry is a major global industry, with significant economic and environmental impacts.
Global Petrochemicals Market Overview

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

Petrochemicals Market Trends

  • Polymers are increasingly being used in the packaging and automobile industries

Plastics used in the packaging sector are produced using petrochemicals as basic ingredients. Ethylene may be converted into polyethylene, which comes in hard, soft, and pliable forms. Flexible packaging, which is frequently used for packing and storing a broad variety of items, is frequently made using soft and malleable polyethylene as a raw material. However, rigid packaging is made from hard polyethylene. The need for ethylene is anticipated to rise in the next years due to the rise in rigid and flexible packaging requirements, which would subsequently raise demand for petrochemicals.

Petrochemicals Market Segment Insights

Petrochemicals Type Insights

The market segmentation, based on Type, includes Ethylene, Propylene, Butadiene, Benzene, Toluene, Xylene, and Methanol. The Ethylene segment may dominate the market. This is attributed to a rise in ethylene demand across many sectors, including building, packaging, and transportation. During the projected period, it is anticipated that the consumption of ethylene in rising economies such as India, Brazil, Vietnam, and Thailand would increase due to the nations' ongoing modernization and thriving automotive and packaging industries.

Petrochemicals Application Insights

Based on Application, the global market segmentation includes Polymers, Paints and Coatings, Solvents, Rubber, Adhesives and Sealants, Surfactants, Dyes, Other. The Polymers application is holding the largest market. Polymers are long chains of molecules that are made up of repeating units, and they can be produced from a variety of petrochemical feedstocks, such as ethylene, propylene, and styrene. These materials are used to produce a wide range of products, including plastics, synthetic fibers, elastomers, and other polymeric materials.

Figure 2:  Petrochemicals Market, by Type, 2022 & 2030 (USD Billion)

Petrochemicals Market, by Type, 2022 & 2030

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

Petrochemicals Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The largest share markets were in the Asia-Pacific region. Manufacturers may expand in the Asia-Pacific market, which is expected to have the greatest CAGR by 2030. Increased government spending, increased manufacturing capacity, cooperation among important regional companies, and strong demand from end-use sectors are the major causes of this rise. The major producer and user of petrochemicals, in addition, is China. China has made a significant investment in on-purpose propylene processes and coal-to-chemicals manufacturing.


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

North America was the second-largest market. The expansion in the North American petrochemical industry is largely related to the shale gas discoveries in the US and Canada, which has greatly expanded the availability of natural gas liquids, changing North America into a low-cost location for the manufacture of chemicals. Also, several multinational corporations have plans to develop new facilities and grow in the area.

Growth in Europe may be credited mostly to technical advances, a well-developed petrochemical industry, and a significant number of complex refineries.

Petrochemicals Key Market Players & Competitive Insights

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. 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 Petrochemicals industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Petrochemicals industry to benefit customers and expand the market sector. Major market players, including BASF SE, Sumitomo Chemical Company, Reliance Industries Limited, DowDuPont, Royal Dutch Shell, and others, are attempting to increase market demand by funding R&D initiatives.

BASF produces and sells intermediates, performance materials, petrochemicals, monomers, dispersions and pigments, performance chemicals, catalysts, coatings, and care chemicals. The conducts its operations through six business segments: Nutrition and Care, Chemicals, Industrial Solutions, Materials, Surface Technologies, and Agricultural Solutions. The company serves electronics, transportation, construction, energy and resources, consumer goods, health and nutrition, and agriculture industries.

A chemical firm is Sumitomo Chemical. It offers substances including cyclohexanone, alumina, resorcinol, methanol, etc. as well as chemical intermediates. The firm works in a variety of industries, including those linked to IT, health and crop sciences, essential chemicals and plastics, energy and functional materials, pharmaceuticals, logistics, engineering, and other industries.

Key Companies in the Petrochemicals market include

Petrochemicals Industry Developments

September 2021: SABIC announced a merger agreement with the National Petrochemical company. The merger would signify further consolidation in the Saudi petrochemicals sector.

Petrochemicals Market Segmentation

Petrochemicals Type Outlook

  • Ethylene

  • Propylene

  • Butadiene

  • Benzene

  • Toluene

  • Xylene

  • Methanol

Petrochemicals Application Outlook

  • Polymers

  • Paints and Coatings

  • Solvents

  • Rubber

  • Adhesives and Sealants

  • Surfactants

  • Dyes

  • Other

Petrochemicals 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

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 501.01 Billion
Market Size 2023 USD 565.55 Billion
Market Size 2030 USD 1017.41 Billion
Compound Annual Growth Rate (CAGR) 9.26% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 & 2022
Market Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled BASF, SABIC, TOTAL, Indian Oil Corporation Limited, Chevron Phillips Chemical Company, BP PLC, Sumitomo Chemical Company, Reliance Industries Limited, DowDuPont, Royal Dutch Shell
Key Market Opportunities ·         Increasing use of polymers in the packaging and automotive industries
Key Market Dynamics ·         Adoption of novel technologies

Frequently Asked Questions (FAQ) :

The global Petrochemical market size was valued at USD 501.01 Billion in 2022.

The global market is projected to grow at a CAGR of 9.26% during the forecast period, 2023-2030.

Asia Pacific had the largest share of the Global Petrochemicals Market.

The key players in the market are BASF, SABIC, TOTAL, Indian Oil Corporation Limited, Chevron Phillips Chemical Company, BP PLC, Sumitomo Chemical Company, Reliance Industries Limited, DowDuPont, and Royal Dutch Shell.

The Ethylene category dominated the market in 2022.

Polymers had the largest share in the global market for Petrochemicals.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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