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Petrochemicals are derivatives obtained from petroleum oils & gases, which influence almost every sector of our life. They are used in nearly all crucial products to mankind, including plastics, fertilizers, packaging materials, clothing, medical machinery, surfactants, and automotive. In addition to these products, petrochemicals are also part of modern energy systems like solar panels, wind turbine parts, batteries, and others.
As petrochemicals play an essential role in our day-to-day life, the importance of petrochemicals is foreseeable to grow even more. According to the International Energy Agency, the manufacture of petrochemicals account for about 15% of primary oil consumption, which is expected to reach 50% by the end of 2050. The growth in demand from every end-use industry is expected to create substantial growth in the petrochemicals market during the forecast period
Key Market Driver -
Immense growth in demand of plastic and packaging materials in emerging economies
Key Market Restraint -
Fluctuations in the raw materials pricing
Demand for plastics and packaging materials has grown at faster rates than any other bulk material in the past five years. Currently, the per capita consumption of plastics in developed economies such as the U.S., Germany, UK, and Japan is around 20 times as compared to that of emerging economies like India, China, Brazil, and Indonesia. This difference between the per capita consumption of plastics indicates that there is a significant growth potential for the plastics market in emerging economies, which, in turn, is anticipated to drive the demand for petrochemicals further.
The critical factor, however, restraining the growth of the petrochemicals market is the fluctuations in the raw materials pricing due to the global political scenarios. Rising tensions between the U.S. and the Middle East countries creates an unstable pricing pattern of petroleum and petroleum products, which has further affected the margin potential of the market stakeholders.
By product, the market is segmented into ammonia, methanol, ethylene, propylene, benzene, toluene, mixed xylenes, and others. Based on end-use industry, the market is categorized into automotive, pharmaceutical, plastics & polymers, electronics, construction, textile, consumer goods, fertilizer, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The major companies in the global petrochemicals market report include BASF S.E., The Dow Chemical Company, ExxonMobil Corporation, LyondellBasell Industries N.V., Ineos Ltd., Saudi Basic Industries Corporation (SABIC), Formosa Plastics Corporation, Sumitomo Chemical Co., Ltd., DuPont de Nemours, Inc., Chevron Phillips Chemical Company LLC., China Petroleum & Chemical Corporation (Sinopec), Mitsubishi Chemical Corporation, LG Chem, Reliance Industries Limited, Toray Industries, Inc., Evonik Industries AG, Braskem, Lotte Chemical Corporation, and others
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The global petrochemicals market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, based on geography. The petrochemicals market is dominant in Asia Pacific. China is the largest consumer of petrochemicals, while Southeast Asia presents a lucrative opportunity for the growth of the petrochemicals market in the region. In North America, petrochemicals market is expected to show subpar growth with a shift of focus by manufacturers towards emerging economies. The market in Europe will show steady growth due to the presence of key manufacturers and improving performance of end-use industries in the region. Latin America based petrochemicals market is expected to show healthier growth with developing construction and textile industries in the region. Similarly, the growth of the packaging industry, supported by the ease in availability of raw material, is expected to boost the market in the Middle East & Africa.
By End-Use Industry
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