Petrochemicals Global Market To Reach Value Of About $431.01 Billion In 2023
5 Jan, 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 reached a value of nearly $456.5 billion in 2019, having increased at a compound annual growth rate (CAGR) of 3.7% since 2015. The market is expected to decline from $456.5 billion in 2019 to $434.1 billion in 2020 at a compound annual growth rate (CAGR) of –4.9%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is expected to grow slightly from $430.96 billion in 2021 to $431.01 billion in 2023 at a CAGR of 0.01%. The market is expected to stabilize and reach $453.6 billion in 2025 and $506.1 billion in 2030. Rising demand for polypropylene is expected to contribute to the growth of the petrochemicals market in the forecast period.
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Trends In The Global Petrochemicals Market
Petrochemical companies are increasingly using automation and instrumentation solutions to control the production process more effectively. Automation instruments include control valves, temperature transmitters, level transmitters, flow transmitters and pressure transmitters that help to improve an organizations operational efficiency.
Global Petrochemicals Market Segments:
The global petrochemicals market is further segmented based on type, end-user and geography.
By Type: Ethylene, Propylene, Benzene, Xylene, Styrene, Toluene, Cumene, Others.
By End-User: Textile, Furniture, Paints And Coatings, Pharmaceuticals, Synthetic Rubber And Fibers, Plastic Materials And Resins, Toiletries And Cleaning Compounds, Others.
By Geography: The global petrochemicals market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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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.