Petrochemicals Market Size To Reach $973.10 Billion By 2030

Petrochemicals Market Growth & Trends

The global petrochemicals market size is expected to reach USD 973.10 billion in 2030 and is projected to grow at a CAGR of 7.3% from 2025 to 2030, according to a new report by Grand View Research, Inc. The demand for petrochemicals is attributed to an increase in demand from the end-use industries such as construction, textile, medical, pharmaceuticals, consumer goods, automotive, and electronics.

Products such as ethylene, propylene, and benzene are widely used in various industries such as packaging, electronics, plastics, and rubber. The ethylene product segment dominated the market in 2021 and is expected to maintain its lead in the forecast period owing to its wide application scope across several industries. Asia Pacific is anticipated to dominate the market in the forecast period owing to the favorable regulatory policies in the region.

Crude oil and natural gas are the major raw materials used for the manufacturing of petrochemical products. The volatile prices of crude oil are a major challenge in the procurement process of crude oil as a raw material for manufacturers. The industry players that are reliant on crude oil as a feedstock for manufacturing are likely to face difficulties in the coming years. However, declining prices of natural gas owing to a rise in its production are expected to augment the growth of the product over the forecast period.

The competitiveness among the producers of the product is high as the market is characterized by the presence of a large number of global players with strong distribution networks. Top players are dominating the industry for the past few years owing to the increasing investment in R&D activities related to new product development.

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Petrochemicals Market Report Highlights

• The petrochemicals market is fundamentally propelled by the increasing demand from various end use industries, such as packaging, automotive, construction, and consumer goods, fueled by rapid urbanization and industrial growth worldwide

• Despite its robust growth trajectory, the petrochemicals market faces notable challenges including price volatility in crude oil and natural gas, which directly impact feedstock costs and profit margins.

• The petrochemicals sector stands at the cusp of transformative opportunities driven by innovations in green chemistry and sustainable production methods, including chemical recycling and bio-based feedstocks such as bio-ethylene and green methanol

• The ethylene segment is anticipated to hold the largest market share in the petrochemicals market by product during the forecast period due to its extensive application base and high-volume consumption across multiple end-use industries

• Asia Pacific held the largest market share 46.9% in 2024 the global petrochemicals market due to its rapidly expanding industrial base, high population density, and strong demand from end use sectors such as packaging, automotive, construction, and textiles

Petrochemicals Market Segmentation

Grand View Research has segmented the global petrochemicals market report based on product and region:

Petrochemicals Product Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)

• Ethylene

• Propylene

• Butadiene

• Benzene

• Xylene

• Toluene

• Methanol

Petrochemicals Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • Italy

  • France

  • Belgium

  • Netherlands

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

  • Malaysia

  • Indonesia

  • Vietnam

  • Australia

  • New Zealand

• Latin America

  • Brazil

  • Argentina

  • Columbia

  • Peru

• Middle East

  • Saudi Arabia

  • Iran

  • Oman

  • UAE

  • Qatar

  • Kuwait

• Africa

  • South Africa

  • Angola

  • Nigeria

List of Key Players in Petrochemicals Market

• BASF SE

• Chevron Corporation

• China National Petroleum Corporation (CNPC)

• China Petrochemical Corporation

• ExxonMobil Corporation

• INEOS Group Ltd.

• LyondellBasell Industries Holdings B.V.

• Royal Dutch Shell PLC

• SABIC

• Dow