The global petrochemicals market size was valued at USD 599.68 billion in 2022. The industry is expected to expand from USD 627.84 billion in 2023 to USD 885.81 billion by 2030, exhibiting a CAGR of 5.0% over the study period.

Natural gas, crude oil, and coal are used to derive petrochemicals. The expansion of the market can be credited to the growth of industries such as electronics, packaging, automotive, and construction, which is poised to increase the demand for petrochemical products.

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List of Key Players Mentioned in the Report:

• BASF SE (Germany)
• LyondellBasell Industries Holdings B.V. (Netherlands)
• INEOS (K.)
• Shell plc (K.)
• SABIC (Saudi Arabia)
• Reliance Industries Limited (India)
• Mitsubishi Chemical Corporation. (Japan)
• Dow Chemical Company (U.S.)
• LG Chem (South Korea)
• Chevron Phillips Chemical Company LLC. (U.S.)
• China National Petroleum Corporation (China)
• Maruzen Petrochemical Co., Ltd. (Tokyo)

Segmentation:

Surging Deployment of Ethylene for Vinyl Chloride Production Fueled the Segment Growth

On the basis of type, the market is categorized into methanol, propylene, ethylene, xylene, and others. The ethylene segment captured the largest petrochemicals market share in 2022. Ethylene is used in the production of ethylene glycol, vinyl chloride, and polyethylene. This factor is propelling the ethylene segment growth.

Growing Demand for Plastic Packaging Impeled the Segment Growth