Global Petrochemicals Market to Grow at a CAGR of 6.7% During 2024-2032, Aided by the Rising Investments in the Petrochemical Production

The global petrochemicals industry is being driven by the heightened investments in the research and development of petrochemical products by the leading manufacturers worldwide. This increase can be attributed to the growing application of petrochemicals in major industry verticals such as packaging, automotive, and electronic manufacturing industries. In addition, the rising public investments in construction activities, fuelled by the rapidly increasing global population, is predicted to significantly increase the demand for petrochemicals in the construction sector, which, in turn, is expected to augment the industry growth in the coming years.

The rising emphasis of the leading players to enhance their production capacity and develop innovative production methods by applying advanced technological solutions is estimated to positively impact the industry growth in the forecast period. In October 2020, Chevron Phillips Chemical Company LLC, jointly owned by Chevron Corporation (NYSE: CVX) and Phillips 66 (NYSE: PSX), announced that the company successfully completed the first US scale production of circular polyethylene made using recycled mixed-waste plastics through the process known as chemical recycling, wherein plastic waste is converted into valuable liquids, that is, petrochemicals. In addition, another leading chemical manufacturer, Dow Inc. (NYSE: DOW), in a press release dated June 2021, announced the production of new polyurethane solutions based on a circular feedstock extracted from waste products of the mobility sector that provides an alternative to virgin fossil-fuel based feedstock. In addition, New SPECFLEX C and VORANOL C product ranges will also be offered to the mobility sector in partnership with leading automotive suppliers Adient and Autoneum initially. Such developments are expected to significantly impact the growth of the petrochemicals industry in the forecast period.

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Market Breakup by Product and Region:

• The market is divided based on product into ethylene, propylene, butadiene, benzene, xylene, toluene, and methanol.

• Region-wise, the global market for petrochemicals can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for petrochemicals is being driven by the rapid demand for petrochemicals in major industry verticals such as the automotive and packaging industry.

• The increased demand for petrochemicals in the construction sector due to the rapidly increasing population and the growing trends of urbanisation are also impacting the market expansion.

• Rising investments in the R&D of petrochemicals by the leading manufacturers globally are also aiding the industry growth. 

• The growing technological advancements in the production of petrochemical manufacturing are further propelling the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for petrochemicals for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the products and major regions of petrochemicals.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global petrochemicals market are BASF SE, BP Plc, Chevron Phillips Chemical Company LLC, China National Petroleum Corporation (CNPC), INEOS Group Ltd, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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