Petrochemicals Market is Estimated to Grow at a CAGR of 4.95% by 2030
According to ChemAnalyst report, “Petrochemicals Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Regional Demand, 2015-2030”, Petrochemical market has shown considerable growth in historic period and is anticipated to achieve a healthy CAGR of 4.95% during the forecast period until 2030. As the demand of Petrochemicals is rapidly increasing in the petrochemical industry for the manufacturing of numerous products including plastics, cosmetics, medicines, furniture, appliances, electronics, solar power panels, wind turbines etc, it is likely to augment the growth of global Petrochemicals market in upcoming years. The production of Petrochemicals is highly linked with safety standards on human health as well as environment which further increases the compliance standards.
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Petrochemicals are usually extracted from hydrocarbons such as propane, ethane, butane, or other components that are derived from crude oil and natural gas liquids. Naphtha, a mixture of flammable hydrocarbons is an important product made from petrochemicals. A widely used petrochemical is ethylene that is used to create polyethylene which is one of the most important plastics in the manufacturing industry. Other petrochemicals that have numerous applications in the commercial and industrial market include Propylene used in the manufacturing of paints, pharmaceuticals, furniture; Benzene is used in the electronics, food packaging, etc.; Methanol highly used in Building construction and thermal insulation and Toluene for inks and sports equipment. Petrochemical Industry plays an important role in the development and economic growth of manufacturing department. Oil and gas industry contributes to the major consumption of Petroleum which further propels the market growth of the Petrochemicals.
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Growing demand of petrochemical products by various end-use industries including packaging, automotive, textile, FMCGs and construction sectors is expected to bolster the petrochemicals market growth over the next 5 years. Based on the type, the Petrochemical market is segmented into C1 Derivatives, C2 Derivatives, C3 Derivatives, C4 Derivatives, Aromatics and others. Petrochemicals are universal along with their increasing usage across daily life applications. Rising demand of Methanol (obtained from C1 stream) for industrial applications such as manufacturing formaldehyde, dyes & intermediates, API formulations, agrochemicals etc., and its adoption as a clean-burning fuel in transports is likely to spur the global petrochemicals demand in coming years. Demand for petrochemical products as they are required in plastic packaging for food and other commercial products such as Polyethylene and Polystyrene is also bolstering the growth of the market. Moreover, emerging economies across the globe are making hefty investments in order to support their passenger and commercial automotive manufacturing, the global demand for rubber tyres, usually derived from the petrochemical Butadiene (an output from C4 stream) is projected to improve in the forecast period. Additionally, the consumption of petrochemicals-based detergents and textile fibers along with ever changing consumer preferences is driving the global market of Petrochemicals through 2030. Based on the type, C2 & C3 derivatives altogether held more than 48% of the global petrochemicals demand share. The sectoral demand triggered tremendous growth in the global petrochemicals industry due to growing consumption of engineered plastics, medical plastics, packaging films and many other end-use industries.
In 2020, due to the outbreak of COVID-19, the Global petrochemicals industry was negatively impacted which further impacted the global industrial production of petrochemicals. The demand of downstream derivatives such as clothing and automotive was highly affected. However, surging demand for personal hygiene products propelled the market of C3 derivative polymers for manufacturing masks, PPE kits and disposable items. In longer terms, it is anticipated that boost in the global petrochemicals demand as several economies are expanding their capacities to invest in latest manufacturing technologies which would further accelerate the market growth in the forecast period.
Region wise, APAC region holds the largest share of Petrochemicals market worldwide followed by North America and Western Europe. Due to increasing mergers and acquisitions along with massive capacity addition in the coming years in order to support the tremendous hike is propelling the Asian petrochemicals demand. Moreover, several FDI flows apart from Asia are looking at the favorable policies and demographic trends, that would further excel the Asian market growth over the next 5 years.
According to ChemAnalyst report, “Petrochemicals Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Regional Demand, 2015-2030”, some of the major players operating in global Petrochemicals market include LyondellBasell Industries N.V., Sinopec, SABIC, The Dow Chemical Co., Ineos Group, BASF S.E and Others.
“Being linked to the downstream applications in consumer electronics, detergents, pharmaceuticals, thermal insulation and others, the global Petrochemicals Industry has shown a healthy growth along with increasing macro-economic factors and shifting consumer preference. It is expected that India will become the fifth largest consumer market across the world in the upcoming years. In addition, growing per capita income in various emerging countries poised a stronger outlook to the country’s Petrochemical and it’s derivates demand. The authorities’ restrictions due to the novel coronavirus affected the global supply chain logistics and caused immediate shortage of feedstock chemicals hence increased the prices of Petrochemicals. With new competitors emerging across the Asian Petrochemicals market, it is extremely important to keep a focus on which region will grab the biggest market share in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a management based on research consulting firm promoting ChemAnalyst worldwide.
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