Petrochemicals Industry Innovations

petrochemicals market was estimated at approximately USD 556.1 billion in 2021.

Petrochemicals Industry | Forecast 2030

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.

Access the Global Petrochemicals Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Benzene Market Growth & Trends

The global benzene market size is expected to reach USD 74.32 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.1% from 2022 to 2030. The industry growth is majorly driven by the growing chemical industry and increasing demand for polymers, polyester fibers, increasing consumption of household cleaning products, and other derivatives of benzene in end-use industries such as automobile, textile, pharmaceutical, packaging, personal care, and others.

Benzene is an essential feedstock that is used to further manufacture various chemicals and derivatives for serving different industries. These industries use benzene to manufacture other chemicals which are then further used to make plastic, nylon, resins, and synthetic fibers. It is also used to make rubbers, dyes, pesticides, lubricants, drugs, and detergents.

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, published by Grand View Research

Xylene Market Growth & Trends

The global xylene market size is anticipated to reach USD 57.0 billion by 2030, as per a new report from Grand View Research, Inc. The market is projected to grow at a CAGR of 8.0% from 2023 to 2030. This is attributable to the increasing demand for products such as solvent-based paints, varnishes, enamels, adhesives, sealants, pharmaceuticals, plastics, and synthetic fibers, which fuels the growth of the market.

Solvent-based paints, varnishes, and enamels rely on xylene as an essential component in the formulation of high-quality coatings. Xylene acts as a highly effective solvent, facilitating the dissolution and dispersion of pigments and binders within these paint formulations. Its rapid evaporation characteristics and ability to contribute to desired drying and curing properties make it an indispensable ingredient in the paint manufacturing process. Similarly, in the adhesives and sealants industry, xylene serves as a crucial solvent for dissolving additives and optimizing the bonding properties of these products. By aiding in the dissolution of additives, xylene enhances the adhesion strength and overall performance characteristics when applied to diverse materials.

Toluene Market Growth & Trends

The global toluene market is expected to reach USD 105.27 billion by 2030, registering a CAGR of 7.4% during the forecast period of 2024 to 2030, as per the new report by Grand View Research, Inc. The growth is majorly driven by its wide application as a solvent in various industries, such as paints, coatings, adhesives, printing inks, rubber, and polymer processing.

Toluene is an aromatic hydrocarbon with the chemical formula C7H8. It is a colorless, volatile liquid with a distinct benzene-like odor. The product is derived from crude oil and is a major component of gasoline, where it acts as an octane booster to improve fuel performance in engines.

Methanol Market Growth & Trends

The global methanol market size is projected to reach USD 38.98 billion by 2025, registering a 2.9% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Exceptional blending capacity and high octane rating of the product are the key factors driving the consumption of methanol as fuel.

Methanol, also known as methyl alcohol or wood alcohol, is a light, colorless, volatile, and flammable liquid with an odor similar to that of ethanol or drinking alcohol. It is one of the most extensively used industrial chemicals and acts as a precursor during the production of formaldehyde, acetic acid, Methyl Tert-Butyl Ether (MTBE), Dimethyl Ether (DME), biodiesels, olefins, and others.

Competitive Insights

Petrochemicals markets across the globe returned to making profits in 2021. This was driven by the global economic recovery, rise in crude oil prices, supply restrictions, and high shipping cost. The average EBITDA margin for top 100 petrochemical players increased to approximately 20% as compared to 14% in 2019. In 2021, the price of crude oil has continued to increase, resulting in significant profits for this industry participants.

The key players in this market include China Petrochemical Corporation (SINOPEC), ExxonMobil Corporation, Royal Dutch Shell PLC, and China National Petroleum Corporation. These companies dominate the petrochemicals market with their extensive presence throughout the value chain.