Petrochemicals Market to Reach 656.0 Mn Tons by 2027, Says Coherent Market Insights (CMI)
The top 15 petrochemicals market was valued at 497.1 Mn Tons in 2020 and is expected to exhibit a CAGR of 4.1% during the forecast period (2021-2027).
/EIN News/ -- SEATTLE, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Over the past few decades, the growth of the top 15 petrochemicals market has largely been driven by the growing demand from the developing regions. In addition, the increasing use of low-cost gas feedstock as opposed to oil-based feedstock has largely benefited petrochemical companies over the past few years– a trend that is expected to continue during the forecast period. As per current observations, consolidation in developed markets and rise in the number of new market entrants in developing regions are projected to drive the top 15 petrochemicals market during the forecast period. A major share of the market can be attributed to national oil companies (NOC), international oil companies, and other companies with noteworthy petrochemical assets. Furthermore, investments in the petrochemicals market are largely being pumped by national oil companies due to the growing demand from the domestic market.
The U.S. recorded an investment of more than US$ 217 billion in petrochemical downstream operations since 2013. The significant growth of the industry is driven by shale gas revolution and has led to a decrease in feedstock prices. The country witnessed a significant rise in the consumption of ethane surpassing the other petroleum products such as gasoline and jet fuel.
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Key Market Takeaways:
The top 15 petrochemicals market is expected to exhibit a CAGR of 4.1% over the forecast period (2021-2027). Ethylene finds wide application scope as a feedstock in the construction, packaging, and transportation sectors. It is majorly utilized in the synthesis of various derivatives such as polyethylene, ethylene oxide, ethylene dichloride (EDC), ethyl benzene, and styrene. Rapid industrialization coupled with the growth of the automotive and packaging sectors in emerging economies is expected to boost consumption of ethylene.
The development of new technologies based on feedstocks such as light crude and mixed crude is expected to positively impact the supply. The adoption of crude oil to chemical technology (COTC) by manufacturers is expected to gain popularity, as it provides high yields in the range of 40% to 45%. Industrial complexes with COTC technology are being constructed in the Middle East and China, and is expected to be operational by 2020. The development of such technologies will enable companies to manufacture chemicals on a refinery scale.
The Asia Pacific petrochemicals market was valued at 289.3 Mn Tons in 2020 and is expected to grow at a significant rate of 4.3% during the forecast period. Asia Pacific dominates the market, followed by North America. The Asia Pacific region is increasing its strength in petrochemicals particularly in ethylene and its derivatives such as polyethylene (PE) and ethylene glycol. Increasing shale gas exploration activities in the U.S. and Canada are expected to drive the growth of the market for petrochemicals in North America. Abundant natural gas and crude oil availability are expected to drive the Middle East market growth.
Competitive Landscape:
Major players operating in the top 15 petrochemicals market include 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, and SABIC
Key manufacturers in the market are focusing on strategies such as acquisitions and mergers, and joint ventures with other key players to improve their market presence. In 2019, China National Petroleum Corporation signed an agreement with the Republic of Benin to construct the pipeline from Niger to the Atlantic coast in Benin to strengthen its crude oil business footprint in Africa. In August 2018, LyondellBasell acquired A. Schulman, Inc to strengthen its presence in growing high-margin end markets such as construction materials, automotive and packaging, and electronic goods.
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Market Segmentation:
- Top 15 Petrochemicals Market, By Product Type:
-
- Ethylene
- Propylene
- Benzene
- Xylene
- Toluene
- Methanol
- Others
- Top 15 Petrochemicals Market, By Application:
-
- Paints and Coatings
- Solvents
- Polymers
- Adhesives and Sealants
- Others (Surfactants, Dyes, etc.)
- Top 15 Petrochemicals Market, By End-Use Industry:
-
- Aerospace
- Agriculture
- Automotive
- Building & Construction
- Consumer & Industrial Goods
- Electrical & Electronics
- Others (Packaging, etc.)
-
Top 15 Petrochemicals Market, By Region:
- North America
-
- By Country:
- U.S.
- Canada
- By Country:
-
- Europe
-
- By Country:
- U.K.
- Italy
- France
- Germany
- Spain
- Russia
- Rest of Europe
- By Country:
-
- Asia Pacific
-
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- Rest of Asia Pacific
- By Country:
-
- Latin America
-
- By Country:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- By Country:
-
- Middle East & Africa
-
- By Sub-region:
- Middle East
- Africa
- By Sub-region:
-
- North America
Related Market Intelligence Reports:
Ethylene & Propylene Market Report, by Derivative Type (Ethylene (Polyethylene (HDPE, LDPE, and LLDPE), Ethylene Oxide, Others (Ethylene Dichloride etc.)), Propylene (Polypropylene, Propylene Oxide, Others (Cumene, Acrylonitrile etc.))), by Application (Chemical & Petrochemicals, Pharmaceuticals, Paints & Coatings, Others (Metal Fabrication etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027
GCC Industrial Gases Market, By Gas Type (Oxygen, Nitrogen, Helium, Acetylene, Argon, Hydrogen, Carbon Dioxide), By Application (Metals and Metallurgy, Medical & Healthcare, Welding & Metal Fabrication, Automotive & Aerospace, Electronics, Refining Energy, Oil & Gas, Food & Beverage, Chemicals & Petrochemicals, Pulp & Paper, Pharmaceutical & Biotechnology, Other), and By Country (KSA (Kingdom of Saudi Arabia), UAE, Kuwait, Qatar, Oman, Bahrain) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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