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Rising demand for petrochemicals in automotive, and pharmaceuticals industries is a key factor driving petrochemicals market revenue growth

VANCOUVER, BRITISH COLUMBIA, CANADA, November 15, 2022 /EINPresswire.com/ -- The global petrochemicals market size reached USD 547.26 Billion in 2021 and is expected to register a revenue CAGR of 6.1% during the forecast period, according to latest analysis by Emergen Research. Rising demand for petrochemicals in automotive, and pharmaceutical industries is a key factor driving market revenue growth.

Petrochemicals products are used rapidly in making pharmaceutical ingredients in recent years. Petrochemicals significantly minimize the incidence of nosocomial infections, which include infections transmitted by germs from other patients, hospital food, and inadequately hygienic environments. Petrochemicals are also included in hand sanitizer in the form of carbomer polymers and glycerin. Phenol and Cumene are used in the preparation of preparatory substances for manufacturing aspirin and penicillin. Penicillin is one of the most used antibiotic agents which are used to cure a number of ailments such as pneumonia, spinal meningitis, diphtheria, and throat infections. In addition, a number of petrochemical resins have applications in drug purification methods.

In addition, rising development of building & construction industry across the globe is expected to boost revenue growth for the market. According to research, the global construction sector will expand to USD 15.5 trillion by 2030. China, U.S., and India are leading the way, accounting for 57% of global growth. The construction industry added USD 900 billion to the US economy in the first three months. Petrochemicals are used in the building and construction sector for a diverse and expanding variety of applications, including piping, insulation, window frames, interior design, paints, and coatings, which is expected to boost revenue growth for the market.

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Increasing Demand for Petrochemicals in the Electrical and Electronics Sector:

In the electronics and electrical business, new materials are frequently the foundation for new product development and technological advancements. The production of electronics and electrical goods in the current electronics and electrical sector is heavily dependent on petrochemical products. Due to support from the petrochemical industry, commonplace items like CD players, telephones, radios, computers, and TVs are produced on a large scale. This is so that the electronic industry can thrive, which depends on the petrochemical industry's production and provision of certain commodities. Better electrical insulation, safety, data storage, ease of assembly, and a significant potential for miniaturisation are all features of petrochemical materials used in the electronics sector. Petrochemicals are used to manufacture microchips, which are an essential part of computers. The electronic industries' buzzword is petro-chemistry. From cables and connectors to printed circuit boards (PCBs) and chips, it may be found everywhere. The demand for petrochemical services is expected to increase in the near future due to the predicted growth of the global electronics industry.

Building and construction industry demand is growing, driving the global petrochemicals market:

Petrochemicals are used to make a variety of goods with a range of building and construction industry uses. Modern paints and coatings do more than only give structures colour; they also help to protect them, and insulation technologies with unmatched performance increase the buildings' energy efficiency. Petrochemicals are used to make polymers, paints and coatings, solvents, adhesives and sealants, among other products. Petrochemical-based materials that are transparent yet very durable and long-lasting help make buildings more environmentally friendly all throughout the world.

Petrochemicals are used in the building and construction sector for a variety of purposes, including paints and coatings, pipes, window frames, and interior design. The petrochemical product ethylene (also known as ethene) is used in the production of polyvinyl chloride (PVC, or vinyl). In the building and construction industry, polyvinyl chloride (PVC, or vinyl) is used in a variety of applications, including the creation of wiring and cables, leak-proof PVC pipes, and siding and window frames that are extremely durable, affordable, and help save energy when heating and cooling homes. Rail cars, vehicles, tanker vessels, and pipeline networks are all used for the transportation of ethylene for petrochemical purposes.

Some Key Highlights from the Report

Butadiene segment revenue is expected to increase at a steady rate over the forecast period due to the growing adoption of butadiene as a monomer and chemical intermediate for the preparation of polymers such as polybutadiene rubber, styrene-butadiene rubber, nitrile rubber, and polychloroprene. Butadiene derivatives have seen major growth in demand, particularly in China, India, and other Asian countries due to the thriving end-use sectors such as consumer goods, automobiles, and construction.

Packaging segment is expected to register a significantly fast revenue growth rate over the forecast period due to the rising adoption of plastic packaging in various industries. Plastic polymer manufacture accounts for a significant portion of petrochemicals demand. Most plastics are sourced from fossil fuels and it is expected to increase significantly in recent years.

Market in Asia Pacific accounted for the largest revenue share in the global petrochemicals market in 2021 due to the growing adoption of polymers in various applications across the region, particularly in China, Japan, and India, as well as rising developments in chemical and construction sectors. In addition, increasing adoption of petrochemicals products in food & beverages, healthcare, and consumer goods is supporting revenue growth for the market.

Some major companies in the global market report include BASF SE, Dow Inc., LyondellBasell Industries Holdings B.V., DuPont de Nemours, Inc., Phillips 66 Company, TotalEnergies, China National Petroleum Corp., Chevron Corporation, Marathon Petroleum Corporation, Exxon Mobil Corporation, Ineos Group Ltd., and Saudi Basic Industries Corporation (SABIC).

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Highlights of the TOC:

1. Report Overview

1.1 Research Scope

1.2 Key petrochemicals market segments

1.3 Major players

1.4 Market analysis by product

1.5 Market analysis by application

1.6 Report timeline

2. Global Growth Trends

2.1 Global petrochemicals market size

2.2 Latest petrochemicals market trends

2.3 Key growth trends

3. Competitive Landscape

3.1 Global petrochemicals market key players

3.2 Global petrochemicals size by manufacturers

3.3 Products of major players

3.4 Entry barriers in the petrochemicals market

3.5 Mergers, acquisitions, joint ventures, and strategic alliances

Regional Segmentation:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Leading Players Profiled in the Report:

BASF SE, Dow Inc., LyondellBasell Industries Holdings B.V., DuPont de Nemours, Inc., Phillips 66 Company, TotalEnergies, China National Petroleum Corp., Chevron Corporation, Marathon Petroleum Corporation, Exxon Mobil Corporation, Ineos Group Ltd., and Saudi Basic Industries Corporation (SABIC).

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Valuable Market Insights:

The report highlights the latest trends observed in the consumption pattern of each regional segment.

Extensive market segmentation included in the report helps better understand the revenue and estimated growth of the individual regions.

The report throws light on the historical and current market scenarios and provides a concise year-on-year growth rate of the global petrochemicals market.

The report further entails the current market trends, technological advancements, revenue growth, and other aspects affecting market growth.

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