Petrochemicals Market BASF SE, Chevron Corporation, China National Petroleum Corporation (CNPC)

[sara James]

The global Petrochemicals Market size is estimated to reach USD 860.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. BASF SE, Chevron Corporation, China National Petroleum Corporation (CNPC), China Petrochemical Corporation (SINOPEC), ExxonMobil Corporation, INEOS Group Ltd. are some of the key players in this industry. The market is largely driven by rising demand for downstream specialty chemicals and plastic manufacturing. The market is expected to witness steady growth over the forecast period owing to increasing demand from end-use industries such as construction, industrial, textile, medical, pharmaceuticals, consumer good automotive, and electronics.

Crude oil and natural gas are the major raw materials used for the manufacturing of petrochemical products. The volatile prices of crude oil are a major challenge in the procurement process of crude oil as a raw material for product manufacturers. The industry players that are reliant on crude oil as a feedstock for manufacturing are likely to face difficulties in the coming years.

The competitive rivalry among producers of petrochemicals is high as the market is characterized by the presence of a large number of global players with strong distribution networks. Top players have been dominating the industry for the past few years owing to increasing investments in R&D activities related to new product development and manufacturing processes.

Asia Pacific was the dominating region in 2020 and is predicted to witness the highest CAGR over the forecast period. Factors such as increasing crude oil refining capacity, growing population, and improving standard of living of the masses are expected to fuel the growth of the market in Asia Pacific in the coming years.

Related Press Release@ Petrochemicals Market Report

Petrochemicals Market Report Highlights

• In 2020, ethylene emerged as the dominant product segment by contributing over 40.7% revenue share as it is majorly utilized for the formulation of various derivatives such as ethylene oxide, polyethylene, Ethylene Dichloride (EDC), ethylbenzene, and styrene
• Polyethylene was the major application of ethylene product amounting for 64.1% of the revenue share. The consumption of polyethylene is driven by the rising demand for High-density Polyethylene (HDPE) for blow molding across the globe
• Butadiene was the second-largest product segment in 2020 and is expected to witness a CAGR of 5.9% in the coming years as it is a key building block used in the manufacturing of several chemicals and materials employed in industries such as consumer durables, healthcare, and building and construction
• Asia Pacific was the dominating region both in terms of revenue and volume owing to increasing demand for petrochemicals from various end-use industries including transportation, packaging, and construction