Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene and Methanol Market
Petrochemicals Industry | Forecast 2030
Petrochemicals Industry Data Book – Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene and Methanol Market
The economic value generated by the petrochemicals market was estimated at approximately USD 556.1 billion in 2021. This economic output is an amalgamation of basic petrochemical products, namely, ethylene, propylene, butadiene, methanol and aromatics including benzene, toluene and xylene.
Over the past year, the petrochemicals sector has witnessed a transition with regional asymmetries playing a significant role in the success. While the Chinese market has witnessed significant growth due to high investment on modernization of facilities & increase in foreign investment, the players in Middle East & North America regions have witnessed edge due to the availability of abundant gas feedstock. According to the International Energy Agency (IEA), the production of petrochemicals & its derivatives consumes approximately 14% & 8% of the oil & gas produced globally. This share is expected to increase to over 33% & 15% in 2030 and over 50% & 19% in 2050.
Ethylene Market insights
Ethylene market dominated the petrochemicals industry with a share of over 40% in 2021. The product is a key feedstock in the formulation of derivatives such as ethylene oxide, polyethylene, ethylene dichloride (EDC), ethylbenzene, and styrene. These derivatives are prominently used in plastic packaging for food, beverages, personal care, healthcare, and consumer electronics industries with a share of over 45%.
Construction sector accounts for over 20% share in the ethylene derivative consumption due to high rate of replacement of traditional materials for production of pipes, wires, and insulation products. Polyethylene is one of the majorly used plastics in the industry.
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
Propylene Market insights
Propylene accounted for a share of over 20% in the global industry in 2021. It is used to produce acrylonitrile, polypropylene resin, acrylic acid, isopropyl alcohol, propylene oxide, and acetone. Propylene is widely utilized in the automotive industry, as a preferable choice of alloys. It accounts for a major share of plastics used in automobiles. Increasing demand for injection-molded polypropylene (PP) from the electrical & electronics industry is further expected to fuel the consumption of propylene, specifically in developing regions such as Asia Pacific and the Middle East. It is also used in other applications such as housewares, bottle caps, toys, and luggage.
Butadiene Market insights
Butadiene accounted for a share of over 15% in the global industry in 2021. It is majorly utilized as a chemical intermediate and a monomer during the production of polymers such as styrene-butadiene rubber (SBR), polybutadiene rubber (PBR), polychloroprene (PBR), and nitrile rubber (NR). Butadiene derivatives have witnessed a significant increase in demand specifically in China, India, and other Asian countries owing to the flourishing end-use industries such as automobile, consumer goods, construction, and others.
Benzene Market insights
The global benzene market size was estimated at USD 44.07 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 6.1% from 2022 to 2030. The increasing demand for styrene in various end-use industries such as packaging, automotive, electronics, and others is acting as a major driving force for the continuously increasing demand for benzene. Styrene, produced from benzene’s derivative ethylbenzene, is used in a wide range of industries. The majority of the product goes into the production of polystyrene, which due to its flexibility, resilience, moisture resistance, and lightweight is used in the packaging industry.
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