04 Oct, 2022, 08:30 ET
- Methanol's rising utilization in gasoline blending and methanol to olefins (MTO) processes is directly related to the segment's growth, which is expected to fuel market growth
- Given the revival of the domestic petrochemical industry and shale gas boom in the US, North America is estimated to be leading market for petrochemicals
WILMINGTON, Del., Oct. 4, 2022 /PRNewswire/ -- The global petrochemicals market size was valued at US$ 460.7 Bn in 2021. Petrochemicals market growth forecast estimates the market is expected to rise at 4.3% CAGR during the forecast period, from 2022 to 2031. By 2031, the global petrochemicals market is projected to touch value of US$ 705.6 Bn by 2031. It is predicted that throughout the forecast timeline, the global petrochemicals market will expand significantly. The market is expanding as a result of an increase in demand for petrochemical products across a range of end-use sectors, including building & construction, aerospace, automotive, healthcare, and others.
Petrochemical intermediates are used to create construction materials that are affordable, lightweight, as well as long-lasting. Petrochemical materials are being utilized more often in the automobile sector due to their advantages with regards to safety, reduced air pollution, fuel efficiency, and vehicle weight reduction. In order to create the ideal environment for the sustainable usage and also reuse of petrochemicals, businesses, legislators, industries, visionaries, and end users must collaborate. Manufacturers are concentrating more on systematic approach to capacity increases to expand their revenue sources by taking advantage of incremental opportunities.
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In order to improve their growth prospects in the petrochemicals industry, major petrochemical businesses are concentrating on rising applications in end-use sectors including aerospace, electronics, building & construction, and others. In order to reach a higher level of output, the petrochemical industry will need to use digital technologies and advanced analytics to boost capital productivity on large projects.
Key Findings of Market Report
- Petrochemicals are used to make a range of products with a variety of uses in the building and construction industry, which is one of the major petrochemicals market trends. Contemporary paints and coatings do more than just add color. Buildings are better protected while becoming more energy-efficient owing to insulation technologies with outstanding efficiency. Paints and coatings, polymers, adhesives, solvents, and sealants, amongst many other products, are developed using petrochemicals.
- Depending on the product type, in 2021, the ethylene category accounted for significant petrochemicals market shares. The segment is anticipated to continue to hold on to the dominant position during the forecast timeframe. Ethylene serves as the foundation for a variety of compounds, including antifreeze, solvents, and polymers. Several commercial compounds, including polymers, polyethylene, and fibers, can be made using it.
- Depending on regional segmentation, in 2021, Asia Pacific accounted for 55.7% of the global petrochemicals market and it is anticipated that it would remain dominant in the near future. Petrochemicals are in significant demand throughout Asia Pacific, especially in China. This is a result of growth in regional petrochemical product usage for the production of various end use items used in industries including food and beverage, electrical & electronics, and others.
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Global Petrochemicals Market: Key Players
Some of the key market players are
- Idemitsu Kosan Co., Ltd.
- Formosa Petrochemical Corporation
- Chevron Phillips Chemical Company
- DuPont de Nemours, Inc.
- Saudi Basic Industries Corp.
- Royal Dutch Shell Plc
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Global Petrochemicals Market: Segmentation
- C4 Stream
- Power & Utilities
- Building & Construction
- Consumer & Industrial Goods
- Electrical & Electronics
- Food & Beverage
- Pulp & Paper
- Textiles & Leather
- Paints & Coatings
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