Petrochemicals Market to Grow with a CAGR of 4.86% Globally through 2029
Growth in research and development activities is expected to drive the Global
Petrochemicals Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “Petrochemicals
Market - Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, the Global Petrochemicals Market stood at USD534.24 billion in 2023 and is anticipated to grow with a CAGR of 4.86% in the forecast
period, 2025-2029. Initiatives taken by government based on petrochemicals has
led to favorable market conditions for the Global Petrochemicals Market.
Several factors contribute to the growth of various petrochemicals products.
The growing demand for petrochemical products is
projected to contribute to more than a third of the anticipated growth in oil
demand by 2030. This recognition has prompted governments worldwide to
implement comprehensive policies and initiatives aimed at fostering the
expansion of their domestic petrochemical industries.
For instance, several governments have extended the
scope of their existing Product-Linked Incentive (PLI) schemes to encompass the
chemicals and petrochemicals sectors. These innovative schemes offer
performance-based incentives to companies based on incremental sales of
domestically manufactured goods. By doing so, these initiatives not only
encourage local production but also reduce dependence on imports, thereby
enhancing economic self-sufficiency and promoting sustainable growth.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Petrochemicals Market”
Research and development (R&D) plays a pivotal
role in the petrochemicals industry, driving innovation, efficiency, and sustainability.
The advancements achieved through R&D can lead to the discovery of new
materials, improved production processes, and the development of more efficient
and sustainable technologies.
As the industry faces various challenges, such as fluctuating
raw material prices and growing environmental concerns, R&D becomes even
more crucial. Innovations resulting from extensive research can help address
these issues, leading to cost savings, increased efficiency, and reduced
environmental impact.
The Global Petrochemicals Market is segmented into product,
application, regional distribution, and company.
Based on its product, the methanol segment held the
largest market share in the forecast period. Methanol, a versatile chemical
compound, serves as a crucial feedstock for the production of various essential
substances. It is primarily used in the manufacturing of acetic acid and
formaldehyde, both of which find extensive applications in the production of
foams, adhesives, solvents, plywood subfloors, and even windshield washer
fluids.
The demand for methanol is expected to witness
significant growth due to its indispensable role in several key industries.
This includes construction, where it is utilized in the formulation of paints
and adhesives, as well as the pharmaceutical industry, where it is employed in
the synthesis of various medications. Methanol also plays a vital role in the
production of plastics, which are widely used in countless applications, and in
the automotive sector, where it finds use in various components and fuels.
Based on region, Europe segment is expected to grow
during the forecast period. The ongoing recovery of the overall manufacturing
sector in Europe, coupled with the addition to oil and gas capacity, is expected
to drive the growth of the industry. Specifically, Western Europe, although
anticipated to experience stagnant growth due to market saturation, continues
to play a significant role in the region's petrochemical industry. This is
evident in the increasing ethylene production observed in key countries such as
Germany, France, and the U.K. As a result, there has been a surge in demand for
petrochemicals from manufacturers, who rely on them to produce a wide range of
industrial chemicals, further stimulating the growth of the sector.
Major companies operating in Global Petrochemicals Market
are:
·
BASF SE
·
BP Plc.
·
DuPont de Nemours, Inc.
·
Total S.A.
·
Exxon Mobil Corp.
·
China Petroleum & Chemical Corporation
·
Saudi Arabian Oil Co.
·
Sumitomo Chemical Co., Ltd.
·
The Dow Chemical Company
·
Chevron Phillips Chemical Company
Download Free Sample Report
Customers can also request for 10%
free customization on this report
“Ethylene and propylene are the building blocks of the
petrochemicals industry, with a wide range of applications in plastics, fibers,
and chemicals. There has been significant investment in new ethylene and
propylene production capacities, particularly in regions with abundant shale
gas resources such as the United States, to meet growing demand.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Global Petrochemicals Market
By Product (Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Methanol),
By Application
(Aerospace, Agriculture, Automotive, Building
& Construction, Consumer & Industrial Goods, and Others), By Region, By Competition Forecast & Opportunities, 2019-2029”, has evaluated
the future growth potential of Global Petrochemicals Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Petrochemicals Market.
Contact
TechSci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +1-332-258-6602
Email: [email protected]
Website: www.techsciresearch.com