Petrochemicals Industry to Unlock New Opportunities for Manufacturers from 2023 to 2030 - Grand View Research, Inc.
SAN FRANCISCO, March 16, 2023 /PRNewswire/ -- The global petrochemicals industry size was pegged at 566.5 million tons in 2021 and will witness around 5.1% CAGR during the forecast period 2023-2030, according to the "Petrochemicals Industry Data Book, 2023 – 2030," published by Grand View Research. Soaring demand for plastics and developments of new chemical feedstock and products will propel the market growth. Besides, the transport sector will exhibit strong demand for petrochemicals following the rising footprint of natural gas across advanced and emerging economies. Prominently, synthetic rubber has become highly sought-after as an essential component of truck, car and bicycle tires.
Leading petrochemical companies have depicted an exponential demand for ethylene in food packaging, containers, toys, film, antifreeze, housewares, insulation, carpets and pipes. Chemicals made from ethylene, such as ethylene dichloride, polyethylene, ethylbenzene, ethylene oxide and vinyl acetate have gained ground across business verticals. Prominently, polyethylene has provided an impetus to make food packaging, bags, bottles and other plastic-based products. Furthermore, stakeholders have sought ethylene dichloride in medical devices, PVC pipes and clothing. The ethylene market size amassed 153.9 million tons in 2021 and could expand at a CAGR of 4.7% during the forecast period.
Methanol has gained an uptick across industrial applications, including the production of synthetic fuels, antifreeze, solvent and building materials. Lately, green methanol has come to the fore on the heels of surging demand to reduce CO2 emissions and combat climate change. The applications of e-methanol and bio-methanol have unlocked opportunities for petrochemical manufacturers. The methanol market size was pegged at 153.8 million tons in 2021 and it is expected to observe a robust CAGR of 6.3% during the assessment period. Chemical and plastic companies are likely to seek renewable methanol to minimize their process emissions and, in some cases, to reduce harmful emissions, including nitrogen oxides, sulfur oxides and particulate matter.
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
Some dynamics that are poised to have a notable influence on the global landscape are delineated below:
- Environmentally friendly and low-cost biomass feedstock will fuel the trend globally. Prominently, fossil methanol could make way for renewable methanol as a fuel for shipping, transport, cooking, heating and electricity production.
- Xylene will witness robust demand in the paints & coatings and automobile sectors. Para-xylene has received an uptake in synthetic textiles across South Asia, including Bangladesh, Sri Lanka, India and South East Asia.
- Asia Pacific could contribute significantly to the global petrochemicals industry on the back of strong demand from the construction, electronics and automotive industries.
Middle East & Africa petrochemicals industry share will be pronounced in light of the growing footprint of the product in lubricant, rubber, drug, detergent and adhesives. Bullish construction projects across UAE, Qatar and Oman have added fillip to the regional market growth. Stakeholders and forward-looking companies are likely to explore opportunities in downstream expansion projects, flooring and insulation materials, automobile parts production, design of chemical plants and packaging. To illustrate, in December 2021, Abu Dhabi Chemicals Derivatives Company joined forces with Reliance Industries Limited (RIL) to inject USD 2 billion into a petroleum production facility in UAE. The facility will produce ethylene dichloride (EDC), chlor-alkali and polyvinyl chloride.
The competitive scenario alludes to bullish investments in organic and inorganic strategies, including technology advancements, product rollouts, collaboration, R&D activities and innovation. In December 2022, TotalEnergies collaborated with Aramco to construct a petrochemical complex in Saudi Arabia. The construction is expected to start in 2023, while the commercial operation could be witnessed in 2027. The mixed feed cracker in the facility can produce 1.65 million tons of ethylene per annum. The complex will also be propelled by two bespoke polyethylene units using a butadiene extraction unit, advanced dual-loop technology and other units.
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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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