The petrochemicals market size was USD 371.9 billion in 2020. The market size is expected to rise from USD 582.4 billion in 2021 to USD 888.3 billion by 2028 at a CAGR of 6.2% during the forecast period. The global market is expected to rise during the projected period due to increasing environmental concerns by manufacturers in the market. Fortune Business Insights™ publishes this information in a report titled, “Petrochemicals Market, 2021-2028”.
Petrochemicals are chemical substances made from oil, coal, and natural gases. These chemicals are majorly used in developing consumer products such as pesticides, shampoos, aspirin, detergents, gasoline, carpeting, and milk jugs. Products such as propylene, ethylene, benzene, and xylene are used in packaging, plastics, rubber, and electronics. Increasing demand for the product in automotive, medical, packaging, construction, and consumer goods sectors will likely boost the market.
Drivers & Restraints:
Increasing Product Demand in Packaging Application to Stimulate Growth
The market is expected to witness significant growth in the coming years owing to the rising plastic consumption in developing economies. The utilization of plastic packaging is increased in various industries, thereby boosting the market in segmented regions. Furthermore, increasing industrialization and commercialization is expected to drive plastic utilization during the projected period. Also, cost-effective and eco-friendly characteristics of the produced plastic are anticipated to drive the market. These factors are likely to ensure the global petrochemicals market growth in the segmented regions.
However, hazardous effects caused due to petrochemical products may hinder the market growth.
Regional Insights:
Asia Pacific Holds Highest Market Share Due to Rising Industrialization
Asia Pacific dominates the global petrochemicals market share due to rising demand in the consumer goods industry. Increasing industrialization and commercialization in developing countries is expected to maintain the market position during the forecast period.
North America holds the second-largest global market share due to rising investments in the petrochemicals production sector. This encourages the key players to implement innovative strategies to increase product range.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/petrochemicals-market-102363