What are the market trends for the Petrochemicals market?

The global petrochemicals market size was valued at USD 556.09 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2022 to 2030. The demand for petrochemicals is attributed to an increase in the demand for downstream products from various end-use industries such as construction, pharmaceuticals, and automotive, which is a major factor driving the market. Petrochemical is a vital component for many industrial processes, and hence forms the backbone of an industrial economy. Some of the products derived from petrochemicals include tires, industrial oil, detergents, and plastics. Basic plastic derived from the product act as a building block in the manufacturing of consumer goods.

End-use industries evaluate the quality of products supplied from time to time and establish procurement agreements with suppliers to purchase petrochemicals derivatives in bulk and ensure their stable and seasonal supply. An increasing number of product suppliers in the market has resulted in the high bargaining power of the buyers.

Gather more insights about the market drivers, restrains and growth of the Global Petrochemicals market

The industry is significantly affected by the prices of crude oil as it is a basic raw material used for the manufacturing of the product. The volatility in the prices and supply of crude oil has affected the production cost of petrochemicals, which, in turn, makes their production process costly. Factors such as the growing inclination of consumers in the developed and developing regions toward environment-friendly products and the volatile prices of raw materials of petrochemicals are likely to hamper the market growth in the coming years.

The steam cracking process is one of the most commonly used processes for manufacturing petrochemicals from natural gas or crude oil. In this process, ethane, a derivative of natural gas or naphtha that is predominantly derived from crude oil, is used for the manufacturing of olefins. A steam cracker has equipment operating at pressure from near-vacuum to 100 atm and operating at temperatures from 100 K to 1400 K.

Browse through Grand View Research's Petrochemicals Industry Research Reports.

Succinic Acid Market - The global succinic acid market size was valued at USD 222.9 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.7% from 2022 to 2030. The growth is attributed to the increasing usage of Succinic Acid (SA) in the pharmaceutical industry and the construction and infrastructure development activities. It is produced from petroleum and bio-based sources.

Base Oil Market - The global base oil market size was valued at USD 20.4 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. The growth is attributed to the increasing utilization of engine oils from industries such as metallurgy, automotive, chemicals, heavy equipment, and power generation.

Petrochemicals Market Segmentation

Grand View Research has segmented the global Petrochemicals market based on technology, application, and region:

Petrochemicals Product Outlook (Volume, Million Tons; Revenue, USD Billion, 2018 - 2030)

• Ethylene

o   Polyethylene

o   Ethylene Oxide

o   EDC

o   Ethyl Benzene

o   Others(including Alpha Olefins, Vinyl Acetate, etc.)

• Propylene

o   Polypropylene

o   Propylene Oxide

o   Acrylonitrile

o   Cumene

o   Acrylic Acid

o   Isopropanol

o   Others

• Butadiene

o   SB Rubber

o   Butadiene Rubber

o   Abs

o   Sb Latex

o   Others (Nitrile Rubber, Mechanical Belts, etc.)

• Benzene

o   Ethyl Benzene

o   Phenol/Cumene

o   Cyclohexane

o   Nitrobenzene

o   Alkyl Benzene

o   Others (including Alkyl Benzene, Maleic Anhydride)

• Xylene
• Toluene

o   Benzene

o   Xylenes

o   Solvents

o   TDI

o   Others (including Pesticides, Drugs, Nitro Toluene, etc.)

o   Vinyl

o   Styrene

• Methanol

o   Formaldehyde

o   Gasoline

o   Acetic Acid

o   MTBE

o   Dimethyl Ether

o   MTO/MTP

o   Others

 Petrochemicalss Regional Outlook (Revenue, USD Million, 2018 - 2030)

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain

Asia Pacific

• China
• India
• Japan

Latin America

• Brazil
• Mexico

Middle East and Africa

Market Share Insights

April 2022 - Exxon Mobil Corporation today announced estimated first-quarter 2022 earnings of $5.5 billion, or $1.28 per share assuming dilution. First-quarter results included an unfavorable identified item of $3.4 billion associated with our planned exit from Russia Sakhalin-1, or $0.79 per share assuming dilution. First-quarter capital and exploration expenditures were $4.9 billion. 

February 2022 - Chevron Corporation (NYSE: CVX) and Renewable Energy Group, Inc. (NASDAQ: REGI) (“REG”) announced today a definitive agreement under which Chevron will acquire the outstanding shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share.

Key Companies profiled:

Some prominent players in the global Petrochemicals market include

BASF SE

Chevron Corporation

China National Petroleum Corporation (CNPC)

China Petrochemical Corporation

Exxon Group Ltd.

INEOS Group Ltd.

LyondellBasell Industries Holdings B.V.

Royal Dutch Shell PLC

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