Petrochemicals Market
The global petrochemicals market size is expected to reach USD 7,573.6 billion by 2028, according to a new report by Fortune Business Insights™.
The growing demand for petrochemicals from various end-use sectors such as consumer goods, automotive, electronics, rubber and plastics, and others is expected to drive the growth of the market during the forecast period. Market players are adopting various strategies, such as collaborations and acquisitions, to sustain their presence in the global market. The COVID-19 pandemic has affected the market growth negatively due to the various regulatory restrictions, which include factory shutdowns, closed borders, travel bans, and work-from-home initiatives across the world.
Petrochemicals are a group of chemical compounds derived from petroleum or natural gas. They are widely used for various applications such as synthetic fibers, synthetic rubbers, detergents, plastics, synthetic rubber and plastic resins, and other chemicals and fuels. They are also used for manufacturing medicines, solvents, and explosives. Different types of petrochemicals used in the industry include olefins, aromatics, and polymers. Furthermore, the petrochemicals industry is facing several environmental challenges due to the use of these chemicals.
https://www.fortunebusinessinsights.com/petrochemicals-market-102363
Petrochemicals Demand
The rising demand for petrochemicals in various sectors such as packaging, automotive, and construction is expected to drive the market growth during the forecast period. The increasing demand for petrochemicals in the production of detergents, cleaning agents, synthetic fibers, and plastics is also expected to fuel the growth of the petrochemicals market. Moreover, the increasing demand for petrochemicals in the developing countries such as China, India, and Brazil is expected to boost the demand for petrochemicals in the coming years. Additionally, the growing use of petrochemicals in the pharmaceutical and healthcare sector is expected to propel the growth of the petrochemicals market during the forecast period.
Petrochemicals Market Share
Asia Pacific held the largest petrochemicals market share in 2020, majorly driven by the increasing demand from the dynamic economies such as India, China, and Japan. The rising investment by the key market players in this region is expected to strengthen the regional market position during the forecast period. In North America, the United States is the largest market for petrochemicals due to the presence of key players such as Chevron Phillips Chemical, ExxonMobil Corporation, and Shell Companies. The region is estimated to witness healthy growth during the forecast period owing to the rising demand for petrochemicals in the packaging, construction, automotive, and consumer goods sectors.
The increasing demand for petrochemicals from the growing economies in Latin America is expected to fuel the growth of the market in the region. Similarly, the growing usage of petrochemicals in Middle East and Africa is expected to drive the regional market. The market growth in Europe is mainly supported by the increasing investments by the market players in the region The presence of major players such as Shell Chemicals, Total Petrochemicals, and BASF is expected to propel the market in the region.
The market players are investing heavily in the research and development to find new applications for petrochemicals. They are also focusing on product innovations and expansion of their production capacities to strengthen their position in the market. The key players operating in the global petrochemicals market include Sinopec, ExxonMobil Corporation, Chevron Phillips Chemical, Shell Companies, Total Petrochemicals, Formosa Plastics Corporation, and Saudi Aramco.
