IMARC Group’s latest research report, titled “Petrochemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global petrochemicals market reached a value of US$ 547.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 778.3 Billion by 2027, exhibiting a CAGR of 5.70% during 2022-2027.
Petrochemicals represent the chemical substances that comprise of ethylene, propylene, benzene, etc., that are derived from natural gas and petroleum. They are cost-effective, economical, durable, and used for manufacturing paints, alkyd resins, industrial de-greasers, odorless thinners, construction chemicals, dry cleaning products, cleaning and maintenance chemicals, insecticides, aerosols, agricultural pesticides, etc. In addition to this, petrochemicals are extensively utilized in solar panels, thermal insulation for buildings, parts of electric vehicles (EVs), batteries, wind-turbine blades, etc. As such, they find wide-ranging applications across several sectors, such as electronics, automotive, packaging, textile, etc.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation by type, application, end use industry and region.
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape for Petrochemicals Market
- Strategies of major players and product offerings
The escalating need for ethane in the manufacturing of olefins is primarily driving the petrochemicals market. Additionally, the rising utilization of polymers in the food and beverage (F&B) industry to keep products fresh, prevent contamination, increase their overall shelf-life, etc., is further catalyzing the market growth. Besides this, the widespread adoption of petrochemicals to design the body, tires, interiors, and dashboard of vehicles, owing to their lightweight nature, durability, flexibility, etc., is acting as another significant growth-inducing factor. Moreover, the elevating product usage in the agriculture sector for producing plastic mulch, greenhouse covers, tunnels, etc., is also positively influencing the global market. Apart from this, numerous leading manufacturers are focusing on the expansion of their production capacities to meet the product demand, which, in turn, is anticipated to fuel the petrochemicals market over the forecasted period.
Key Players Included in Global Research Report:
- BASF SE
- Chevron Corporation
- China National Petroleum Corporation
- China Petrochemical Corporation
- DuPont de Nemours Inc.
- Exxon Mobil Corporation
- Formosa Plastics Corporation
- Indian Oil Corporation Limited
- INEOS Group Ltd.
- LyondellBasell Industries N.V.
- Reliance Industries Limited
- Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
- Shell plc
- Sumitomo Chemical Co. Ltd.
- TotalEnergies SE.
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COVID-19 Impact Overview:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Breakup by Type:
Breakup by Application:
- Paints and Coatings
- Adhesives and Sealants
- Surfactants and Dyes
Breakup by End Use Industry:
- Automotive and Transportation
- Electrical and Electronics
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
TOC for the Petrochemicals Market Research Report:
- Scope and Methodology
- Executive Summary
- Global Petrochemicals Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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