The global Petrochemicals Market size is expected to reach
USD 1,002.45 billion by 2030, as per the new report by Grand View Research,
Inc. It is expected to expand at a CAGR of 6.2% from 2022 to 2030. 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.
Related Press Release@ Petrochemicals Market Report
Petrochemicals Market Report
Highlights
- The methanol product segment is expected to expand at the
highest revenue-based CAGR of 7.8% over the forecast period. The demand is
attributed to the increase in demand for methanol in manufacturing biodiesel,
which is biodegradable, safe, and produces fewer air pollutants as
compared to other fuels
- The polyethylene application segment accounted for over 60.0% share
of the global revenue in 2021. The rise in demand for high-density
polyethylene (HDPE) for blow molding is likely to drive the polyethylene
application segment globally
- The butadiene product segment is expected to be an emerging segment
in the coming years as it is a key building block used in the
manufacturing of several chemicals and materials employed in the
industries such as consumer durables, healthcare, and building and
construction
- Manufacturers have adopted joint ventures and acquisitions as major
strategies to increase their global presence
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment