Petrochemicals Market Insights, Forecast to 2031 | Global Market Size, Share, Growth, Trends | Key Players, Recent Developments, Type and Application, Market Dynamics, Expansion Plans, Revenue, Research Report

Kenneth Research recently added a report on the Petrochemicals Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.

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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.

Petrochemicals are chemical compounds that are obtained from feed-stock’s like crude oil, gas and petrol. Petrochemicals is a complicated industrial sector that affects almost every life sphere. Rising government assistance, especially in developing economies, is seen as the key variables estimated to foster development in the near future on the worldwide petrochemical industry. Major businesses are focusing on sustainable petrochemical plant development, which has resulted in the shutdown of elderly, lower and less effective plants. Petrochemicals and their derivatives are demanding across application ranges such as pipes, pharmaceuticals, high-tech equipment and paint throughout the US and other economies.

Plastics, the most well-known petrochemical group, have outperformed that of all other bulk materials (e.g. steel, aluminum or cement) and have virtually doubled since 2000. Advanced economies such as the US and Europe use up to 20 times the amount of plastic and up to 10 times the amount of fertilizer per capita than developing countries such as India and Indonesia. This highlights enormous growth potential globally. Adding further, The US today accounts for about 40% of the world’s petrochemical capability of ethane manufacturing.

Plastic packaging may be produced of several petrochemical products, such as polyethylene and polystyrene, for food and other business products. Synthetic rubber is one of the most important components of the pipes for automobiles, lorries, and bicycles. Also, many of our washing machines ‘ laundry detergents and apparel are made from petrochemicals such as surfactants and polyester fiber. Another factor underlying robust demand development generally is the difficulty of finding substitute to petrochemical goods for many apps.

Leading companies featured in the Petrochemicals Market 2019-2029 report include BASF SE, The Dow Chemical Company, China Petroleum & Chemical Corporation (Sinopec), Royal Dutch Shell plc, Saudi Basic Industries Corporation (SABIC), ExxonMobil Corporation, British Petroleum plc, Chevron Corporation, LyondellBasell Industries, INEOS AG, China National Petroleum Corporation (CNPC), E.I. du Pont de Nemours & Company (DuPont), British Petroleum Plc, TOTAL 213 , Indian Oil Corporation Ltd , Sumitomo Chemical Company, Reliance Industries Limited.

The comprehensive report provides market estimates and forecasts for leading domestic markets across the world for the period from 2019 to 2029. In addition, the report includes dedicated leading companies covering more than 15 leading Petrochemicals industry producers. Furthermore, the report also enlightens result of increased consumption of these products and what we can do to speed up the petrochemical industry’s clean energy transition.

The report on the Petrochemicals Market 2019-2029 will be value to anyone who wants to understand classification, definitions, application, product, and industry chain structure. This report can also provide noteworthy analysis on the market trend, development status, revenue, cost, price, etc. Also, It will be useful for petrochemical manufacturers, suppliers and traders, industrial bodies, associations, government, trade and investor expert, and consulting & chemical experts.

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Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defence, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.

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