📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
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
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Petrochemical Market Trends

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

Global Petrochemicals Market Overview

The Petrochemicals Market Size was valued at USD 565.55 Billion in 2023. The Petrochemicals industry is projected to grow from USD 588.02 Billion in 2024 to USD 1178.20 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.26% during the forecast period (2024 - 2032). 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.

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

Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.