The global petrochemicals market size is expected to reach a value of US$ 815.3 Billion, growing at 5.4% during (2023-2028).
SHERIDAN, WYOMING, USA, September 19, 2023/EINPresswire.com/ — How Big is Petrochemicals Industry?
The global petrochemicals market size reached US$ 584.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 815.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
What are Petrochemicals?
Petrochemicals are chemical components that are obtained from hydrocarbons existing in crude oil and natural gas. They comprise ethylene, propylene, benzene, toluene, polyethylene, polypropylene, and polyvinyl chloride (PVC). They also include ethylene glycol, which is utilized in the production of plastics and antifreeze. They enable the production of an extensive array of products, from everyday consumer goods to advanced technologies and medical supplies. They also play a role in energy production through the creation of fuels like gasoline, diesel, and aviation fuels. They enable the development of lightweight, durable, and versatile materials that are revolutionizing industries, such as transportation, packaging, and construction.
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What is the trend in the petrochemicals market?
At present, the increasing demand for synthetic rubber to produce automotive tires, which offers durability, elasticity, and resistance to extreme temperatures, represents one of the vital factors impelling the growth of the market.
Besides this, the rising employment of polyester and nylon fibers in the textile industry to produce various types of clothing is contributing to the growth of the market. In addition, the growing utilization of petrochemicals to produce fertilizers, pesticides, and herbicides, which are used to increase agricultural productivity, is offering a favorable market outlook.
Apart from this, the increasing importance of recycling and circular economy principles is supporting the growth of the market.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Ethylene
Propylene
Butadiene
Benzene
Toluene
Xylene
Methanol
Others
Breakup by Application:
Polymers
Paints and Coatings
Solvents
Rubber
Adhesives and Sealants
Surfactants and Dyes
Others
Breakup by End Use Industry:
Packaging
Automotive and Transportation
Construction
Electrical and Electronics
Healthcare
Others
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
BASF SE
Chevron Corporation
China National Petroleum Corporation
China Petrochemical Corporation
DuPont de Nemours Inc.
Exxon Mobil Corporation
Formosa Plastics Corporation
Indian Oil Corporation Limited
INEOS Group Ltd.
LyondellBasell Industries N.V.
Reliance Industries Limited
Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
Shell plc
Sumitomo Chemical Co. Ltd.
TotalEnergies SE
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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