The global petrochemicals market stood at a value of around USD 507.55 Billion in 2023. The market is further expected to grow at a CAGR of 6.70% in the forecast period of 2024-2032 to attain a value of around USD 909.83 Billion by 2032.
Base Year
Historical Year
Forecast Year
| Global Petrochemicals Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 507.55 |
| Market Size 2032 | USD Billion | 909.83 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 6.7% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 7.5% |
| CAGR 2024-2032 - Market by Country | India | 7.6% |
| CAGR 2024-2032 - Market by Country | China | 7.3% |
| CAGR 2024-2032 - Market by Product | Ethylene | 7.7% |
| Market Share by Country 2023 | Mexico | 2.0% |
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Based on product, the ethylene segment is predicted to account for a substantial market share in the petrochemicals industry. This increase can be associated with the multifaceted application potential of ethylene as a feedstock in the construction, packaging, and transportation industries, among others. Moreover, the other derivatives that can be synthesised from ethylene include polyethylene, ethylene oxide, ethylene dichloride (EDC), ethylbenzene, and styrene. Furthermore, the polypropylene segment is also predicted to witness a steady growth in the forecast period due to its heightened implementation in the automotive and electronic industries.
The Asia Pacific is expected to occupy a substantial share of the petrochemicals industry in the forecast period. This growth can be attributed to the growing demand for petrochemicals in the region owing to its heightened application scope in many industry verticals such as automotive, consumer and industrial goods, electrical and electronics, food and beverages, and healthcare. Moreover, the increased public investments in the construction industry, owing to the rapidly increasing population, is also contributing to the heightened demand for petrochemicals in the region, which is expected to positively impact the industry growth.
Petrochemicals are chemical by-products that are extracted from hydrocarbon through the process of refining. These hydrocarbons are obtained from natural gas and oils. Petrochemicals are an essential element of the chemical industry, as the demand for synthetic materials continues to grow in the market. In addition, petrochemicals produced by the process of distillation of crude oil, petroleum gases, naphtha, kerosene, and gas oil are the main feedstocks for the petrochemicals industry. In contrast, ethane, propane, and natural gas liquids extracted from natural gas are the other essential feedstocks used in the industry. Moreover, petrochemicals are increasingly used in the manufacturing of plastics, fertilisers, packaging, clothing, digital devices, medical equipment, and detergents, among others. These are also used in modern energy systems, such as solar panels, wind turbine blades, batteries, thermal insulation for buildings, and electric vehicle parts.
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By product, the market is divided into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
| CAGR 2024-2032 - Market by | Country |
| India | 7.6% |
| China | 7.3% |
| Saudi Arabia | 7.2% |
| Mexico | 7.1% |
| Canada | 6.9% |
| USA | XX% |
| UK | 6.6% |
| Germany | XX% |
| France | XX% |
| Japan | XX% |
| Australia | XX% |
| Brazil | XX% |
| Italy | 6.3% |
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The global petrochemicals industry is being driven by the increased product demand in various end use sectors, especially construction and automotive. According to the UN statistics, the world population is expected to increase from 7.7 billion to 9.7 billion by 2050. This is expected to result in rapid urbanisation, owing to which the governments are increasingly investing in the development of public infrastructure to meet the housing, commercial, and industrial construction demands of the increasing population. In addition, the increased demand for plastic production worldwide is driving the demand for petrochemicals in the plastic industry. Moreover, there has been an increased utilisation of petrochemicals in the automotive industry, such as high-density polyethylene (HDP), for making fuel tanks to prevent fires and polymers, which are further used to create body parts, dashboards, speedometer dials, and steering wheels, among others. Furthermore, the manufacturing of everyday appliances such as CD players, telephones, radios, computers, and televisions on a large scale requires different chemicals. These factors are predicted to drive the demand for petrochemicals, thus, aiding the industry growth in the forecast period.
The report gives a detailed analysis of the following key players in the global petrochemicals market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a value of nearly USD 507.55 Billion.
The market is projected to grow at a CAGR of 6.70% between 2024 and 2032.
The major market drivers are the growing demand for ethylene and propylene in the packaging and transportation sectors, surging investments by governments to develop public infrastructure, and the increasing manufacturing of everyday appliances such as CD players, radios, computers, and televisions.
The key trends fuelling the market growth include the surging demand for petrochemicals in the construction and automotive sectors and the increasing plastic production activities.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Ethylene, propylene, butadiene, benzene, xylene, toluene, and methanol are the significant products considered in the market report.
The major players in the market are BASF SE, BP Plc, Chevron Phillips Chemical Company LLC, China National Petroleum Corporation (CNPC), and INEOS Group Ltd., among others.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 909.83 Billion by 2032.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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