An environment that is highly favorable for the growth of the global petrochemicals market is anticipated to be created by the Organization of Petroleum Exporting Countries' (OPEC) large supply of feedstock or raw materials and the quickening pace of shale gas exploration in the North American region, particularly in the United States and Canada. China ranks among the countries that use the most petrochemical goods. In particular in growing economies of the Asia Pacific, including India and China, the demand for petroleum products is anticipated to be fueled by the rapid rise of a variety of end-use sectors. The Energy Information Administration (EIA) of the United States reported that 33.3 million barrels per day (bpd) of liquid petroleum were consumed throughout Asia and the Pacific in 2017, with China accounting for 80% of the total. Additionally, the rapid development of shale gas technologies, such as the hydraulic fracturing technique, is being investigated in the United States and Canada to extract petroleum. The global petrochemicals industry is expected to have considerable growth due to these factors.
According to Coherent Market Insights, in 2022, the market for Petrochemicals was estimated to be worth USD 584.50 billion, and from 2023 to 2030, it is anticipated to rise at a CAGR of 7.0%.
Top Companies in the Petrochemicals Industry:
1. BASF SE
The company was founded in 1865, and Ludwigshafen, Germany, serves as its headquarters. Polymers, plastics, performance goods, usable solutions, agricultural solutions, and petroleum and natural gas make up the six business segments of the company. In March 2023, it was announced that the BASF polymer dispersions production facility in Daya Bay, China, would be expanding. In February 2023, BASF created healthy beauty via R&D innovation and a dedication to a sustainable lifestyle.
2. The Dow Chemical Company
The company was started in 1897 and has its main office in Midland, Michigan, U.S As a chemical firm, The Dow Chemical firm does business. The company manufactures rubber, plastics, agricultural science, and specialty chemicals. Dow Chemical offers support to the packaging, building, food, and personal care industries globally. Dow and New Energy Blue established a partnership in May 2023 to create renewable plastic materials using leftover maize.
3. E.I. DuPont de Nemours and Company
The company was started in 2017 and is located in Wilmington, Delaware, United States. The company provides a wide variety of goods, including consumer goods, building supplies, adhesives, electronics, textiles, fibres, home and garden items, medical equipment, resins, and printing supplies. The business makes rubber, plastics, agricultural technology, and specialized chemicals. Globally, Dow Chemical provides assistance to the packaging, construction, food, and personal care industries.
4. Sumitomo
The company was founded in 1919 and is based in Osaka, Japan. The business imports and exports a wide range of products, including metals, machines, chemicals, gasoline, food items, and textiles. In addition to these industries, Sumitomo also runs companies in real estate, building, shipping, insurance, finance, and leasing. The company finalized the acquisition of Saconix in 2023 to support the growth of the sulfuric acid market in North America.
5. INEOS
The company was started in 1998 and is based in London. The business produces oil-related goods, speciality chemicals, and petrochemicals. Ineos committed to buying BP's petrochemicals division for $5 billion in June 2020. The company specializes in aromatics and acetyls. In September 2020, Ineos and Engie agreed to a 10-year contract for the procurement of offshore wind energy from Engie's Northern wind project.
6. Total S.A.
The company was founded in 1924 and is based in Courbevoie, France. The business also refines petrochemical goods in addition to producing, transporting, and supplying crude oil, natural gas, and low-carbon power. As a symbol of its commitment to the generation of green electricity, the corporation declared a name change to TotalEnergies in 2021.
7. Chevron Phillips Chemical Company LLC
The company was started in 2000 and is based in The Woodlands, Texas, and United States. The Company LP manufactures petrochemical goods and provides polyethylene, alpha olefins, aromatics, and polyalpha olefins. Chevron Phillips Chemical offers polymers and petrochemical materials that are safely and ethically used in manufacturing processes all over the world.
*Definition: Petrochemicals are chemical substances made from petroleum, while many of the same chemical molecules can also be made from renewable sources like sugar cane, maize, and other types of biomass as well as from other fossil fuels like coal and natural gas.
