Petrochemicals Sector Application Outlook, Regional Demand Analysis and Revenue Drivers Study

Posted on 2023-08-04 by researchinsights in Chemicals, Industrial // 0 Comments

Petrochemicals Industry Data Book Covers Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene and Methanol Market

The global Petrochemicals Industry generated over 566.5 million tons in 2021 and is expected to grow at a CAGR of 5.1% over the forecast period.

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 4.1% 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.

The growing consumption of benzene derivatives in the automotive industry for the manufacturing of synthetic rubber to be used in tires and several other parts of the car has resulted in an increase in demand for benzene worldwide. This demand is further expected to grow due to the continuous growth of the automotive industry.

The outbreak of COVID-19 has also had a negative impact on the benzene market as the shutting down of the economy due to the lockdown had a detrimental effect on the petrochemical industry. China which accounted for a significant market share in the production of petrochemicals was the epicenter of the pandemic which resulted in hugely impacting the production capacity of the country due to the lockdown. This reduction in production capacity has sent shockwaves throughout the supply chain, thus affecting the industries which relied on Chinese imports.

During the early stage of the pandemic, crude oil prices plummeted putting oil producers such as Middle East and North America at a disadvantage. On the other hand, this price drop has provided oil-importing countries such as India, China, and South Korea the advantage to build crude oil reserves for their petrochemical industries. However, with the uplifting of lockdown and opening up of economies, the demand for benzene has again started to increase.

Benzene Consumption Share by Derivative, 2021 (%)

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

Methanol Market Growth and Trends

The global methanol market is expected to grow speedily at a CAGR of 6.3% 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.

Japan accounts for approximately 7% of the overall methanol production in Asia and relies on imports to meet the local demand, owing to the low in-house production capacity of the country. However, various Japan-based manufacturers, including Mitsubishi Gas Chemicals have been picking up pace in terms of production and are benefitting by stable market prices.

Increasing demand for acetic acid, formaldehyde, and DME are considered as the key drivers for the growth of the methanol Industry in Asia Pacific. In addition, the supply and demand of the product across Asia Pacific is projected to be stable during the forecast period, with slight turbulence caused by the U.S. and China trade war.

The significant demand for methanol in North America is driven by a strong supply of the product to cater to the rising demand for MTBE, acetic acid, and formaldehyde. In 2018, the market was stable, backed by the steady supply of natural gas at low costs. Also, increasing biodiesel projects to be commissioned till 2021 is among the other prominent drivers fueling the regional demand for methanol in near future.

Go through the table of content of Petrochemicals Industry Data Book to get a better understanding of the Coverage & Scope of the study

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Competitive Landscape

Key players operating in the Petrochemicals industry are –

BASF SE
Chevron Corporation
China National Petroleum Corporation (CNPC)
China Petrochemical Corporation (Sinopec)
Exxonmobil Corporation
Ineos Group Ltd.
Lyondellbasell Industries Holdings B.V.
Royal Dutch Shell PlcSasol
Sabic
Dow

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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