“The high-growth application areas such as packaging, construction, and automotive is driving the Consumption Of Petrochemicals Market“
The basic petrochemicals market is projected to grow from 250.3 million tons in 2022 to 310.3 million tons by 2031, at a CAGR of 4.4% from 2022 to 2031.
The top 15 petrochemicals market report is divided into three sub parts, basic petrochemicals, basic intermediate chemicals, and basic polymers. Rise in demand of commodity plastics in emerging economies of Southeast Asia and the Middle East fuels the market growth. Also, the growth in end-use industries such as automotive, packaging, electronics & electricals globally is driving the petrochemicals market.
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“Xylenes is projected to be the fastest-growing basic petrochemical”
Xylenes is a colorless liquid and most important petrochemical. It is used as an intermediate to manufacture polyester (via polytetraphaltic acid (PTA) and DMT (Dimethyltryptamine). The xylenes market is projected to grow at a CAGR 6% during the forecast period. The growth is attributed to the rise in demand for polyester fiber (fibers, fabrics and floor coverings) & polyester resins for beverage containers. Exxon Mobil is the largest producer of xylenes in the world having operations in North America, Western Europe, and Southeast Asia. JX Nippon (Japan), Reliance Industries (India), and BP (U.K.), and LyondellBasell (Switzerland) are some of the other major players in the xylenes market, globally. The demand for para xylene is expected to rise in the U.S. because of commencement of new derivative plant by Mossi and Ghisolfi (M&G), in Texas. The plant will have a capacity of 1.3m ton/year PTA and 1.1m ton/year PET.
“Asia-Pacific is the fastest-growing market for petrochemicals”
Asia-Pacific is the fastest-growing market for petrochemicals. The growth of the market in the region is attributed to expansion of production capacity, high demand for end-use products, and others. On the other hand, the matured markets of North America and Europe would witness slow growth as high as compared to Asia-Pacific. These markets are becoming saturated, as companies operating in this market are shifting their manufacturing bases to low cost countries such as India, Malaysia, and China among others.
With the recent expansion activities by key players in the Asia-Pacific region; the demand for petrochemicals in this region is projected to grow at the highest CAGR between 2022 and 2031.
In the process of determining and verifying the market size for the several segments and sub segments gathered through secondary research, extensive primary interviews were conducted as follows:
• By Company Type: Tier 1 (34%), Tier 2 (33%), and Tier 3 (33%).
• By Designation: C-level (12%), Director Level (25%), and Others (63%).
• By Region: North America (11%), Europe (11%), Asia-Pacific (56%), Middle East & Africa (11%), and Latin America (11%)
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Various key players profiled in the report include Lyondell Basell (Switzerland), SABIC (Saudi Arabia), BP (UK), Exxon Mobil (U.S.), Dow (U.S.), INEOS (U.S.), BASF (Germany), Reliance Industries (India), Total SA (France) among others.
This study has been validated through primaries conducted with various industry experts globally. These primary sources have been divided under three categories: by company type; by designation; and by region.
This report covers the top 15 petrochemicals market in terms of volume till 2026. The report includes the market segmentation based on region and application for each petrochemical.
It also provides company profiles and competitive strategies adopted by the key market players in the global petrochemical market.
Reasons to buy this report:
This research report is focused on various levels of analysis—industry trends, market share analysis of key players, supply chain analysis, and company profiles, which together comprise and discuss the overall views on the competitive landscape; emerging and high-growth segments of the petrochemicals market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on top manufacturers of cellulose ether products
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the petrochemicals products
• Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the market petrochemicals products
• Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global petrochemicals products market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the petrochemicals business
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Shibuya Data Count
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