The global petrochemicals market size was valued at USD 623.83 billion in 2023 and is expected to grow from USD 649.16 billion in 2024 to USD 900.91 billion by 2032 at a CAGR of 4.2% during the forecast period

A variety of aromatic, aliphatic, and naphthenic organic chemicals have been added to the definition of petrochemicals over the years. The market expansion can be credited to the thriving e-commerce industry, which is anticipated to increase the demand for petrochemical products in the packaging industry.

Fortune Business Insights™ provides this information in its research report, titled “Petrochemicals Market, 2024-2032”.

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Segmentation:

Rising Uptake of Consumer Goods Propelled the Ethylene Segment Growth

With respect to type, the market is divided into methanol, ethylene, propylene, xylene, and others. The ethylene segment dominated the market in 2022. The growing usage of consumer goods, including household products and packaging materials, is impelling the ethylene segment growth.

Expanding E-commerce Industry Boosted the Packaging Segment Growth

By end-use industry, the market is categorized into electronics, automotive, packaging, construction, and others. The packaging segment captured the largest petrochemicals market share in 2022. The growing requirement for durable and lightweight packaging solutions, coupled with the rapid expansion of the e-commerce industry, is escalating the packaging segment growth.

Regionally, the market is segmented into the Asia Pacific, Europe, South America, the Middle East & Africa, and North America.

Report Coverage:

The report provides comprehensive coverage of the restraining and driving factors affecting the market expansion. In addition, it highlights the COVID-19 impact on the market growth, the latest trends, and strategic initiatives implemented by top companies.

Drivers and Restraints:

Surge in the Demand For Electrification and Energy Storage Systems to Drive Market Growth

The petrochemicals market growth is driven by a growth in the demand for energy storage solutions and electrification. Various petrochemicals such as propylene, benzene, and ethylene are needed in energy storage solutions and electrification.

Despite such growth opportunities, the harmful implications of petrochemical products may hinder the market growth.

Regional Insights:

Asia Pacific to Emerge as a Prominent Growth Hub due to Expansion of Electric Mobility

The Asia Pacific market for petrochemicals held a dominating position in 2022. The rapidly expanding electric mobility in China is proliferating the regional expansion.

North America petrochemicals market growth is driven by the growing government initiatives toward sustainability.

Competitive Landscape:

Prominent Players Focus on Raising Investments to Sustain Their Industry Leadership

The market players are focusing on various competitive strategies to boost their industry presence. Partnerships, mergers and acquisitions, and product innovation strategies are being deployed by leading players to increase their share in the market. Several market players are also focusing on raising significant amounts into product innovations to expand their industry hold.

Key Industry Development:

 February 2023 – INEOS announced an investment of USD 3.8 billion to construct the most environmentally sustainable cracker in Europe. The facility will have a zero carbon footprint and be structured to use low-carbon hydrogen.  

List of Key Players Mentioned in the Report:

• BASF SE (Germany)
• LyondellBasell Industries Holdings B.V. (Netherlands)
• INEOS (K.)
• Shell plc (K.)
• SABIC (Saudi Arabia)
• Reliance Industries Limited (India)
• Mitsubishi Chemical Corporation. (Japan)
• Dow Chemical Company (U.S.)
• LG Chem (South Korea)
• Chevron Phillips Chemical Company LLC. (U.S.)
• China National Petroleum Corporation (China)
• Maruzen Petrochemical Co., Ltd. (Japan)

Browse Detailed Research Report Summary: https://www.fortunebusinessinsights.com/petrochemicals-market-102363