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The compound annual growth rate of the global petrochemical market will be 4.95% in 2030

 Last Update: 2022-08-29
 Source: Internet
 Author: User

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According to MENAFN's report on September 7, according to the report "Petrochemical Market Analysis 2015-2030: Plant Capacity, Production, Operational Efficiency, Demand and Supply, End-use, Distribution Channels, Regional Demand" by ChemAnalyst, the petrochemical market has shown considerable Growth is expected to grow at a healthy CAGR of 4.
95% over the forecast period to 2030

Petrochemicals are typically derived from hydrocarbons such as propane, ethane, butane or other components derived from crude oil and natural gas liquids

Petrochemicals are typically derived from hydrocarbons such as propane, ethane, butane or other components derived from crude oil and natural gas liquids
.

Growing demand for petrochemicals in various end-use industries including packaging, automotive, textile, FMCG, and construction is expected to drive the petrochemical market growth over the next five years
.

In 2020, the global petrochemical industry was negatively affected by the outbreak of the COVID-19, which further affected the global petrochemical industry production
.

From a regional perspective, the Asia-Pacific region accounts for the largest share of the global petrochemical market, followed by North America and Western Europe
.

According to ChemAnalyst's "Petrochemical Market Analysis 2015-2030: Plant Capacity, Production, Operational Efficiency, Demand and Supply, End-use, Distribution Channels, Regional Demand", key players in the global petrochemical market include LyondellBasell Industries nv), Saudi Basic Industries Corporation (SABIC), Dow Chemical Co.

“The global petrochemical industry related to downstream applications such as consumer electronics, detergents, pharmaceuticals, thermal insulation, etc.
has shown healthy growth with increasing macroeconomic factors and shifting consumer preferences
.
India is expected to grow in Become the fifth largest consumer market in the world
.
In addition, as the per capita income of emerging countries increases, the demand for petrochemicals and related products is also increasing
.
Restrictions introduced by the new coronavirus epidemic have affected global supply chain logistics, resulting in raw materials Immediate shortages of chemicals have led to higher petrochemical prices
.
With new players emerging in the Asian petrochemical market, it is important to focus on which region will hold the largest market share in the coming years
.
” Mr.
Karan Chechi, Research Director, TechSci Research say
.
TechSci Research is a research consultancy based management company promoting ChemAnalyst globally
.

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