TOP 15 PETROCHEMICALS MARKET ANALYSIS

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

Top 15 Petrochemicals MarketSize and Trends

The top 15 petrochemicals market is expected to surpass 656.0 Mn Tons by the end of 2027 in terms of volume, exhibiting a CAGR of 4.1% during the forecast period (2021 to 2027).

Over the past few decades, the growth of the petrochemicals market has largely been driven by the growing demand from the developing regions. In addition, the increasing use of low-cost gas feedstocks as opposed to oil-based feedstock has largely benefited petrochemicals\ companies over the past few years– a trend that is expected to continue during the forecast period. The new shale gas-supply in North America has primarily profited companies in the region due to which, the market growth in North America is expected to remain consistent over the upcoming years.

Market Trends

Petrochemical companies are adopting on-purpose propylene production technologies to produce propylene as a sole product but not as an alternate or co-product. On-purpose propylene technology refers to a modified version of traditional fluid catalytic cracking unit, which increases propylene yield to 20% more than the actual output. Traditional sources for propylene, which include steam crackers and oil refineries, yield less propylene as a derivative or co-product due to the shift in feedstock from naphtha to ethane.

On the basis of product type, in 2020, the ethylene segment accounted for 32.0% of the volume share. This segment dominated the overall petrochemicals market in the year 2020 and is expected to continue its dominance over the forecast period. Ethylene finds wide application scope as a feedstock in the construction, packaging, and transportation sectors.