Global Petrochemicals Market

Petrochemicals Market Size, Share, Growth Analysis, By Product (Ethylene, Propylene), By Industry (Packaging, Electronics), By Region - Industry Forecast 2025-2032

Report ID: SQMIG15A2111 | Region: Global | Published Date: December, 2024
Pages: 157 | Tables: 68 | Figures: 75

Petrochemicals Market News

  • In May 2022, Swan Energy Limited (SEL) acquired Veritas (India) Limited, which manufactures chemicals, petrochemicals, and petroleum products.
  • In January 2022, after a similar factory in South Korea, Saudi Basic Industries Corporation (SABIC) planned a petrochemicals plant in Jubail, on the gulf coast in the Eastern Province.
  • In September 2021, The Saudi Industrial Investment Group and the National Petrochemical Company signed a non-binding merger agreement. After oil giant Saudi Aramco purchased a 70% share in Saudi Basic Industries last year, the two companies began negotiations about a merger last year. The merger would signify further consolidation in the Saudi petrochemicals sector.
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Global Petrochemicals Market size was valued at USD 576.7 billion in 2022 and is poised to grow from USD 621.4 billion in 2023 to USD 1083.8 billion by 2031, growing at a CAGR of 7.2% during the forecast period (2024-2031).

Major market players such as BASF SE, Bayer AG, Biobest Group NV, and Syngenta AG are constantly innovating in order to provide advanced Petrochemicals. Moreover, they are increasing their R&D investment as well as their interest in technological adoption, strategic acquisition, and collaboration in order to design and develop modern humanoid Petrochemicals. Furthermore, to sustain their market position, key companies have implemented organic and inorganic growth strategies such as new robot launches and long-term contracts with airport authorities. 'BASF SE (Germany) ', 'Sinopec (China) ', 'Dow (United States) ', 'SABIC (Saudi Arabia) ', 'Formosa Plastics (Taiwan) ', 'INEOS (United Kingdom) ', 'PetroChina (China) ', 'LyondellBasell Industries (United States) ', 'LG Chem (South Korea) ', 'ExxonMobil (United States) ', 'Mitsubishi Chemical Group (Japan) ', 'Hengli Petrochemical (China) ', 'Linde (Ireland) ', 'Air Liquide (France) ', 'Syngenta (Switzerland) ', 'Reliance Industries (India) ', 'Wanhua (China) ', 'Braskem (Brazil) ', 'Sumitomo Chemical (Japan) ', 'Shin-Etsu Chemical (Japan)'

The majority of petrochemicals produced are used to make plastics like polyethylene, polypropylene, and polystyrene. The demand for such plastics, such as plastic packaging for food and other commercial products, has increased significantly over the last few decades, particularly in major end-use industries.

In response to growing environmental concerns, policymakers have urged businesses to take initiative and operate the manufacturing process in an environmentally friendly and sustainable manner. Several key players are upgrading their operations to comply with new pollution control regulations, as limiting pollution from manufacturing facilities could be critical in limiting pollution and mitigating the effects of climate change.

In 2021, Asia Pacific dominated the market with a volume share of more than 50%. The thriving chemicals industry and rising polymer consumption are expected to be key drivers of market growth in this region. Companies in the region are shifting toward natural gas liquids and other non-oil feedstocks to meet rising demand, as well as strategizing cost-effective methods to increase product sales. Europe is projected to grow at a revenue-based CAGR of 5.7% during the forecast period. This is due to the ongoing recovery of Europe's overall manufacturing sector from the global pandemic, as well as the expansion of the region's oil and gas capacity. Because of market saturation, Western Europe's market is expected to grow slowly. Increased ethylene production in key countries such as Germany, France, and the United Kingdom has resulted in increased demand for petrochemicals from manufacturers for the production of various industrial chemicals.

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Global Petrochemicals Market

Report ID: SQMIG15A2111

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