Petrochemical Market Size, Share & Growth Analysis Report By Product Type(Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene, Methanol), By Manufacturing processes (Fluid Catalytic Cracking (FCC), Steam cracking, Catalytic reforming), By Application (Aerospace, Agriculture, Automotive, Building & Construction, Consumer & Industrial Goods, and Others) - Global Industry Analysis, Trends, Segment Forecasts, Regional Outlook 2022 - 2030

The global petrochemical market size is projected to be worth USD 798.8 billion by 2030 from USD 523.56 billion in 2022, with a CAGR of 5.4% during the forecast period 2022 to 2030. Increasing adoption of petrochemicals in the production of thermoplastics and oil will boost the target industry growth in near future.

Petrochemical Market Size 2020 to 2030

Key Takeaway:

  • By product, ethylene segment has captured revenue share of 40.6% in 2022.
  • The methanol segment is expected to grow at a CAGR of 7.9% between 2022 to 2030.
  • Regional Insights
  • Asia Pacific has dominated the market with revenue share of 52% in 2022.
  • North America has accounted 20% revenue share in 2022.
  • Europe is anticipated to grow at a CAGR of 5.7% during the forecast period 2022 to 2030. 

Key Market Insights:

Emergence of new applications of petrochemical is predicted to create potential opportunities for the crucial players operating in global market. According to the data published by International Energy Agency in 2018, the manufacturing of thermoplastics will be more than doubles over the period of 2020 to 2050, in order to satisfy the consumer demand worldwide.  Further, major companies of the global petrochemical market are increasing their capacity to enrich position. As per the data by IEA petrochemicals report, almost all regions, will increase manufacturing of primary chemicals to 2050, except Europe.

Crucial Factors Accountable For Market Growth Are:

  • Increasing demand for petrochemical in commercial applications
  • Capacity expansion of petrochemical by major players
  • Growing adoption of petrochemical in construction and automotive industries
  • Evolution of shale gas in developed economies

COVID-19 Impact on Global Petrochemical Market

Outbreak of COVID-19 has affected most of industries operating across the globe. Most of the leading countries across the world announced their lockdowns that has resulted into the disruption of supply chain of companies. Irregular supply of raw materials, and leap in their off-premise sales has affected the production of petrochemical. Also, the COVID-19 has affected on the demand and prices of oil. Further decreased demand of petrochemical components from end-use industries hampered growth of the global petrochemical market in 2022.

Future of Global Petrochemical Market

Leading players operating in the global petrochemical industry are focusing on increasing production of petrochemical to enhance their position and to get competitive edge in the global market. Asia Pacific, United States, and Middle East regions are heavily investing in order to fuel the processing capacity of petrochemical for satisfying the customer demand. As per the data published by Hydrocarbon Processing’s Construction Boxscore, from years 2016 to 2018, around 280 new petrochemical projects were announced which represents the year-over-year increase of 42%. That can have huge impact on the growth of the petrochemical industry.

Scope of the Petrochemical Market

Report Highlights Details
Market Size US$ 798.8 Billion by 2030
Growth Rate CAGR of 5.4% From 2021 to 2030
Base Year 2021
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Product, Application, Manufacturing Processes
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Companies Mentioned BP Plc, Total S.A., Exxon Mobil Corp., BASF SE, Sumitomo Chemical Co., Ltd., Dow, Chevron Phillips Chemical Company, Saudi Arabian Oil Co., DuPont de Nemours, Inc., China Petroleum & Chemical Corporation

Segment Analysis:

Ethylene Product Type Segment Estimated Foremost Market Stake In 2020

Ethylene petrochemical recorded the prime market share in the global petrochemical market by source in 2020. Increasing consumption of ethylene due to rapid industrialization and growth of packaging industry are expected to augment growth of the segment. Polypropylene segment is predictable to raise at a noteworthy CAGR during the forecast time-frame. Increased adoption of polypropylene petrochemicals in automotive sector due to its good mechanical properties are expected to raise the share of polypropylene petrochemical in the near future.

Fluid Catalytic Cracking (FCC) Segment Estimated To Hold Significant Market Share over the Forecast Period

Fluid Catalytic Cracking (FCC) is anticipated to hold significant share in target market by manufacturing processes during the forecast period 2021-2030. However, steam cracking segment is expected to raise at a substantial CAGR during the forecast time-frame.

Building & construction Segment is Predictable to Dominate the Application Segment of Petrochemical Market Revenue

On the basis of application segment the global market is segregated into aerospace, agriculture, automotive, building & construction, consumer & industrial goods, and others. The building & construction application segment is expected to dominate in terms of revenue over the forecast time frame. Rapid growth in the construction industry due to increasing worldwide population in developed as well as emerging economies is expected boost growth of the segment in the near future. Additionally, automotive application segment will expand at a significant CAGR during the forecast time-frame. The growth is attributed to increasing demand for petrochemical from automotive industries in developing countries across the globe which is in tern fulling growth of the segment.

Global Petrochemical Market 2021 to 2030

Asia-Pacific is estimated to be the Leading Market for Petrochemical

The global research scope offers key prospects of petrochemical products across various regions including North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Geographically, petrochemical market is conquered by Asia Pacific owing to growing adoption of petrochemicals as raw materials in various commercial applications in the countries especially in the China of the Asia Pacific region. North America is expected to register the fast growth rate, on account of expanding petrochemical manufacturing capacity, coupled with presence of leading companies in the countries of North America. Further, evolution of shale gas in U.S. and Canada is major factor responsible for the growth of petrochemical market in North America. Middle East and Africa is predictable to hold moderate share in terms of revenue in petrochemical market in the near future owing to growing production of petrochemicals.

Top players contending in the market:

The companies focusing on research and development are expected to lead the global petrochemical market. Leading competitors contending in global petrochemical market are as follows:

  • BP Plc
  • Total S.A.
  • Exxon Mobil Corp.
  • Sumitomo Chemical Co., Ltd.
  • Dow
  • Chevron Phillips Chemical Company
  • Saudi Arabian Oil Co.
  • DuPont de Nemours, Inc.
  • China Petroleum & Chemical Corporation

In order to better recognize the current status of petrochemical, and procedures approved by the principal countries, Precedence Research expected the upcoming growth of the petrochemical market. This research study offers qualitative and quantitative insights on petrochemical market and assessment of market size and growth trend for potential global market segments.

Key Market Developments:

  • In 2019, ExxonMobil, oil and natural gas Company based in the United States entered into an agreement with the leading player GAIL Ltd. This partnership is in order to supply of natural gas to the India’s transportation and power sector.
  • In 2019, Shell Chemical LP entered into manufacturing of fourth alpha olefins unit in its U.S. facility.

Major Market Segments Covered:

By Product Type

  • Ethylene
    • Polyethylene
    • Ethylene oxide
    • EDC
    • Ethyl benzene
    • Other (including alpha olefins, vinyl acetate, etc.)
  • Propylene
    • Polypropylene
    • Propylene oxide
    • Acrylonitrile
    • Cumene
    • Acrylic acid
    • Isopropanol
    • Other
  • Butadiene
    • SB Rubber
    • Butadiene rubber
    • ABS
    • SB latex
    • Other (nitrile rubber, mechanical belts, etc.)
  • Benzene
    • Ethyl benzene
    • Phenol/cumene
    • Cyclohexane
    • Nitrobenzene
    • Alkyl benzene
    • Other (including alkyl benzene, maleic anhydride)
  • Xylene
  • Toluene
    • Benzene
    • Xylenes
    • Solvents
    • TDI
    • Others (including pesticides, drugs, nitro toluene, etc.)
  • Methanol
    • Formaldehyde
    • Gasoline
    • Acetic acid
    • MTBE
    • Dimethyl ether
    • MTO/MTP
    • Other

By Manufacturing Processes

  • Fluid Catalytic Cracking (FCC)
  • Steam cracking
  • Catalytic reforming

By Application

  • Aerospace
  • Agriculture
  • Automotive
  • Building & Construction
  • Consumer & Industrial Goods
  • Others

By Geography

    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • France
      • United Kingdom
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Southeast Asia
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Rest of Latin America
    • Middle East & Africa (MEA)
      • GCC
      • North Africa
      • South Africa
      • Rest of Middle East & Africa

Frequently Asked Questions

What is the current size of the global petrochemical market?
According to Precedence Research, the global petrochemical market size surpassed at USD 523.56 billion in 2022 and is expected to reach USD 798.8 billion by the end of 2030.
What is the growth rate of global petrochemical market?
The global petrochemical market is growing at a remarkable CAGR of 5.1% during the forecast period 2022 to 2030.
Which major factors driving the growth of petrochemical market?
Increasing usage of petrochemical in industrial applications including construction, automotive, aviation, food, electricals, paint and coatings, paper and pulp is major factor driving growth of the global petrochemical market. Additionally, capacity expansion of petrochemical by the major operating players is another factor expected to boost growth of the target market in the coming years.
Which product type segment was dominated latest market revenue share in the petrochemical market?
Among the product type segment, ethylene segment is dominated the overall market in 2020 with more than 25% share in terms of revenue, owing to its wide applications in various end use industries including transportation, construction and packaging.
Which application segment accounted for the significant share in the petrochemical market?
Among the application building & construction segment accounted for the significant share.
Which major companies functioning in the worldwide petrochemical market?
The major companies functioning in the worldwide petrochemical market include China Petroleum & Chemical Corporation, Exxon Mobil Corp., Chevron Phillips Chemical Company, Sumitomo Chemical Co., Ltd. BASF SE, Saudi Arabian Oil Co. DuPont de Nemours, Inc. Dow, BP Plc, Total S.A. among others.
What is petrochemical?
Petrochemical is an essential part of the chemical industry due to its increased adoption for synthetic material production. Petrochemicals are majorly produced from hydrocarbons like butane, ethane, propane, and other components of natural gas or petroleum.
What are the uses of petrochemical?
Thousands of end use products are manufactured using petrochemicals such as wind turbines, solar power panels, furniture, cosmetics, medicines, electronics, and plastics among others.
  • Report Code:1193
  • Category:Chemical and Material
  • No. of Pages:150+
  • Format:PDF/PPT/Excel
  • Published:December 2022


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