Global Petrochemicals Market is expected to exhibit a strong 8% CAGR over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR). The Global — Petrochemicals Market was valued at USD 621.1 billion in 2018.
Petrochemicals are widely used in a long line of end use industries and are thus highly in demand. The increasing use of polymers in the packaging and automotive industries is likely to be a major driver for the Global Petrochemicals Market over the forecast period. Ethylene is widely used to produce polyethylene, which comes in soft, hard, and pliable forms. These forms of polyethylene are used to produce correspondingly soft or hard packaging, which are gaining increasing demand in recent years. The excellent moisture protection provided by polyethylene has been the major driver for the Global Petrochemicals Market in recent years, as this has driven the demand for polyethylene in the packaging sector. The growing demand for polyethylene packaging, both pliable and rigid, is likely to be a major driver for the Global Petrochemicals Market over the forecast period.
The automotive industry is also a major consumer of polymers, due to their high weight to strength ratio and light weight. Reducing the weight of automotive components has emerged as a major task for automotive industry players due to the benefits this brings in terms of reduced fuel consumption. This has driven the demand for polyethylene components in the automotive industry. The increasing government backing to reducing the weight of automobiles is likely to be a major driver for the Global Petrochemicals Market over the forecast period.
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Petrochemicals are also widely used in paints and coatings, another end use industry that has witnessed a boom in the last few years. The growing demand for paints and coatings from the automotive and construction industries has been a major driver for the demand for Petrochemicals and is likely to remain a key market driver over the forecast period. Petrochemicals provide several benefits in paints and coatings, such as making the products waterproof and easily applicable. This has driven the demand for petrochemicals in the paints and coatings industry. Adhesives and sealants are also likely to remain a key end use application for petrochemicals, as adhesives and sealants made from Petrochemicals offer enhanced adhesion and various other beneficial properties in contrast to organic alternatives. The rubber industry is also a key end user of Petrochemicals. On the other hand, fluctuations in the price of petroleum and the growing demand for biobased chemicals are the major restraints on the Global Petrochemicals Market.
Leading players in the Global Petrochemicals Market include China Petroleum & Chemical Corporation, Royal Dutch Shell plc, DowDuPont, China National Petroleum Corporation, Reliance Industries Ltd., Sumitomo Chemical Company, BP plc, Chevron Philips Chemical Company, Indian Oil Corporation Ltd., TOTAL, LyondellBasell Industries Holdings BV, SABIC, and BASF SE.
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Global Petrochemicals Market is segmented on the basis of Type, Application, End Use and Region.
By Type, Global Petrochemicals Market is segmented into ethylene, propylene, benzene, methanol, xylene, butadiene, toluene, and others. The ethylene segment accounts for the largest share in the Global Petrochemicals Market due to the growing demand for polyethylene in the packaging industry. The ethylene segment is followed by propylene, which also accounts for a major share in the market. The methanol segment is also likely to exhibit steady growth over the forecast period.
By Application, Global Petrochemicals Market is segmented into polymers, paints and coatings, solvents, rubber, adhesives and sealants, surfactants, dyes, and others. The polymers segment accounts for the largest share in the Global Petrochemicals Market.
By End Use, the global market is segmented into packaging, automotive and transportation, construction, electrical and electronics, healthcare, and others. The packaging segment holds the largest share in the Global Petrochemicals Market.
Asia Pacific accounted for a dominant share of more than 51% in the Global Petrochemicals Market in 2018 and is likely to remain the leading regional market over the forecast period.
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