The global petrochemicals market is estimated to be valued at US$ 565.55 Bn in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Petrochemicals are raw materials that are derived from petroleum and natural gas. They are used to produce industrial chemicals that are further used in the manufacturing of plastics, synthetic rubber, synthetic fibers, detergents, and other products. Petrochemical derivatives have applications in various sectors such as automotive, textiles, packaging, paints and coatings, healthcare, etc.
Market key trends:
One of the major trends in the global petrochemicals market is the increasing demand for petrochemical derivatives from the automotive industry. Petrochemical derivatives such as polypropylene, polyethylene, and ethylene oxide find wide applications in automotive manufacturing. Manufacturers are using these plastics in cars to reduce weight and improve fuel efficiency. The global automotive production has been rising steadily over the past few years, thus augmenting the consumption of petrochemicals.
Segment Analysis
The global petrochemicals market is segmented on the basis of type, application and region. By type, the market is classified into ethylene, propylene, butadiene, benzene, xylene, toluene and others. The ethylene segment currently dominates the market and is expected to continue its dominance over the forecast period. This is attributed to high demand for ethylene in the production of polymers like polyethylene which are then used across various industries such as packaging, automotive, consumer goods, etc.
Key Takeaways
The global Petrochemicals Market Share size is expected to witness high growth, exhibiting CAGR of 9.2% over the forecast period 2023 to 2030, due to increasing demand from end use industries like packaging, automotive, construction and others.
By region, Asia Pacific is expected to be the fastest growing as well as the dominating regional market owing to presence of developing economies like China and India with growing manufacturing and construction activities. North America and Europe are also expected to hold substantial market shares.
Key players operating in the petrochemicals market are BASF, SABIC, TOTAL, Indian Oil Corporation Limited, Chevron Phillips Chemical Company, BP PLC, Sumitomo Chemical Company, Reliance Industries Limited, DowDuPont, Royal Dutch Shell. The market is highly competitive with major players competing in terms of product portfolio, quality and pricing. Strategic partnerships is one of the key strategies adopted by these players to gain higher shares in the market.
Read More,
https://www.insightprobing.com/petrochemicals-industry-trends-size-and-share-analysis/
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