Top 15 Petrochemicals Market is Anticipated to Witness High Growth Owing to Increasing Global Demand from Downstream Industries
Rising global population coupled with growing urbanization has boosted the demand for packaging and various durable and non-durable goods across the world, fueling consumption of petrochemicals.

The global top 15 petrochemicals market covers petrochemical products including ethylene, propylene, benzene, Styrene, p-Xylene, vinyl chloride monomer, methanol, butadiene, ethylene oxide/ethylene glycol, toluene, polyethylene terephthalate, ammonia, ethylene dichloride, vinyl acetate, and polyvinyl chloride. Petrochemicals are the raw materials and intermediates used to manufacture a wide range of products across various industries including packaging, transportation, building and construction, healthcare, and consumer goods. They find application in producing plastics, rubber, fibers, detergents, fertilizers, and others. Rising global population coupled with growing urbanization has boosted the demand for packaging and various durable and non-durable goods across the world, fueling consumption of petrochemicals.

The top 15 petrochemicals market is expected to surpass 656.0 Mn Tons by the end of 2027 in terms of volume, exhibiting a CAGR of 4.1% during the forecast period (2021 to 2027).

Key Takeaways

Key players operating in the top 15 petrochemicals market are ExxonMobil Chemical, Sinopec, BASF, Dow Chemical, and LyondellBasell Industries.

The Top 15 Petrochemicals Market Insights is expected to witness high growth opportunities through capacity expansions carried out by major players. For instance, LyondellBasell announced plans to expand the capacity of its propylene oxide and Gujarat Pipavav Port in Gujarat, India.

Major companies are focusing on expanding their production facilities in high growth regions including Asia Pacific and Middle East & Africa. For instance, ENI agreed to develop the Tilenga and Kingfisher upstream projects in Uganda, which are some of the biggest oil discoveries in the world to meet the increasing demand for petrochemicals and fuels in the African continent.

Market Drivers

One of the major drivers for the top 15 petrochemicals market is the increasing demand from the packaging industry. Packaging applications such as flexible packaging, rigid packaging, and bubble wraps utilize large amounts of plastics and polymers, driving consumption of petrochemicals such as polyethylene and polypropylene.

Market Restrains

Stringent environmental regulations regarding the emissions of VOCs during the production and processing of petrochemicals can hamper market growth. Several regions have imposed restrictions on VOC emissions to reduce air pollution and minimize the contribution of the chemicals industry towards climate change. This increases compliance costs for petrochemical manufacturers.
Segment Analysis
There are 3 key segments in the top 15 petrochemicals market - olefins, aromatics, and styrenics. Olefins such as ethylene and propylene are dominating the market as they account for over 50% of the market share. Olefins find wide applications in the production of polyethylene, polypropylene, PVC, and other plastic resins. Their growing use in packaging, construction, automotive, and other industries is driving the olefin segment.

The aromatics segment consists of benzene, toluene, and xylene. Benzene is widely used to produce cumene, cyclohexane, and chlorobenzene which further find applications in plastics, nylon, synthetic fibers, and Surfactants. The high demand for these end-use industries is propelling the aromatics segment.

Styrene and its polymers like polystyrene and EPS are the major derivatives under the styrenics segment. They have applications in construction insulation materials, consumer goods packaging, and electronic parts. The rising construction and packaging industries in developing nations are augmenting the styrenics segment growth.

Global Analysis
On a regional level, Asia Pacific dominates the global top 15 petrochemicals market with more than 40% share. China and India are the fastest growing markets in the region due to increasing petrochemical consumption driven by the expanding construction, packaging, and automotive industries. Other factors contributing to the Asia Pacific's prominence are supportive government policies, low production costs, and easy availability of raw materials in countries like China and India. Europe and North America are other major petrochemical hubs. However, their growth would be comparatively slower than Asia Pacific due to mature markets. Nonetheless, ongoing capacity expansions in the Middle East and China are likely to strengthen their positions globally in the forecast period.

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About Author:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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Top 15 Petrochemicals Market is Anticipated to Witness High Growth Owing to Increasing Global Demand from Downstream Industries
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