Top 15 Petrochemicals Market Size, Share, Companies & Growth Analysis Report 2024 - 2031 | Chemical Company LLC
Top 15 petrochemicals market is expected to 656.0 Mn Tons by the end of 2027, exhibiting a CAGR of 4.1% during the forecast period (2021 to 2027).
BURLINGAME, CALIFORNIA, UNITED STATES, June 18, 2024 /EINPresswire.com/ -- Market Overview: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).
Market Dynamics:
The growth of the global top 15 petrochemicals market is driven by the growing oil and gas exploration activities around the world as these chemicals are derived from oil and gas. Furthermore, increasing investments in construction and infrastructure projects are also fueling the demand for plastics and fibers made from top 15 petrochemicals thereby propelling the market growth. The rapidly growing population is resulting in increased demand for consumer goods, food packaging and other essential items that use petrochemicals for production and packaging. This rising demand from end use industries is further complementing the market growth over the forecast period.
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Increase In Plastic Production And Consumption Worldwide Is A Major Driver For Petrochemicals Market Growth
One of the major drivers for top 15 petrochemicals market growth is the steady increase in plastic production and consumption worldwide. Plastics have become an integral part of our daily lives and are extensively used across various end-use industries like packaging, consumer goods, construction, automotive etc. According to industry experts, global plastic production has increased from around 245 million tons in 2017 to 360 million tons in 2022. Plastics offer advantages like low weight, durability and flexibility which has led to thriving demand from consumer and industrial applications. Its usage has tremendously grown in food packaging, medical devices, building & construction materials, automotive components and many other areas. Asia Pacific region accounted for over 50% of global plastic demand due to robust manufacturing activity in countries like China, India. Rapid economic expansion and rising living standards in developing nations will continue driving plastic consumption higher in coming years. Since petrochemicals serve as vital raw materials for plastic production, their demand is tightly coupled with plastic industry growth patterns on a global scale.
Growing Infrastructure Spending In Emerging Economies Propels Petrochemicals Consumption
Another key driver for top 15 petrochemicals market is the rising infrastructure expenditure in emerging economies. Petrochemical derivatives find extensive applications in constructing buildings, roads, bridges, rail networks and other infrastructure projects. Countries like China, India, Indonesia, Vietnam etc are experiencing strong economic development which has boosted their infrastructure investment substantially over the past decade. Government initiatives to develop smart cities, transport systems and other modern facilities have increased the consumption of petroleum-derived construction materials. For example, China allocated over $126 billion towards infrastructure development under its 14th five-year plan for 2021-2025. Similarly, India's national infrastructure pipeline projects investment of $1.5 trillion by 2025. Rising construction activities in developing regions will augment the demand for petrochemical-based materials like polymers, fibers, solvents that are used to manufacture concrete admixtures, insulation, pipes, wires etc. This expanding infrastructure spending provides a notable boost to overall petrochemicals consumption worldwide.
Rising Demand For Renewable Chemicals Offers Tremendous Market Opportunity
One of the key opportunities in the top 15 petrochemicals space lies in the rising global demand for renewable and bio-based chemicals. With growing environmental sustainability focus, industries and consumers are increasingly preferring petrochemical alternatives sourced from renewable biomass. This includes biochemicals produced from organic waste, agricultural residue and other biological sources using fermentation or thermal conversion processes. The renewable chemicals market is expected to grow significantly at over 6% CAGR during 2022-2030. Major petrochemical companies are proactively investing in developing technologies to produce paraxylene, paraformaldehyde, 1,4-butanediol and other petrochemical equivalents from renewable feedstock. Transition towards eco-friendly biochemicals provides a multi-billion dollar opportunity for established petrochemical producers to diversify their product portfolio, enhance brand reputation and tap the expanding renewable chemicals demand worldwide. Novel startups are also entering this
Top Companies Featured in This Report:
★ Chevron Phillips Chemical Company LLC
★ BASF SE
★ ExxonMobil
★ Shell Chemical Company
★ TotalEnergies SE
★ Sumitomo Chemical Co. Ltd.
★ Reliance Industries Limited
★ Indian Oil Corporation
★ Bharat Petroleum Corporation Limited
★ SABIC
Market Segmentation:
By Product Type:
★ By Product Type: Ethylene, Propylene, Benzene, Xylene, Toluene, Methanol, and Others
★ By End-Use Industry: Aerospace, Agriculture, Automotive, Building & Construction, Consumer & Industrial Goods, Electrical & Electronics, and Others (Packaging, etc.)
By Applications:
★ By Application: Paints and Coatings, Solvents, Polymers, Adhesives and Sealants, and Others (Surfactants, Dyes, etc.)
Key Regions/Countries are Classified as Follows:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
South America (Brazil, Argentina, Rest of SA)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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Reasons to Obtain Our Comprehensive Market Report:
• Conduct an extensive analysis of various aspects of the Top 15 Petrochemicals Market utilizing Porter's Five Forces framework.
• Gain insights into the growth rate and market shares of different product types and applications/end-users within the Top 15 Petrochemicals Market.
• Explore the Top 15 Petrochemicals Market dynamics across different regions through comprehensive regional analysis.
• Assess the impact of Covid-19 on the Top 15 Petrochemicals Market with a meticulous research approach.
• Stay updated on the latest developments, market shares, and strategies of key market players within the Top 15 Petrochemicals Market.
• Delve into a thorough evaluation of the market strategies, geographical presence, and business segments of the top players in the Top 15 Petrochemicals Market.
• Anticipate key challenges, product advancements, and solutions that may influence the market's progression and threats.
Key Questions Answered:
• What was the size of the Top 15 Petrochemicals Market in 2021, and what will it be worth by 2030?
• What is the current global scenario for the Top 15 Petrochemicals Market?
• What are the optimal business strategies for maximizing growth potential?
• What are the recent trends in the Top 15 Petrochemicals Market?
• What is the market share in terms of revenue, sales, and size in specific geographical regions?
• Who are the key industry players in the Top 15 Petrochemicals Market?
• Which segments of the Top 15 Petrochemicals Market are in high demand?
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