The global petrochemicals market size is projected to reach USD 651.1 billion by 2027, expanding at a CAGR of 5.0%, according to a new report by Grand View Research, Inc. The market for petrochemicals is largely driven by rising demand for downstream specialty chemicals and plastic manufacturing.
The industry is growing through a transformation with manufacturers focusing on high margin products and trying to optimize raw material costs. Sustainability is the key standpoint driving decision making. The rising plastic waste and pollution resulting from manufacturing facilities have prompted manufacturers to take steps to tackle the rising problem. Going ahead, manufacturers are trying to develop products with widened application scope and minimal environmental impact. In China, technologies are being developed to recycle plastic waste into crude oil. Commercialization of these technologies will not only reduce pollution but also ensure the supply of raw materials to the petrochemical industry.
Capacity additions are expected to be a major feature of the market for petrochemicals. Passing through the consolidation phase in 2012 - 2016, the market for petrochemicals witnessed a large number of strategic divestments and acquisitions. Currently, a large number of projects are being constructed in North America, China, and the Middle East. China is expected to be a major player with more than 6.9 million metric tons of cumulative capacity expected to be operational by 2021. The Middle East is expected to face a lot of problems with manufacturers viewing China as a favorable destination. However, with its current rate of construction, the region is expected to add around 12 million metric tons of cumulative capacity between 2018 and 2022.
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The demand for butadiene is anticipated to reach USD 19.8 billion tons owing to rising applications in chemical manufacturing and monomers for tire production
The demand for methanol is expected to witness a CAGR of 4.7% in terms of revenue over the forecast period owing to growing application scope in end-use industries such as pharmaceuticals, pesticides, and paints
The petrochemicals market in Canada recorded a revenue of USD 10.1 billion driven by rising oil exploration activities and development of integrated facilities
The demand for petrochemicals in Belgium is expected to grow at a CAGR of 2.9% in terms of revenue from 2020 to 2027 on account of the presence of large number of specialty chemical manufacturers and steady growth exhibited by the manufacturing sector
The major industry participants are Royal Dutch Shell, Chevron, Sinopec, Exxon Mobil, and BP PLC.
Grand View Research has segmented the global petrochemicals market on the basis of product and region.
Petrochemicals Product Outlook (Volume, Million Tons; Revenue, USD Million, 2016 - 2027)
Other (including alpha olefins, vinyl acetate etc.)
Other (nitrile rubber, mechanical belts etc.)
Other (including alkyl benzene, maleic anhydride)
Others (including pesticides, drugs, nitro toluene etc.)
Petrochemicals Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2016 - 2027)
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