The global Petrochemicals market size was valued at USD 509.3 billion in 2017 and is anticipated to grow at a CAGR of more than 10.1% during the forecast period. Petrochemicals are chemical compounds obtained from chemical processing of oil, natural gas, coal or other petroleum sources. The primary petrochemicals include ethylene, benzene, propylene, toluene, butadiene, and xylene among others. Petrochemicals are used for production of a wide range of products such as plastics, soaps and detergents, explosives, paints, solvents, drugs, rubbers and synthetic fibers, fertilizers, pesticides, epoxy resins, and flooring and insulating materials among others. Petrochemicals are also used in products such as aspirin, polyester clothes, luggage, automobiles, aircrafts, boats, and recording discs and tapes.
The increasing applications of petrochemicals primarily drive the growth of the market. Petrochemicals are used in various industries such as automobile, healthcare, construction, packaging, and food and beverages among others, and growth in these industries worldwide is expected to supplement the growth of the market. Abundance of raw materials in Middle East is expected to further boost the market during the forecast period. Other factors driving the market include favorable regulatory policies in Asia-Pacific and growing government initiatives and support. However, increasing demand for bio-based chemicals, and price volatility of crude oil and natural gas are expected to hinder the growth of the market. Growing environmental concerns regarding the use of petrochemicals in also expected to hamper market growth. Growing demand from emerging economies is expected to provide numerous growth opportunities in the coming years.
The global Petrochemicals market is segmented on the basis of product type, and region. Based on type, the market is segmented into propylene, benzene, ethylene, butadiene, xylene, styrene, toluene, vinyls, methanol, and others. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia-Pacific accounted for the largest share in the global Petrochemicals market in 2017.
The leading players in the market include Royal Dutch Shell PLC, BASF SE, British Petroleum, The DOW Chemical Company, China National Petroluem Corporation, Chevron Corporation, ExxonMobil Corporation, LyondellBasell Industries Inc., INEOS Group Ltd., E. I. Dupont De Nemours & Company, Sabic, and Sinopec Ltd among others. The leading players in the market are introducing new innovative products in the market to cater to the consumers. Global players are entering new markets in developing regions to expand their customer base and strengthen market presence.