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Sustainable Growth: Petrochemicals Industry 2023 – 2030

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Petrochemicals Industry | Forecast 2030

Petrochemicals Industry Data Book – Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene and Methanol Market

The economic value generated by the petrochemicals market was estimated at approximately USD 556.1 billion in 2021. This economic output is an amalgamation of basic petrochemical products, namely, ethylene, propylene, butadiene, methanol and aromatics including benzene, toluene and xylene.

Over the past year, the petrochemicals sector has witnessed a transition with regional asymmetries playing a significant role in the success. While the Chinese market has witnessed significant growth due to high investment on modernization of facilities & increase in foreign investment, the players in Middle East & North America regions have witnessed edge due to the availability of abundant gas feedstock. According to the International Energy Agency (IEA), the production of petrochemicals & its derivatives consumes approximately 14% & 8% of the oil & gas produced globally. This share is expected to increase to over 33% & 15% in 2030 and over 50% & 19% in 2050.

 

Ethylene Market insights

Ethylene market dominated the petrochemicals industry with a share of over 40% in 2021. The product is a key feedstock in the formulation of derivatives such as ethylene oxide, polyethylene, ethylene dichloride (EDC), ethylbenzene, and styrene. These derivatives are prominently used in plastic packaging for food, beverages, personal care, healthcare, and consumer electronics industries with a share of over 45%.

Construction sector accounts for over 20% share in the ethylene derivative consumption due to high rate of replacement of traditional materials for production of pipes, wires, and insulation products. Polyethylene is one of the majorly used plastics in the industry.

 

Order your copy of the Free Sample of “Petrochemicals Industry Data Book – Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene and Methanol Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research

 

Propylene Market insights

Propylene accounted for a share of over 20% in the global industry in 2021. It is used to produce acrylonitrile, polypropylene resin, acrylic acid, isopropyl alcohol, propylene oxide, and acetone. Propylene is widely utilized in the automotive industry, as a preferable choice of alloys. It accounts for a major share of plastics used in automobiles. Increasing demand for injection-molded polypropylene (PP) from the electrical & electronics industry is further expected to fuel the consumption of propylene, specifically in developing regions such as Asia Pacific and the Middle East. It is also used in other applications such as housewares, bottle caps, toys, and luggage.

 

Butadiene Market insights

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Butadiene accounted for a share of over 15% in the global industry in 2021. It is majorly utilized as a chemical intermediate and a monomer during the production of polymers such as styrene-butadiene rubber (SBR), polybutadiene rubber (PBR), polychloroprene (PBR), and nitrile rubber (NR). Butadiene derivatives have witnessed a significant increase in demand specifically in China, India, and other Asian countries owing to the flourishing end-use industries such as automobile, consumer goods, construction, and others.

 

Benzene Market insights

The global benzene market size was estimated at USD 44.07 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 6.1% from 2022 to 2030. The increasing demand for styrene in various end-use industries such as packaging, automotive, electronics, and others is acting as a major driving force for the continuously increasing demand for benzene. Styrene, produced from benzene’s derivative ethylbenzene, is used in a wide range of industries. The majority of the product goes into the production of polystyrene, which due to its flexibility, resilience, moisture resistance, and lightweight is used in the packaging industry.

 

Xylene Market insights

The global xylene market size was estimated at USD 30.9 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 8.0% from 2023 to 2030. Xylene is a solvent and raw material widely utilized across various industries including paints and coatings, adhesives and sealants, pharmaceuticals, plastics, and textiles. The increasing demand for products and advancements within these industries plays a pivotal role in driving the growth of the market. In the paints and coatings industry, the market holds significant importance as it is extensively employed in formulating solvent-based paints, varnishes, and enamels. Its versatility as a solvent is crucial for achieving the desired performance characteristics in these coatings. Similarly, the adhesives and sealants industry heavily relies on these products as a solvent for bonding additives. Its ability to dissolve and facilitate the adhesion of different materials is instrumental in the formulation of high-quality adhesives and sealants.

 

Toluene Market insights

Toluene accounted for a share of over 10% in the global petrochemicals industry in 2021. It is used as a solvent in lacquers, paints, thinners, correction fluid, glues, and nail polish removers. It is usually produced in the processes of gasoline via a catalytic reformer, in an ethylene cracker. It is often widely used in industry, as a substitute for benzene. Toluene is also used in printing and leather tanning processes. It is also used as an octane booster in the gasoline fuels used in internal combustion engines.

 

Methanol Market insights

The global methanol market size was estimated at USD 31.81 billion in 2018 and is projected to accelerate at a compound annual growth rate (CAGR) of 2.9% from 2019 to 2025. Increasing consumption of methanol for the production of dimethyl ether and Methyl tert-butyl ether (MTBE), utilized as the alternatives for gasoline, is expected to propel the growth. DME is used as a fuel (diesel) in the passenger vehicle and aerosol propellant and is also blended in Liquefied Natural Gas (LNG).

 

Go through the table of content of Petrochemicals Industry Data Book to get a better understanding of the Coverage & Scope of the study

 

Table of Contents – Sectoral Outlook Report

Chapter 1. Methodology and Scope

1.1. Market Segmentation & Scope

1.2. Market Definition

1.3. Information Procurement

1.3.1. Purchased Database

1.3.2. GVR’s Internal Database

1.3.3. Secondary Sources & Third-Party Perspectives

Chapter 2. Executive Summary

2.1. Industry Snapshot

2.2. Key Trends – Highlights

Chapter 3. Industry Trend Analysis

3.1. Regulatory Framework & Benchmark

3.2. Value Chain Analysis

3.2.1. Supply – Demand Gap Analysis

3.2.2. Technological Outlook

3.2.3. Cost Structure Analysis

3.2.4. Value Addition & Profit Margin Analysis

3.3. Competitive Benchmarking

3.3.1. Manufacturing Ranking & Heat-map Analysis

3.3.2. Distribution Channel Analysis

3.4. Macroenvironmental Trend Analysis

3.4.1. Industry Driving Forces & Impact Analysis

3.4.2. Opportunities & Challenges

3.4.3. Key Plastic Industry Trends

 

Company Profiles

  • BASF SE
  • Chevron Corporation
  • China National Petroleum Corporation (CNPC)
  • China Petrochemical Corporation (Sinopec)
  • Exxonmobil Corporation
  • Ineos Group Ltd.
  • Lyondellbasell Industries Holdings B.V.
  • Royal Dutch Shell PlcSasol
  • Sabic
  • Dow
  • Reliance Industries
  • PetroChina Company Limited

 

Check out more Industry Data Books, published by Grand View Research

 

About Grand View Research

 

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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