Petrochemicals
Market: Introduction
In
terms of value, the global petrochemicals market is anticipated to expand at a CAGR of 4% from 2020 to 2030.
Petrochemicals are an important part of commodities that are used in daily
lives. Petrochemical products are used in various end-use industries, ranging
from manufacturing to consumer goods. These chemical compounds are derived from
petroleum as well as other hydrocarbons, which are obtained from natural gas
and crude oil. Petrochemical products are primarily used as chemical building
blocks in various applications and materials. Various organic chemicals are
manufactured in the petrochemicals industry. These include methanol, ethylene,
butadiene, propylene, benzene, xylene, and toluene. Ethylene, butadiene, and
propylene, along with butylene, are collectively called olefins. These belong
to a class of unsaturated aliphatic hydrocarbons with chemical formula CnH2n.
Benzene, xylene, and toluene are commonly referred to as aromatics. These are
unsaturated cyclic hydrocarbons containing multiple rings. Olefins, methanol,
and aromatics are precursors to various chemical products; and are generally
referred to as primary petrochemicals.
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Side
Effects of Magnesium Stearates to Hamper Petrochemicals Market
Significant
steps are being taken around the world to move from the current fossil-based
economy toward a more sustainable economy based on biomass. The transition to a
bio-based economy has multiple drivers: need to develop environmentally,
economically, and socially sustainable global economy; anticipation that oil,
gas, coal, and phosphorus would reach peak production in the near future and
prices would rise; global issue of climate change; and the need to reduce
atmospheric greenhouse gas (GHG) emissions. A large part of the world is slowly
transitioning from a fossil fuel dependent economy to one that is more
environmentally sustainable, centered around biomass. Countries are striving to
manufacture bio-based chemicals from various biomass sources in order to
achieve this. The U.S. Department of Energy (DoE) has highlighted a dozen
platform or base chemicals that could possibly replace fossil or
petroleum-based building blocks in value-added chemicals. These include
carboxylic acids, isoprene, ethanol, amino acids, vitamins, and industrial
enzymes. Thus, rise in use of bio-based chemicals as alternatives to
petrochemicals is expected to hamper the petrochemicals market in the near
future.
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Ethylene
to Offer Lucrative Opportunities for Petrochemicals Market
In
terms of product, the global petrochemicals market has been divided into
methanol, ethylene, propylene, c4 stream, benzene, toluene, and xylene.
Ethylene is projected to be a highly lucrative segment of the global
petrochemicals market during the forecast period. It is likely to expand at a
CAGR of 4% from 2020 to 2030. Ethylene
is a key petrochemical used in the production of various derivatives and
end-use products. The three key chemical processes in ethylene production are
dehydration of ethanol, steam cracking of oil and gas-based feedstock, and
methanol-to-olefins. Ethylene is employed in a wide range of end-use industries
and applications such as chemical, food & beverages, medical, and rubber
& plastics. This can be ascribed to high usage of petrochemicals as raw
materials in the manufacture of products mentioned above. This is expected to
boost the global petrochemicals market from 2020 to 2030.
Building
& Construction End-use Industry to Dominate Petrochemicals Market
In
terms of end-use industry, the global petrochemicals market has been segregated
into aerospace, agriculture, automotive, building & construction, consumer
& industrial goods, electrical & electronics, food & beverages,
healthcare, marine, paints & coatings, power & utilities, pulp &
paper, textiles & leather, and others. The building & construction
segment is anticipated to dominate the global petrochemicals market during the
forecast period. The building & construction segment accounted for a major
share of the global petrochemicals market in 2019. In terms of volume, the
segment is anticipated to expand significantly during the forecast period. The
segment is projected to account for more than 25% share of the global
petrochemicals market by 2030.
This is estimated to boost the global petrochemicals market in the near future.
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Asia
Pacific to be Key Region of Petrochemicals Market
The
global petrochemicals market has been split into North America, Europe, Asia
Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated
the global petrochemicals market in 2019.
The trend is projected to continue during the forecast period. The demand for
petrochemicals is high in Asia Pacific, particularly in China, owing to
increase in consumption of petrochemicals in automotive, electrical &
electronics, and building & construction industries in the region. China is
a prominent consumer of petrochemicals in Asia Pacific. The expansion of the
building & construction industry is a major factor propelling the petrochemicals
market in the country. Asia Pacific is anticipated to remain a highly
lucrative region of the global petrochemicals market during the forecast
period, owing to increase in production of various petrochemical-based products
in countries such as China and India in the region.
Competition
Landscape of Petrochemicals Market
The
global petrochemicals market is highly fragmented. BASF SE, BP Plc, DuPont de Nemours,
Inc., Total S.A., Exxon Mobil Corp., China Petroleum & Chemical
Corporation, Saudi Arabian Oil Co., Sumitomo Chemical Co., Ltd., and Dow
cumulatively held more than 50% share of
the global petrochemicals market in 2019.
Leading players have taken initiatives to expand their presence in the global
petrochemicals market through acquisitions, increase in production capacities,
and strategic partnerships.
Other
key manufacturers operating in the global petrochemicals market are Chevron Phillips Chemical Company,
LyondellBasell Industries NV, Mitsubishi Chemical Corporation, INEOS,
PetroChina Company Limited, Saudi Basic Industries Corp., Idemitsu Kosan Co.,
Ltd., Reliance Industries Limited, Royal Dutch Shell Plc, Indian Oil Corp.
Ltd., and Formosa Petrochemical Corporation.
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