Top Companies in Petrochemical Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Petrochemical Market is projected to reach USD 779.02 billion by 2028 at a CAGR of 5.9% over the forecast period.
The Global Petrochemical Market is valued at USD 552.3 billion in 2021 and is projected to reach USD 779.02 billion by 2028 at a CAGR of 5.9% over the forecast period. Numerous end-user industries need sophisticated Petrochemical products. They seek products with more cutting-edge and environmentally beneficial uses. Petrochemical products used in the building and construction, aviation, agriculture, electrical and electronics, food and beverage, healthcare, and automotive industries have been improved, and this has prompted many Petrochemicals manufacturers to develop new technologies to process Petrochemicals more effectively and produce newer products with less impact on the environment and more innovative uses. Additionally, the rise of emerging new markets and strategic alliances will act as market drivers and expand beneficial chances for the industry's growth rate.
Due to an increase in demand for Petrochemical products across a range of end-use industries, including automotive, aerospace, healthcare, agriculture, consumer & industrial goods, building & construction, electrical & electronics, etc., the global Petrochemicals market is anticipated to expand significantly during the forecast period.
However, the Petrochemicals sector is expected to suffer a considerable loss due to the volatility in oil prices. The rise in oil prices has also affected consumer and government expenditure, two sectors that rely largely on the money from crude oil exports. Therefore, it is projected that both of these reasons would slow down the growth rate of the Petrochemicals market.
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What Trends Should We Look Forward to Amidst Exponential Growth in Petrochemical Adoption?
- Policymakers have pushed businesses to take action and run the production process responsibly and environmentally friendly in response to growing environmental concerns. In order to comply with new pollution control regulations, a number of significant players are upgrading their operations. This is because reducing pollution from production facilities may be essential to reducing overall pollution and the effects of climate change. resulting in the market's expansion.
- Plastics like polyethylene, polypropylene, and polystyrene are made using a large amount of the Petrochemicals produced. Over the previous few decades, demand for such plastics—such as plastic packaging for food and other commercial products—has grown dramatically, especially in key end-use sectors. Throughout the projection period, the trend will keep the market expanding.
- Due to its various qualities, including flexibility in lightweight, design, and durability, Petrochemicals are frequently used in the automotive sector. Petrochemical intermediates are used to make interior, body, tire, dashboard, and other parts of vehicles. The increased usage of composite materials based on Petrochemicals in production has altered the automotive industry.
- The food sector can create preservatives using a variety of Petrochemical chemicals. Foods that are kept in bags and cans have a longer shelf life thanks to these ingredients. Some additives used in food colouring and candies are also made from various Petrochemical compounds to enhance their taste and flavor.
The Petrochemical Market is dominated by globally established players such as BP PLC (UK), Total Energies S.A. (France), Exxon Mobil Corp. (US), BASF SE (Germany), Sumitomo Chemical Co. Ltd. (Japan), Dow Chemicals (US), Chevron Phillips Chemical Company (US), Saudi Arabian Oil Co. (Saudi Arabia), DuPont de Nemours Inc. (US), China Petroleum & Chemical Corporation (China). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Petrochemical Market.
Let's Look at the Top 5 Companies That are Taking the Petrochemical Market by Storm
The Petrochemical Market is expected to grow from USD 552.3 billion in 2021 to USD 779.02 billion in 2028 because the packaging and automotive industries use more polymers. The growing demand for paints and coatings in numerous end-use sectors is also boosting the demand for the product.
- Exxon Mobil Corp. (US)
One of the leading publicly traded energy companies and producers of high-quality chemicals, including Petrochemicals, ExxonMobil, develops and employs next-generation technologies to assist in safely and ethically supplying the world's expanding energy demand.
- Total Energies S.A. (France)
One of the seven supermajor oil firms and a French multinational integrated energy and petroleum company, TotalEnergies SE was established in 1924.
- Sumitomo Chemical Co. Ltd. (Japan)
Major Japanese chemical producer Sumitomo Chemical Co., Ltd. creates Petrochemicals. It was established in 1913 as a fertilizer manufacturing facility and is a part of the Sumitomo group.
- Chevron Phillips Chemical Company (US)
Chevron Corporation and Phillips 66 jointly own the Petrochemical business known as Chevron Phillips Chemical Company, LLC. On July 1, 2000, Chevron Corporation and Phillips Petroleum Corporation's chemical operations were combined to form the new company.
- DuPont de Nemours Inc. (US)
Du Pont de Nemours, a French-American chemist, and industrialist founded the international chemical company DuPont de Nemours, Inc., or simply DuPont, in 1802. The business was crucial to the creation of Petrochemicals.
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