The petrochemicals manufacturing market consists of the sales of petrochemicals by entities (organizations, sole traders or partnerships) that produce acyclic (i.e., aliphatic) hydrocarbons such as ethylene, propylene, and butylene made from refined petroleum or liquid hydrocarbons and/or produce cyclic aromatic hydrocarbons such as benzene, toluene, styrene, xylene, ethyl benzene, and cumene made from refined petroleum or liquid hydrocarbons.
The global petrochemicals market is expected to decline from $456.6 billion in 2019 to $434.2 billion in 2020 at a compound annual growth rate (CAGR) of -5%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of % from 2021 and reach $431.1 billion in 2023.
Asia Pacific was the largest region in the global petrochemicals market, accounting for 44% of the market in 2019. Middle East was the second largest region accounting for 21% of the global petrochemicals market. Eastern Europe was the smallest region in the global petrochemicals market.
Petrochemical companies are increasingly using automation and instrumentation solutions to control the production process more effectively. Automation instruments include control valves, temperature transmitters, level transmitters, flow transmitters and pressure transmitters that help to improve an organizations operational efficiency. For example, Siemens process instrumentation and gas analytics solutions increases productivity and efficiency during plant operations.
The major players in the global petrochemicals market are Saudi Basic Industries Corporation (SABIC), Sinopec, Royal Dutch Shell Plc, LyondellBasell Industries, INEOS AG
The countries covered in the global petrochemicals market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam
The Global Petrochemicals Market is segmented: 1) By Type: Ethylene-Petrochemicals, Propylene-Petrochemicals, Benzene-Petrochemicals, Xylene, Styrene-Petrochemicals, Toluene, Cumene, Others – Petrochemicals 2) By End-User Industry: Construction, Packaging, Automotive & Transportation, Healthcare, Electrical & Electronics, Others