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At 5.90% CAGR, Global Petrochemicals Market Size to Hit USD

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NEW YORK, United States, October 8, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new investigative report titled “Petrochemical market sizeShare, Growth Analysis Report by Type (Ethylene, Propylene, Butadiene, Benzene, Toluene, Xylene, Methanol), by Application (Polymers, Paints and Coatings, Solvents, Rubber, Adhesives and Sealants, Surfactants, Dyes), and by Region – Global & Regional Industry Outlook, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data & Forecast 2022 – 2028″ in your research database.

The report analyzes the Petrochemicals market drivers and restraints as well as the impact they have on the demand throughout the projection period. Additionally, the report examines global opportunities in the global petrochemical market.

Petrochemicals Market Overview:

Petrochemicals are the backbone of an industrial economy and a necessity for many industrial processes. Numerous items, including tires, industrial oil, and plastic, are made using petrochemical detergents. The product waste, basic plastic, is used as a component in the production of consumer goods. Petrochemicals are frequently used in various items such as paints, automobiles, packaging, household items, and medical equipment. Modern technology also allows the industry to process a wider variety of raw materials and various types of products.

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Our free sample report consists of the following:

  • The introduction, overview and detailed analysis of the industry are included in the 2022 updated report.
  • Provide detailed chapter-by-chapter guidance on the Application
  • Updated regional analysis with graphic representation of size, participation and trends for the year 2022
  • Includes Updated Tables and Figures
  • The latest version of the report includes the major market players, their business strategies, sales volume, revenue analysis, SWOT analysis, historical and forecast growth, Porter’s 5 forces analysis.
  • Facts and factors research methodology

Key information from primary research

  • Based on the analysis, the petrochemical market is likely to grow above a CAGR of around 5.90% between 2022 and 2028.
  • The petrochemical market size was worth around US$549.5 billion in 2021 and is estimated to reach approximately US$775.07 billion by 2028. Due to a variety of driving factors, the market is anticipated to rise at a rapid rate. significant.
  • Some of the major drivers driving petrochemical market revenue growth include the expansion of petrochemical demand in the pharmaceutical and automotive industries, the increased use of plastic packaging, and the increasing adoption of petrochemical components in industrial processes.
  • By type, the ethylene category is expected to dominate the market.
  • By application, the polymer category dominated the market in 2021.
  • Asia Pacific dominated the petrochemical market in 2021.

competitive players

The report contains qualitative and quantitative research on the global petrochemical market, as well as detailed information and development strategies employed by leading competitors. The report also provides an in-depth analysis of the leading market competitors as well as information on their competitiveness. The research also identifies and analyzes important business strategies used by these major market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offerings and standards.

Some of the major players in the global petrochemical market include;

  • BASF SE
  • SABIC
  • TOTAL
  • indian petroleum corporation limited
  • Chevron Phillips Chemical Company
  • BP PLC
  • Sumitomo Chemical Company
  • Limited Trust Industries
  • DowDuPont
  • Royal Dutch Shell PLC.

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Industry Growth Drivers

  • Increasing adoption of petrochemicals in automotive industries to drive market growth

The global petrochemical market has grown significantly due to factors such as the increased use of petrochemical products in the packaging, electrical and electronics, automotive, construction and health sectors. Numerous polymers are used in the production of various plastic components, which find use in the transportation and automotive industries. This factor is driving the petrochemicals market. In addition, the increasing use of polymeric resins in the production of automotive components is anticipated to increase the demand for polymers, which would affect the rate of expansion of the petrochemical market.

restrictions

  • Volatility in raw material costs likely to hamper market growth

However, the expansion of this sector may be hampered by changes in commodity prices. On the other hand, the steady growth in the construction, chemical, and automotive industries will provide market participants with an opportunity to invest in the petrochemical market.

Petrochemical Market: Segmentation Analysis

The global petrochemical market has been segmented into types, applications, and regions.

Based on type, ethylene, propylene, butadiene, benzene, toluene, xylene, and methanol are segments of the global petrochemical market. In 2021, ethylene had a dominant market revenue share of over 40.0%.

Based on application, the petrochemical market is segmented into polymers, paints and coatings, solvents, rubber, adhesives and sealants, surfactants, and dyes. The polymer segment is expected to dominate the petrochemical market.

Explore the full “Petrochemical Market Size, Share, Growth Analysis Report By Type (Ethylene, Propylene, Butadiene, Benzene, Toluene, Xylene, Methanol), By Application (Polymers, Paints & Coatings, Solvents, Rubber, Adhesives & Sealants, Surfactants, Dyes ) and By region: global and regional industry information, overview, comprehensive analysis, trends, statistical research, market intelligence, historical data and forecast 2022 – 2028” report in

Regional Analysis:

The global petrochemical market is segmented into geographical regions: North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa. In 2021, the Asia Pacific region, especially China, dominated the petrochemical market due to the rapid development of the region’s chemical and construction industries and the increased use of polymers in a wide range of applications, particularly in China, Japan and India.

China’s growth in the petrochemical market over the past 20 years has been characterized by rapid investment and open competition. Additionally, the nation has pioneered the development of major petrochemical complexes with high chemical yields, with several existing and new investments planned across the country.

Recent developments:

  • Jan 2021 – To produce Propylene Oxide (PO) and Styrene Monomer (SM) in China, LyondellBasell Industries Holdings BV and China Petroleum & Chemical Corporation established a 50/50 joint venture.
  • In 2019, Shell Chemical LP began production of its fourth alpha olefin unit at its US facility.

Scope of the report:

report attribute Details
Market size in 2021 $549.5 billion
Projected market size in 2028 $775.07 billion
CAGR growth rate CAGR of 5.90%
base year 2021
forecast years 2022-2028
Key market players BASF SE, SABIC, TOTAL, Indian Oil Corporation Limited, Chevron Phillips Chemical Company, BP PLC, Sumitomo Chemical Company, Reliance Industries Limited, DowDuPont, Royal Dutch Shell PLC., and others.
key segment By type, application and region
Main Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
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The global petrochemical market is segmented as follows:

By type

  • Ethylene
  • propylene
  • Butadiene
  • Benzene
  • toluene
  • xylene
  • methanol

per application

  • polymers
  • Paints and Coatings
  • Solvents, Rubber
  • Adhesives and Sealants
  • Surfactants
  • Dyes

By region

  • North America
  • Europe
    • France
    • The United Kingdom
    • Spain
    • Germany
    • Italy
    • The rest of Europe
  • Pacific Asia
    • Porcelain
    • Japan
    • India
    • Southeast Asia
    • Rest of Southeast Asia
  • Middle East and Africa
    • GCC
    • South Africa
    • Rest of the Middle East and Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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