Global Petrochemicals Market to reach USD 670 billion by 2027.
Global Petrochemicals Market is valued approximately USD 476.2 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 5.0 % over the forecast period 2021-2027. The petrochemical business is an industry branch that produces natural moderate items such as treatment facility items, flammable gas, plastic, elastic, fiber crude materials, etc. Rising demand for downstream products from end-use industries, capacity additions in the base chemical industry and increasing demand for paints and coating has led the adoption of petrochemicals across the forecast period. For instance, The development of new breakthroughs based on feedstocks such as light unprocessed and blended rough is expected to have a significant impact on the stockpile. Makers are relying on Crude Oil to Chemical Technology (COTC) to gain renown because it provides big returns in the range of 40% to 45 percent. Modern buildings with COTC innovation are being built in the Middle East and China and expected to be operational by 2020. Such developments will facilitate large-scale manufacturing of chemicals by organizations. However, slowdown in demand impedes the growth of the market over the forecast period of 2021-2027. Also, the capacity addition to base chemical industry likely to increase the market growth during the forecast period.

The regional analysis of global Petrochemicals market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world. Expanding shale gas exploration exercises in the U.S. and Canada are relied upon to drive the development of the market for petrochemicals in North America. The nations together represented above 90% of shale gas creation in 2018 in North America. The production of shale gas provides an alternative to traditional feedstock such as natural gas and crude oil for producing different petrochemicals.

Major market player included in this report are:
BASF SE,
British Petroleum Plc,
Chevron Corporation,
China National Petroleum Corporation (CNPC),
China Petrochemical Corporation (SINOPEC),
ExxonMobil Corporation,
INEOS Group Ltd.,
LyondellBasell Industries Inc.,
Royal Dutch Shell PLC
SABIC


The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product :
Ethylene,
Propylene,
Butadiene,
Benzene,
Xylene,
Toluene,
Methanol
By Application :
Polymers,
Paints and Coatings,
Solvents,
Rubber,
Adhesives and Sealants,
Surfactants,
Dyes,
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019
Base year - 2020
Forecast period - 2021 to 2027

Target Audience of the Global Petrochemicals Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors