Petrochemicals Market is predicted to reach USD 1017.41 Billion at a CAGR of 9.26% during the forecast period

Pune, India, Oct 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Petrochemicals Market.

Market Synopsis

The global petrochemicals market was valued at USD  12,757.9 million in 2021 and is projected to reach USD  1017.41 Billion by 2030 at a CAGR of 9.26%.

Petrochemicals is a complex industrial sector influencing almost every sphere of life. Petrochemicals are chemical derivatives of oil & gas. They are made either from the naphtha fraction of crude oil or from steam cracking of paraffin present in natural gas. Petrochemicals are broadly classified into three main categories—olefins, aromatics, and methanol. Olefins are the unsaturated aliphatic hydrocarbons obtained by the steam cracking of either naphtha or paraffin, including ethylene, propylene, butadiene, and butylene. Aromatics are unsaturated cyclic hydrocarbons obtained either from naphtha or the pyrolysis gasoline released during the steam cracking of paraffin. They include benzene, toluene, and xylene. Methanol is a petrochemical obtained from the methane fraction of natural gas or coal.

Petrochemicalss are media used to capture and polish mAbs, antibody fragments, vaccines, and other biomolecules using a stationary phase. There are multiple types of ion-exchange resin. Most commercial resins are made of polystyrene sulfonate.

Competitive Landscape

The global petrochemicals market is expected to showcase healthy growth throughout the forecast period. The global market represents strong numbers in terms of consumption and is expected to grow year on year. The global petrochemicals market is highly fragmented, with a majority presence of tier-1 players.

Some of the key players operating in Petrochemicals market are BASF SE (Germany), SABIC (Saudi Arabia), TOTAL (France), Indian Oil Corporation Limited (India), Chevron Phillips Chemical Company (US), BP PLC (UK), Sumitomo Chemical Company (Japan), Reliance Industries Limited (India), DowDuPont (US), Royal Dutch Shell PLC (The Netherlands). These players are focusing on growth strategies to strengthen their foothold, which is likely to increase competition. Chevron Phillips Chemical Company (US), China National Petroleum Corporation (China), China Petroleum & Chemical Corporation (China), and Dow (US) collectively hold the largest shares of the global petrochemicals market. There is intense competition among these players to capture maximum market share.

Segmentation

By Type

• Ethylene: Ethylene is an unsaturated aliphatic hydrocarbon with the molecular formula H2C=CH2 or C2H4, also known as an alkene. It is produced using steam cracking of naphtha or paraffin ethane. It is widely used in several production processes in chemical industries, such as polymerization, oxidation, halogenation, hydrohalogenation, alkylation, hydration, oligomerization, and oxo-reaction.


• Propylene: Propylene, also known as propene, is an unsaturated aliphatic hydrocarbon with the molecular formula: H2C=CH-CH3. It is produced using steam cracking of naphtha or paraffin propane using olefin conversion technology, Superflex process, propylur process, UOP oleflex process, UOP/hydro MTP process, methanol to propylene technology, and C4 hydrogenation and meta-4 process.


• Butadiene: Butadiene is an unsaturated aliphatic hydrocarbon with a molecular formula: (CH2=CH)2.It is produced using steam cracking of naphtha or paraffin butane. It is mainly used as a monomer in the manufacturing of synthetic rubbers or elastomers, including styrene-butadiene rubber (SBR), polybutadiene rubber (PBR), poly-chloroprene (Neoprene), and nitrile rubber (NR). It has a boiling point of −4.4°C.


• Benzene: Benzene belongs to the family of cyclic or aromatic compounds and has the molecular formula C₆H₆. It is produced from pyrolysis gasoline generated by high-temperature steam cracking of paraffin or from naphtha having high aromatic content. It is mainly used as a solvent for organic compounds.


• Toluene: Toluene is an unsaturated aromatic hydrocarbon with a molecular formula C6H5CH3 or C7H8. It is produced from pyrolysis gasoline generated by high-temperature steam cracking of paraffin or from naphtha having high aromatic content. It is also produced during the manufacture of styrene as a by-product.


• Xylene: Xylene is a mixture of three isomers ortho, para, and meta-xylene. It is an unsaturated aromatic hydrocarbon with a molecular formula (CH3)2C6H4 or C8H10 and is one of the three colorless flammable isomeric derivatives of benzene. Xylene is produced from pyrolysis gasoline generated by high-temperature steam cracking of paraffin or from naphtha having high aromatic content.


• Methanol: Methanol, also known as methyl alcohol, belongs to the family of alcohols. It is a colorless liquid with a boiling point of 64.96°C. At room temperature, it acts as a polar liquid. It is used in a wide number of chemical processes to produce pharmaceuticals, perfumes, dyestuffs, and resins.


• Others: The others segment covers unsaturated aliphatic hydrocarbons such as butene, pentene, hexene, heptane, and octene; unsaturated aromatic hydrocarbons such as naphthalene, anthracene, phenanthrene, aniline, cresol, anisole, benzoic acid, acetophenone, and benzaldehyde.

By Application

• Adhesives and sealants: Adhesives and sealants are predominantly composed of polymers and solvents, which are derived from petrochemicals. They are largely used in end-use industries such as building and construction, automotive and transportation, electrical & electronics, packaging, textiles, and footwear.


• Paints and Coatiings: Paints and coatings comprise binders, solvents, pigments, and other additives. Chemicals such as polyvinyl alcohol, trimethylolpropane, neopentyl glycol, phthalic anhydride, petroleum resin, and epoxy resin are used in the production of paints and coatings. Paints & coating found uses in end-use industries such as automotive & transportation, building and construction, metallurgy, healthcare, and electronics.


• Dyes: Aromatic petrochemicals such as benzene, toluene, naphthalene, and anthraquinone are used to manufacture dyes. Dyes are used in end-use industries such as textile, footwear, paints, printing, and rubber. Robust demand for dyes in these end-use industries is expected to boost the growth of the segment in the petrochemicals market.


• Surfactants: The synthetic alcohols and other petrochemicals are processed through sulphation, alkylation, and ethoxylation to produce surfactant molecules. The surfactants are used in cleaning, wetting, emulsifying, dispersing, and foaming and anti-foaming agents in many practical applications. They are present in detergents, fabric softeners, emulsions, soaps, paints & coatings, adhesives & sealants, inks, and flotation.


• Rubber: Butadiene and nitrile are widely used for manufacturing synthetic rubber. It is widely used in making tires, tubes, gloves, piping, adhesives, and other industrial applications. The growing use of rubber in transportation vehicles, cars, packaging, footwear, and construction is expected to fuel the growth of the rubber market in the petrochemical industry


• Solvents: Solvents are prepared using olefins and aromatic compounds. The various kinds of solvents include acetone, petrol ether, toluene, and xylene, among others. They are organic compounds used in chemical synthesis, manufacturing perfumes, thinners, paints & coatings, adhesives & sealants, and detergents.


• Others: The others segment covers glass, ceramics, fertilizers, lacquers, disinfectants, pharmaceuticals, toiletries, and cosmetics.

By End-Use

• Packaging: Petrochemicals such as ethylene, propylene, butylene are used to manufacture polymers and plastics (polyethylene, polypropylene) and some chemical intermediates styrene and urethane, which are later utilized used to form a polymer.


• Automotive and Transportaion: Petrochemicals constitute an important part of the automotive and transportation industries. The products derived from petrochemicals, such as synthetic rubbers, are widely used in manufacturing tires, form an integral part of automotive. Additionally, the use of petrochemicals to derive plastic products helps in the packaging and making parts of transportation vehicles.


• Building and Consttruction: Construction activities involve the usage of various equipment and products that are obtained from petrochemicals. Adhesives, plastics, polymers, and paints & coatings are some of the widely used products during construction. All these products are created using petrochemicals such as aromatic compounds, olefins, and polyethylene.


• Electrical and Electronics: Certain commodities on which the electrical and electronics industry thrives are obtained from petrochemicals. Objects such as computers, televisions, compact discs, and electrical equipment require the high usage of plastic compounds in building them. Plastics are produced from petrochemicals such as ethylene, propylene, styrene, urethane, benzene, and cumene.


• Healthcare: Products such as phenol and cumene are used as preparatory materials for making penicillin, aspirin, and other antibiotics. Several petrochemicals are used in the drug purifying procedure. In addition to this, petrochemicals are building blocks in food preservatives.


• Others: The others segment covers footwear, textiles, home furnishing, oil & gas, cosmetics & personal care, home care, agriculture, sports, and paper & pulp. The rapid growth of these industries is likely to contribute to the growth of this segment in the global petrochemicals market.

By Region

• North America: North America accounted for the second-largest market with a market share of xx%. The North American market has been divided into the US and Canada. The growth in the North America petrochemical market is mainly attributed to the shale gas discoveries in the US and Canada, which has significantly increased the supply of natural gas liquids, transforming North America into a low-cost region for the production of chemicals.


• Europe The European market has been segmented into Germany, Russia, Italy, France, the UK, Spain, Poland, the Netherlands, Belgium, and the rest of Europe. The growth can be mostly attributed to technological advancements, a well-developed petrochemical industry, and a large number of sophisticated refineries.


• Asia Pacific: The Asia-Pacific market accounted for the largest share in 2021, by value and volume, followed by the North America and Europe markets in 2021. The market in Asia-Pacific offers opportunities for growth to manufacturers and is slated to register the to reach USD 22,045.8 million by 2030.


• Latin America: The growth in the market is attributed to the strong research and development and growing demand from end-use industries.


• Middle East & Africa: In the Middle East & Africa, turkey and South Africa are the major contributors.