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The United States petrochemicals market size was approximately USD 107.35 billion in 2023. The market is projected to grow at a CAGR of 6.6% between 2024 and 2032, reaching a value of around USD 193.68 billion by 2032.
Petrochemicals refers to the set of chemicals that are extracted by refining and processing petroleum (crude oil) and natural gas. Petrochemicals are key components in various products such as soaps, plastics, paints, fertilisers, and insulation solutions. Petrochemicals also provide the key raw materials for manufacturing innovative energy technologies such as wind turbine blades, solar panels, and electric vehicle parts.
Based on product, the market is segmented into ethylene (C2) derivative, propylene (C3) derivative, butadiene (C4) derivative, benzene, xylene derivatives, toluene, and methanol and its derivatives, among others.
On the basis of feedstock, the market can be divided into propane and butane, naphtha, and NGL, among others. The major regional markets for petrochemicals in the United States are New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the United States petrochemicals market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
According to the United States petrochemicals market analysis, propane and butane are widely used as feedstocks in petrochemicals. A majority of propane consumed in the United States is produced domestically. Propane is widely used in residential, commercial, and transportation sectors, as fuel for space heating and cooking purposes, and as a feedstock for the petrochemical sector.
Butane is also blended with motor gasoline and used as feedstock for the petrochemical sector. Meanwhile, NGL is distributed as purity molecules or as mixtures based on the production, transportation, storage, and distribution strategies.
The United States naphtha sector is witnessing a transformation with the growing adoption of renewable naphtha. Bionaphtha, produced by companies such as World Energy in the United States, is being used in gasoline blends.
The Midwest region represents a considerable portion of the United States petrochemicals market share. Since 2020, Ohio, a state in the Midwest region of the United States, has surpassed China, a key producer of petrochemicals, as the major centre for inexpensive production of plastics. This can be attributed to the advantages of cost, economic climate, and strategic location of Ohio.
Businesses and producers in Ohio are located in close proximity to about 50% of the population of the United States and 70% of the end-to-end plastics industry supply chain. This gives the region a competitive advantage and contributes to reducing greenhouse gas emissions.
BASF SE, established in 1865, conducts business across six segments, including chemicals, materials, industrial solutions, surface technologies, nutrition and care, and agricultural solutions. With operations in more than 90 countries worldwide, the company employs over 111,000 individuals. Through its chemicals segment, BASF offers several petrochemicals such as cracker products, alcohols and solvents, and plasticisers, among others.
Chevron Corporation is a leading integrated company headquartered in the United States. The company produces crude oil, natural gas, transportation fuels, lubricants, petrochemicals, and additives, among others. It is also engaged in the development of technologies that promote the growth of end-use sectors.
ExxonMobil Corporation is a globally renowned producer of integrated fuels, lubricants, and chemicals. The company’s upstream business is segregated into five sectors, including unconventional, deepwater, heavy oil, liquefied natural gas (LNG), and conventional. The company has operations across the globe and is engaged in oil and natural gas exploration across six continents.
Other players operating in the United States petrochemicals market include Dow Inc., Methanex Corporation, Indorama Corporation, Westlake Chemical, Ineos Olefin & Polymers, and Shintech, among others.
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 Feedstock |
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Breakup by Region |
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Companies Covered |
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*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 reached an approximate value of USD 107.35 billion.
The market is projected to grow at a CAGR of 6.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach nearly USD 193.68 billion by 2032.
The major drivers of the market include the increasing use of plastics and other petrochemicals in various end-use sectors, the increasing production of plastics in the country, and the rising use of energy storage systems for renewable sources.
The key trends of the market are the abundant availability of feedstock in the country, favourable production landscape, and transition towards sustainable practices.
The regional markets include New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain and Far West.
The different feedstocks of petrochemicals are propane and butane, naphtha, and NGL, among others.
The key players in the market are BASF SE, Dow Inc., Chevron Corporation, ExxonMobil Corporation, Methanex Corporation, Indorama Corporation, Westlake Chemical, Ineos Olefin & Polymers, and Shintech, among others.
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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 06 17 27
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 287899028, +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
+84865399124
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