In 2021, the global petrochemicals market size was valued at USD 556.09 billion and the market is anticipated to reach around $1 trillion by 2030, increasing at a CAGR of 6.2% from 2022 to 2030.
The primary factor which is driving the demand for petrochemicals will be downstream industries such as pharmaceuticals, construction, electronics, and automotive.
As per the market players, global petrochemical capacity will see a considerable swell over the upcoming years from 2,214.9 MTPA in 2020 to 3,103.6 MTPA in 2030. In Asia and the Middle East around 1,558 planned and announced plants are anticipated to come online by 2030.
Haldia Petrochemicals Ltd, China Petrochemical Corp, and Reliance Industries Ltd have announced capacity additions globally over the upcoming years.
As per the source, it is anticipated that the Asia Pacific region will influence the petrochemical market during the forecast period due to strong regulatory policies.
The Methanol product segment is expected to swell at a CAGR of 7.8% over the forecast period on account of higher demand for the manufacturing of biodiesel.
Crude oil and natural gas are upstream for the production of petrochemical products. The industry players that are dependent on crude oil as a feedstock are expected to face some challenges in the near term owing to unstable prices. On the other hand, plunging prices of natural gas due to higher production are anticipated to escalate the growth of the product over the forecast period.
The petrochemical sector is anticipated to continue to grow well during 2022-2030, as the global demand sentiments for petrochemical products are increasing from industry players, and manufacturers have adopted mergers and acquisitions to escalate their global presence.