Global Petrochemicals Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
10 Mar, 2021
The petrochemicals market consists of the sales of petrochemicals by entities (organizations, sole traders or partnerships) that produce acyclic (i.e., aliphatic) hydrocarbons such as ethylene, propylene, and butylene made from refined petroleum or liquid hydrocarbons and/or produce cyclic aromatic hydrocarbons such as benzene, toluene, styrene, xylene, ethyl benzene, and cumene made from refined petroleum or liquid hydrocarbons.
Global Petrochemicals Market Size And Drivers:
The global petrochemicals market is expected to grow from $365.01 billion in 2020 to $429.11 billion in 2021 at a compound annual growth rate (CAGR) of 17.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $477.85 billion in 2025 at a CAGR of 3%.
Increased use of plastics in automobiles is expected to increase the demand for petrochemicals during the forecast period.
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Trends In The Global Petrochemicals Market
Many petrochemical manufacturers are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to obtain real time insights and identify inefficiencies in the manufacturing process. The data obtained is processed, analyzed and interpreted by plant managers and senior level management to improve quality and achieve optimum production levels.
Global Petrochemicals Market Segments:
The global petrochemicals market is further segmented based on type, end user and geography.
By Type: Ethylene-Petrochemicals, Propylene-Petrochemicals, Benzene-Petrochemicals, Xylene, Styrene-Petrochemicals, Toluene, Cumene, Other Petrochemicals.
By End-User Industry: Construction, Packaging, Automotive & Transportation, Healthcare, Electrical & Electronics, Others.
By Geography: The global petrochemicals market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, Asia Pacific was the largest region in the global petrochemicals market, accounting for 45% of the total market.
Read More On The Report For The Global Petrochemicals Market At:https://www.thebusinessresearchcompany.com/report/petrochemicals-global-market-report
Petrochemicals Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides petrochemicals market overviews, analyzes and forecasts market size and growth for the global petrochemicals market, petrochemicals market share, petrochemicals market players, petrochemicals market segments and geographies, petrochemicals market’s leading competitors’ revenues, profiles and market shares. The petrochemicals market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.