Top 15 Petrochemicals Market, by Product Type (Ethylene, Propylene, Benzene, Xylene, Toluene, Methanol, and Others), by Application (Paints and Coatings, Solvents, Polymers, Adhesives and Sealants, and Others (Surfactants, Dyes, etc.)), by End-use Industry (Aerospace, Agriculture, Automotive, Building & Construction, Consumer & Industrial Goods, Electrical & Electronics, and Others (Packaging, etc.)), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published In : Sep 2021

Code : CMI678

Pages :130

Formats :

Excel and PDF

Industry : Polymers and Resins

Market Challenges And Opportunities

Drivers

Entry of new players is expected to drive growth of the top 15 petrochemicals market during the forecast period. The top 15 petrochemicals market has witnessed an exponential growth over the past few decades, owing to the increasing demand from a range of end-use industries, including aerospace, building & construction, agriculture, food & beverage, electrical & electronics, healthcare, and automotive. However, in the current scenario, the building environmental concerns revolving around the production of petrochemicals has played a key role in transforming several manufacturing processes and other processes that primarily contribute to climate change. Moreover, as nearly 99% of the total plastics are manufactured from oil & gas, the top 15 petrochemicals market is likely to witness an impressive growth rate in the upcoming years.

Market Restraints

Reduction in free trade is expected to limit the growth of the top 15 petrochemicals market. Many developed and developing economies are considering imposing restrictions on free trade to boost their local economies. The petrochemical companies, and their suppliers and customers are part of highly integrated European and global industry value chains, with complex supply chains involved in cross border trade within the EU and across the external European Union border. Also, the U.S. government is expected to adopt a more protectionist stance, including renegotiating the North American Free Trade Agreement (NAFTA). These changes could set off a wider trade war and reverse the recent trend towards greater global free trade. Restrictions on movement of goods is expected to affect the provider/supplier relationships, thereby negatively affecting the market.

Market Opportunities

Market-trend-based strategies for the petrochemicals market include investing in automation and instrumentation services, investing in developing on-purpose propylene technologies, implementing artificial intelligence in operations, investing in plastic recycling to deal with regulatory challenges, and investing in crude oil to chemical technologies. Player-adopted strategies in the petrochemicals market include expanding its business through sustainable investments, strengthening business both organically and non-organically, and strengthening its business through collaboration.