The global petrochemicals market is relied upon to enlist a CAGR of 8.06% to stretch around USD 943.5 billion before the end of 2023. Petrochemicals is a complex industrial sector affecting pretty much every circle of life. Petrochemicals are synthetic subsidiaries of oil and gas. The expanding interest for polymers in the automotive and packaging ventures is prevalently expected to drive the development of the global petrochemicals market as petrochemicals are broadly utilized in the assembling of an assortment of monomers, which are utilized for making polymers. In like manner, the expanding interest for paints and coatings over the globe is likewise anticipated to support the development of the global petrochemicals market during the conjecture time frame. Additionally, the rising interest for methanol in different end-use ventures is likewise expected to add to the development of the item showcase. Nonetheless, the developing ecological concerns and moving interest towards bio-based synthetic compounds are factors liable to hamper the worldwide market development during the figure time frame.
The global petrochemicals market is segmented on the basis of its type, application, end-user, and regional demand. Based on its type, the market is segmented as Butadiene
Ethylene, Xylene, Benzene, Propylene, Toluene, Methanol, Others. On the basis of its application, the market is divided into Paints and Coatings, Polymers, Rubber, Adhesives and Sealants, Dyes, Solvents, Surfactants, Others. Based on its end-user, the market is Automotive & Transportation, Packaging, Electrical & Electronics, Construction, Healthcare, Others.
Geographically, the global petrochemicals market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
Royal Dutch Shell PLC (The Netherlands), and China Petroleum & Chemical Corporation (China), BASF SE (Germany), LyondellBasell Industries Holdings B.V. (The Netherlands), TOTAL (France), Indian Oil Corporation Limited (India), Chevron Phillips Chemical Company (US), BP PLC (UK), Sumitomo Chemical Company (Japan), among others are some of the major players in the global petrochemicals market.