The Petrochemicals by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Petrochemicals, The petrochemicals market size has grown strongly in recent years. It will grow from $692.11 billion in 2023 to $730.54 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to economic growth in emerging markets, growth of the packaging industry, low interest rate environment, and global population growth.
The petrochemicals market size is expected to see strong growth in the next few years. It will grow to $910.48 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to rising demand for polypropylene, and rising demand for synthetic materials . Major trends in the forecast period include investing in automation and instrumentation services, investing in developing on-purpose propylene technologies, implementing artificial intelligence in operations, investing in plastic recycling to deal with regulatory challenges, and investing in crude oil to chemical technologies.
The petrochemicals market is expected to benefit from growth in the automobile industry during the forecast period. An automobile is a motorized vehicle designed for the transportation of passengers or cargo on roads, typically powered by an internal combustion engine or electric motor. There is a drive for the production of automobiles, which is leading to an increase in demand for petrochemical products that are used in the manufacturing of brake parts, radiators, and other components. For instance, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, car production in the United States grew to 11.87 million units, up from 10.91 million units in June 2023. Thus, the growth of automobiles is expected to increase the demand for petrochemicals during the forecast period.
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The petrochemicals market covered in this report is segmented –
1) By Type: Ethylene-Petrochemicals, Propylene-Petrochemicals, Benzene-Petrochemicals, Xylene, Styrene-Petrochemicals, Toluene, Cumene, Other Petrochemicals
2) By Application: Polymers, Paints & Coatings, Solvents, Rubber, Adhesives & Sealants, Surfactants, Pigments & Dyes, Fibers & Fabrics, Other Applications
3) By End User Industry: Textile, Furniture, Paints And Coatings, Pharmaceuticals, Synthetic Rubber And Fibers, Plastic Materials And Resins, Toiletries And Cleaning Compounds, Other End Users
Many petrochemical manufacturers are adopting IoT (Internet of Things) technologies to connect equipment and smart devices to obtain real-time insights and identify inefficiencies in the manufacturing process. The data obtained is processed, analyzed, and interpreted by plant managers and senior-level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers of possible machine breakdowns.
The petrochemicals market report table of contents includes:
1. Executive Summary
2.Petrochemicals Market Characteristics
3.Petrochemicals Market Trends And Strategies
4.Petrochemicals Market analysis
5.Petrochemicals Market Size And Growth
6.Petrochemicals Segmentation
7. Petrochemicals Regional And Country Analysis
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27.Petrochemicals Competitive Landscape And Company Profiles
28.Petrochemicals Key Mergers And Acquisitions
29.Petrochemicals Future Outlook and Potential Analysis
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