Fatpos Global has released a report titled “Petrochemicals Market — Analysis of Market Size, Share & Trends for 2021–2022 and Forecasts to 2032” which is anticipated to reach USD 854.4 billion by 2032. According to a study by Fatpos Global, the market is expected to portray a CAGR of 5.6% between 2022 and 2032. According to the market research study, the rising environmental concerns to initiate the production of eco-friendly and sustainable products is expected to boost the growth of the Petrochemicals Market.
The market research study on Petrochemicals Market includes in-depth insights such as:
- Petrochemicals Market in Asia Pacific held the largest market share in the year 2021.
- Petrochemicals Market is classified based on the Product Type into Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Methanol.
- Petrochemicals Market is classified based on the Manufacturing processes into Fluid Catalytic Cracking (FCC), Steam cracking, Catalytic reforming.
- Petrochemicals Market is classified based on the Application into Polymers, Paints and Coatings, Solvents, Rubber, Adhesives and Sealants, Surfactants, Dyes, Others.
- Petrochemicals Market is classified based on the End Use into Aerospace, Agriculture, Automotive, Building & Construction, Consumer & Industrial Goods, and Others.
- The increasing demand for petrochemical products from various end-use industries like automotive, pharmaceuticals, construction are expected to drive the growth of the Petrochemicals Market.
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“The new advancements in technology related to petrochemicals is expected to boost the growth of the Petrochemicals Market”, said a lead analyst at Fatpos Global.
Petrochemicals are generated through sturdy refining processes which include separating and purifying various compounds from crude oil and natural gas. The petrochemicals market is an important component of the global economy, as it supplies the major building blocks for several industries and is influenced by various factors like availability of raw material and prices, altering demand patterns over various end-use industries and advancements in technology. Petrochemicals industry includes many key players, including large MNC’s, independent producers etc.
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Petrochemicals Market is classified based on the Product Type into Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Methanol. Ethylene segment is expected to dominate the market in the forecast period owing to the rising consumption of ethylene due to industrialization. The extension of packaging industry is also expected to boost the growth of the segment. The adoption of Ethylene due to its good mechanical properties is also expected to boost the growth of the segment in the market.
Key Players in the Market
Some of the key players operating in the Petrochemicals Market are BASF SE, Chevron Corporation, INEOS Group Ltd., Sinopec, ExxonMobil Corporation, Royal Dutch Shell PLC, SABIC, LyondellBasell Industries Holdings B.V., China National Petroleum Corporation (CNPC), Dow and Other Prominent Players.
Get Valuable Insights into Market
In the latest market study conducted by Fatpos Global thrives to present an unbiased analysis of the Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2022–2032. The study includes compelling insights into growth that is witnessed in the Market. Petrochemicals Market is classified based on the Product Type into Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Methanol.
Petrochemicals Market is classified based on the Manufacturing processes into Fluid Catalytic Cracking (FCC), Steam cracking, Catalytic reforming. Petrochemicals Market is classified based on the Application into Polymers, Paints and Coatings, Solvents, Rubber, Adhesives and Sealants, Surfactants, Dyes, Others.
Petrochemicals Market is classified based on the End Use into Aerospace, Agriculture, Automotive, Building & Construction, Consumer & Industrial Goods, and Others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East and Africa.
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