The Global Petrochemicals Market Growth is Accelerated by Rising Demand from Emerging Economies

Petrochemicals refer to a wide range of chemical products that are derived from petroleum or natural gas. They include commodity chemicals like ethylene, propylene and benzene along with a variety of plastics, fibers and synthetic rubbers. Petrochemical products find extensive applications in construction, packaging, transportation, healthcare, agriculture and other major industries. The increasing use of plastics in a variety of end-use industries has driven the demand for petrochemicals over the years.

The global Petrochemicals Market is estimated to be valued at US$ 565.55 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The rising demand from emerging economies across Asia Pacific and Latin America has been a key growth driver for the global petrochemicals market. Rapid industrialization and urbanization along with growing disposable incomes in countries such as China, India and Brazil have boosted consumption of petrochemical products in these regions. In particular, strong growth of the construction industry and rising vehicle production in countries such as China and India have accelerated demand for polymers and plastic resins used in construction and automotive applications. Going forward, continued infrastructure development activities in emerging nations along with growing chemical processing industry are expected to further augment market growth over the forecast period.

Segment Analysis
The global petrochemicals market is segmented into olefins, aromatics and plastics & resins. The olefins segment dominates the market currently, accounting for over 35% of the total share. Within olefins, ethylene and propylene are the major petrochemicals produced and consumed globally. Ethylene forms the building block for the production of ethylene glycol, polyethylene, styrene and various other derivatives that find applications across industries like consumer durables, packaging, automotive and construction. This wide range of applications has ensured the continued dominance of ethylene over other olefins.

Key Takeaways
The Global Petrochemicals Market Size is expected to witness high growth over the forecast period of 2023 to 2030.

Regional Analysis: The Asia Pacific region currently dominates the global petrochemicals market with a share of over 50% in 2023. China accounts for over 30% of the total petrochemicals demand alone in the region. This is attributed to the presence of robust manufacturing sectors in China and other Asian countries along with growing domestic consumption. North America and Europe are other major markets for petrochemicals. However, the growth is expected to be higher in the Asia Pacific region owing to ongoing capacity expansions, especially in China and India.

Key players operating in the petrochemicals market are Lionbridge, TransPerfect, SDL plc, LanguageLine Solutions, Telelanguage, Straker Translations, GlobaLexicon, Day Translations, GLOBO Language Solutions, Language Services Associates (LSA), Language Connect, CSOFT International, WordExpress Corporation, The Geo Group Corporation, Vocalink Global.

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