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Petrochemicals Market Growth, Size, Analysis, Outlook By Trends, Opportunities And Forecast To 2030

By We Market Research 2 years ago
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Petrochemicals market is projected to grow from USD 323.95 Million in 2022 to a value of USD 457.18 Million in 2030, at a CAGR of 4.4%.

Due to rising demand from a variety of end-use industries, including aerospace, building & construction, agricultural, food & beverage, electrical & electronics, healthcare, and automotive, the petrochemicals industry has experienced exponential growth over the past few decades. But in the current situation, the growing environmental worries about the creation of petrochemicals have been a major factor in changing a number of production processes and other operations that primarily cause climate change.

Petrochemicals are a component of our societies' fabric and can be found in a wide range of contemporary items. Petrochemicals are used to create innumerable common things, including clothing, tyres, digital gadgets, packaging, detergents, and many more. 12% of the world's oil consumption is made up of petrochemical feedstock, and this percentage is predicted to rise due to rising demand for plastics, fertilisers, and other goods. Despite its magnitude, the sector continues to be underrepresented in the discussion of global energy.

A significant contributor to India's economy and prosperity is the petrochemical industry. But as energy demand has expanded, so has petrochemical manufacturing, which results in more complicated waste being produced during oil production and refining both onshore and offshore. The primary source of harmful organic and inorganic pollutants is the petrochemical industry. Organic pollutants, which are mutagenic, carcinogenic, persistent in the environment, and harmful to both human health and the environment, are predominantly composed of complex polycyclic aromatic hydrocarbons (PAHs).

Petrochemical executives are being forced to reconsider the direction of the sector by COVID-19. Before the epidemic, there was already slowing demand growth, a growing excess, and a declining value pool; these trends have only gotten worse. In addition, the transition to renewable energy sources and a regenerative, or circular, economy will cause fundamental instability in the business.

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Segmental Analysis of Global Petrochemicals Market:

Based on Type:

  • Ethylene
  • Propylene
  • Benzene
  • Butadiene
  • Xylenes
  • Toluene

Ethylene dominated the market with a revenue share of over 40.0%. This is attributed to an increase in demand for ethylene from various industries such as construction, packaging, and transportation.

Based On Intermediate Chemicals:

  • Methanol
  • Ethylene Oxide
  • Propylene Oxide

Based On Polymer:

  • Polyethylene (PE)
  • Polypropylene (PP)
  • Polyvinyl chloride (PVC)
  • Polystyrene (PS)
  • Polyester (PET)
  • Acrylonitrile butadiene styrene (ABS)

Based On Application:

  • Construction
  • Packaging
  • Automotive
  • Electrical & Electronics
  • Aerospace
  • Consumer Goods
  • Others

Top Key players:

BASF SE, BP Plc, DuPont de Nemours, Inc., Total S.A., Exxon Mobil Corp., China Petroleum & Chemical Corporation, Saudi Arabian Oil Co., Sumitomo Chemical Co., Ltd., Dow, Chevron Phillips Chemical Company, LyondellBasell Industries NV, Mitsubishi Chemical Corporation, INEOS, PetroChina Company Limited, Saudi Basic Industries Corp., Idemitsu Kosan Co., Ltd., Reliance Industries Limited, Royal Dutch Shell Plc., Indian Oil Corp.Ltd. and Formosa Petrochemical Corporation.

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