Top 15 Petrochemicals Market - Forecast(2023 - 2028)

Report Code: CMR 17791 Report Format: PDF + Excel

Top 15 Petrochemicals Market Overview

The Top 15 Petrochemicals Market size is forecasted to grow at a CAGR of 4.3% during the forecast period 2022-2027. Petrochemicals such as ethylene, propylene, benzene, butadiene, toluene, xylenes and methanol are chemical products derived from petroleum. Other fossil fuels, like coal or natural gas, or renewable sources, like corn or sugar cane, also yield some of the same chemical compounds as petrochemicals. The petrochemical industry is an essential part of many industrial processes because it supplies the raw materials for a variety of goods that are used in the manufacturing, construction and automotive industries. Hence, the growth in end-use industries such as automotive, packaging, electronics & electricals globally is driving the petrochemicals market. The rise in demand for commodity plastics in emerging economies and the rise in construction projects in these regions related to affordable housing is further expected to boost the Top 15 Petrochemicals Market size over the coming years. Several end-use industries in the Top 15 Petrochemicals industry suffered negative effects as a result of the novel coronavirus pandemic. The production halt owing to enforced lockdown resulted in decreased supply, demand and consumption of petrochemicals, had a direct impact on the Top 15 Petrochemicals Market size in the year 2020.

Top 15 Petrochemicals Market Report Coverage

The “Top 15 Petrochemicals Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Top 15 Petrochemicals Industry.

By Product Type: Ethylene (Polyethylene, Vinyl Chloride, Ethylene Oxide and Others), Propylene (Polypropylene, Propylene Oxide, Acrylic Acid and Others), Benzene (Chlorobenzene, Alkyl Benzene and Others), Butadiene, Xylenes (Meta-xylene and Para-xylene), Toluene and Methanol
By Application: Paints and Coatings, Adhesives and Sealants, Inks and Dyes, Polymers, Fertilizers and Others
By End-Use Industry: Transportation [Automotive (Passenger Vehicles (PVs), Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs)), Aerospace (Commercial, Military and Others), Marine (Passenger, Cargo and Others) and Locomotive (Diesel and Electric)], Agriculture, Building and Construction (Residential, Commercial, Industrial and Infrastructure), Electrical & Electronics, Packaging and Others
By Geography: North America (USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (Middle East and Africa)

Key Takeaways

  • Asia-Pacific dominates the Top 15 Petrochemicals Market, owing to the increasing production and demand for automotive, aircraft, packaging and more in Asia-Pacific. This increase in production and demand can be attributed to the growing urbanization, per capita income and population in APAC countries.
  • The growing use of methanol as a clean-burning fuel in transportation and rising demand for it in industries such as the production of formaldehyde, API formulations, dyes and intermediates are likely to spur the Top 15 Petrochemicals industry demand over the forecast period.
  • Increasing consumption of petrochemicals such as polyethylene and polystyrene (aromatics), which are used in plastic packaging for food and other commercial products, due to their low cost, lightweight and high-performance properties, is expected to propel the Top 15 Petrochemicals Market growth in the coming years. 
  • In addition, over the past few years, petrochemicals companies have largely benefited from the growing use of low-cost gas feedstocks rather than oil-based feedstock; this trend is anticipated to continue during the forecast period.
  • However, environmental concerns about the production of petrochemicals have significantly changed several manufacturing processes and other processes that primarily cause climate change in the current situation, which will likely impede market expansion.

Figure: Asia-Pacific Top 15 Petrochemicals Market Revenue, 2021-2027 (US$ Million)

Top 15 Petrochemicals Market

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Top 15 Petrochemicals Market Segment Analysis – By Product Type

The Ethylene segment held a significant share in the Top 15 Petrochemicals Market share in 2021 and is forecasted to grow at a CAGR of 4.5% during the forecast period 2022-2027. The petrochemical industry's most crucial raw material is ethylene, by far. High-density polyethylene (HDPE), linear low-density polyethylene (LLDPE) and low-density polyethylene (LDPE) are three main applications of ethylene. Other direct applications include ethyl oxide, ethylene glycol, high-density polyethylene, 1-2-dichloroethane, vinyl acetate and other substances, as well as petrochemical intermediates, which are primarily used to make plastics. The expanding plastics sector is responsible for rising product consumption. It can also be used in the agricultural sector to boost plant health and development. It is used to make different types of plastics for use in a variety of industries, including packaging, consumer goods, construction, automotive and more. Additionally, technological development has increased the efficiency and use of plastics like LDPE and HDPE in a variety of end-use industries in accordance with market demands. As a result, the demand for ethylene is on a significant upsurge, thereby driving segmental growth.

Top 15 Petrochemicals Market Segment Analysis – By End-Use Industry

The Building and Construction segment held a significant share in the Top 15 Petrochemicals Market share in 2021 and is forecasted to grow at a CAGR of 4.7% during the forecast period 2022-2027, owing to the growing demand for petrochemicals such as ethylene, propylene, benzene, butadiene, toluene, xylenes and methanol from the building and construction industry. Numerous applications in the construction industry that directly affect energy effectiveness, comfort and durability use high-performance petrochemicals. Petrochemicals are used by the building and construction industry for a wide variety of increasingly visible applications, including insulation, piping, window frames, interior designs, paints, coatings and more. Due to wide range of applications for petrochemicals in this industry, demand for them is rising, supporting segment growth throughout the forecast period. Growing numbers of new homes are being built in developing nations, which suggests that the construction industry is on the upswing overall. For instance, according to the Australian Bureau of Statistics (ABS), the price of private sector homes increased in February 2021 by 15.1 percent monthly and 57.5 percent annually. As a result, the expanding construction sectors are expected to boost demand for petrochemicals, propelling market growth.

Top 15 Petrochemicals Market Segment Analysis – By Geography

Asia-Pacific held a significant share in the Top 15 Petrochemicals Market share in 2021 up to 48% and is forecasted to grow at a CAGR of 4.6% during the forecast period 2022-2027, owing to the bolstering growth of the building and construction sector in APAC countries. For instance, to help with rising air traffic, the Indian Union Budget proposed in February 2020 that 100 new airports be constructed by 2024 underneath the Centre's Udan scheme. China's total hotel construction pipeline stood at 3,693 projects/700,567 rooms at the end of the fourth quarter, according to Lodging Econometrics' (LE) Q4 2021 China Construction Pipeline Trend Report, up 9% in projects and rooms year over year (YOY). In December 2021, the Government of Odisha, India, awarded L&T Construction, a construction subsidiary of Indian conglomerate Larsen & Toubro (L&T), a contract to construct clinical blocks and allied infrastructure for an advanced hospital in Cuttack. The construction company has classified the contract as 'large,' meaning it could be worth anywhere from INR25 billion (US$329 million) to INR50 billion (US$658 million). The Japanese government and A'ana No.1 College celebrated the completion of the new school hall and toilet block at A'ana No.1 College in March 2022. The project was partially funded by the Grant Assistance for Grass-Roots Human Security Projects (GGP) program in Japan, which provided a grant of up to US$218,136. And with the increasing commercial construction activities, it is anticipated that the demand for plastic products, paints, coatings, adhesives and sealants in commercial buildings will significantly increase, which will accelerate the demand for petrochemicals. As a result, the growing building and construction industry in APAC will be a major driver of market growth over the forecast period.

Top 15 Petrochemicals Market Drivers

Increasing Automobile and Aircraft Production:

The application of petrochemicals such as ethylene, propylene, benzene, butadiene, toluene, xylenes and methanol in the automobile and aircraft sector is vast. The modern automobile and aircraft industry is highly dependent on petrochemical products for the manufacturing of automobiles and aircraft. The properties like flexibility in designing, lightweight and durability have popularized the use of these petrochemical composites in automobiles and aircraft. Parts of the body, tires, interiors, dashboard and more are made out of petrochemical intermediates. Furthermore, the automobile and aircraft industry is being transformed by the increasing usage of petrochemical-based composite materials. The automotive and aircraft industry is growing globally, for illustration, according to the Verband der Automobilindustrie (VDA), Germany's production of passenger cars came to a complete halt in April 2020 (-97%) but increased by 2701 percent the following year to 316,200 vehicles. Production increased by 22% during the first quarter of this year to nearly 1.3 million units. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of heavy trucks increased from 236,328 units in 2020 to 308,300 units in 2021, an increase of 31% in Europe. Also, in November 2020, Boeing forecasted that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aviation services over the next 20 years. According to the Boeing Commercial Market Outlook 2021-2040, North America will require 9,160 new airplane deliveries by 2040, while Latin America will require 2,530. Between 2019 and 2040, North America's airline fleet is expected to grow by 1.7 percent, while South America's will grow by 3.4 percent. With the increasing automobile and aircraft production, the demand for petrochemicals for component manufacturing is also increasing, thereby acting as a driver for the Top 15 Petrochemicals Market during the forecast period.

Bolstering Growth of Personal Care, Pharmaceutical and Food & Beverage Sector:

Petrochemicals such as ethylene, propylene, benzene, butadiene, toluene, xylenes and methanol are often used to manufacture packaging materials for the personal care, pharmaceutical and food & beverage sector. Due to rising consumer demand and increasing per-capita income of individuals, the personal care & cosmetics and food & beverage industry is booming globally. For instance, according to the India Brand Equity Foundation (IBEF), the beauty, cosmetics and grooming market in India in 2025 will have grown from US$6.5 billion to US$20 billion. According to the International Trade Administration, Thailand's beauty and personal care goods market was valued at around US$6.2 billion in 2018 and is projected to grow to US$8.0 billion by 2022 at a rate of 7.3 percent per year from 2019 to 2022. According to the Bureau of Labor Statistics (BLS), the average annual spending in the United States on personal care goods and services increased from US$762 in 2017 to US$768 in 2018 and finally to US$786 in 2019. These increases were 0.8 percent and 2.3 percent, respectively. The United States Department of Agriculture (USDA) estimates that Japan's retail food and beverage (F&B) sales reached US$474.13 billion in 2020, an increase of 1.5% from US$466.97 billion in sales in 2019. Enterprise Ireland claims that the UK's pharmaceutical industry is a significant global hub for pharmaceutical production and is vital to the country's economy. The value of the UK pharmaceutical industry is projected to increase by 19.3% to £25 billion between 2018 and 2023, or 3.6 percent annually. Since the personal care, pharmaceutical and food & beverage sector industries are booming globally, the demand for packaging material is also growing. Thus, the increasing personal care & cosmetics and food & beverage sector act as a driver for the Top 15 Petrochemicals Market during the forecast period.

Top 15 Petrochemicals Market Challenges

Reduction in Free Trade:

The Top 15 Petrochemicals Market are anticipated to experience growth restrictions due to reduced free trade. Under a free trade policy, there are few to no government tariffs, quotas, subsidies, or prohibitions that prevent the exchange of goods and services across international borders. Many developed and developing economies are thinking about limiting free trade to strengthen their regional economies. The petrochemical companies, as well as their suppliers and clients, are a part of intricate supply chains that facilitate trade across internal and external EU borders as well as within highly integrated European and global industry value chains. Additionally, it is anticipated that the American government will take a more protectionist stance, which may include renegotiating the North American Free Trade Agreement (NAFTA). These modifications could ignite a larger trade conflict and halt the recent trend toward increased global free trade. It is anticipated that restrictions on goods movement will have an impact on provider/supplier relationships, thereby negatively affecting the Top 15 Petrochemicals Market during the forecast period.

Top 15 Petrochemicals Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Top 15 Petrochemicals market. The top 10 companies in the Top 15 Petrochemicals Market are:

  1. Chevron Phillips Chemical Company LLC
  2. BASF SE
  3. ExxonMobil
  4. Shell Chemical Company
  5. TotalEnergies SE
  6. Sumitomo Chemical Co. Ltd.
  7. Reliance Industries Limited
  8. Indian Oil Corporation
  9. Bharat Petroleum Corporation Limited
  10. SABIC

Recent Developments

  • In September 2021, a brand-new ethylene plant in China's Xinjiang Uygur Autonomous Region's Korla city began operating (XUAR). A production capacity of 600,000 tonnes per year is anticipated for the project.
  • In June 2021, an agreement to establish a new petrochemical complex in Abu Dhabi has been signed by Reliance Industries (RIL) and Abu Dhabi National Oil Company (ADNOC). This integrated plant will be able to produce 360,000 tonnes of PVC, 1.1 million tonnes of ethylene dichloride and 940,000 tonnes of Chlor-alkali annually.
  • In July 2019, With Qatar Petroleum, Chevron Phillips Chemical Company LLC agreed to pursue the construction of a new petrochemical plant along the U.S. Gulf Coast.

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1.Top 15 Petrochemicals Market- Market Overview
    1.1 Definitions and Scope
2.Top 15 Petrochemicals Market- Executive Summary
    2.1 Key Trends by Product Type
    2.2 Key Trends by Application
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. Top 15 Petrochemicals Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Top 15 Petrochemicals Market - Startup companies Scenario Premium Premium
    4.1Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5.Top 15 Petrochemicals Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Top 15 Petrochemicals Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Top 15 Petrochemicals Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Top 15 Petrochemicals Market - By Product Type (Market Size -US$ Million/Billion)
    8.1 Ethylene
        8.1.1 Polyethylene
        8.1.2 Vinyl Chloride
        8.1.3 Ethylene Oxide
        8.1.4 Others
    8.2 Propylene
        8.2.1 Polypropylene
        8.2.2 Propylene Oxide
        8.2.3 Acrylic Acid
        8.2.4 Others
    8.3 Benzene
        8.3.1 Chlorobenzene
        8.3.2 Alkyl Benzene
        8.3.3 Others
    8.4 Butadiene
    8.5 Xylenes
        8.5.1 Meta-xylene
        8.5.2 Para-xylene
    8.6 Toluene
    8.7 Methanol
9. Top 15 Petrochemicals Market - By Application (Market Size -US$ Million/Billion)
    9.1 Paints and Coatings
    9.2 Adhesives and Sealants
    9.3 Inks and Dyes
    9.4 Polymers
    9.5 Fertilizers
    9.6 Others
10. Top 15 Petrochemicals Market - By End-Use Industry (Market Size -US$ Million/Billion)
    10.1 Transportation
        10.1.1 Automotive
   Passenger Vehicles (PVs)
   Light Commercial Vehicles (LCVs)
   Heavy Commercial Vehicles (HCVs)
        10.1.2 Aerospace
        10.1.3 Marine
        10.1.4 Locomotive
    10.2 Agriculture
    10.3 Building and Construction
        10.3.1 Residential
        10.3.2 Commercial
        10.3.3 Industrial
        10.3.4 Infrastructure
    10.4 Electrical & Electronics
    10.5 Packaging
    10.6 Others
11. Top 15 Petrochemicals Market - By Geography (Market Size -US$ Million/Billion)
    11.1North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Belgium
        11.2.8 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
       11.4.1 Brazil
       11.4.2 Argentina
       11.4.3 Colombia
       11.4.4 Chile
       11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
   Saudi Arabia
   Rest of the Middle East
        11.5.2 Africa
   South Africa
   Rest of Africa
12. Top 15 Petrochemicals Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Top 15 Petrochemicals Market – Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category - Major companies
14. Top 15 Petrochemicals Market – Key Company List by Country Premium Premium
15. Top 15 Petrochemicals Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
    * "Financials would be provided to private companies on best-efforts basis."
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