Petrochemicals Industry To Grow Up Due To High Investment On Modernization Of Facilities & Increase In Foreign Investment

 Petrochemicals Industry Data Book Covers Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene and Methanol Market.

The economic value generated by the petrochemicals market was estimated at approximately USD 556.1 billion in 2021.

Grand View Research’s petrochemicals industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.

 

Benzene Market Insights

Benzene accounted for a share of over 11% in the global petrochemicals industry in 2021. The increasing demand for styrene in various end-use industries such as packaging, automotive, electronics, and others is acting as a major driving force for the continuously increasing demand for benzene. Styrene, produced from benzene’s derivative ethylbenzene, is used in a wide range of industries. The majority of the product goes into the production of polystyrene, which due to its flexibility, resilience, moisture resistance, and lightweight is used in the packaging industry.

Korea was the largest exporter of benzene in 2021, followed by India, Thailand, & the Netherlands. In terms of imports, China was the largest importer accounting for a share of 30.5% in 2021. It was followed by U.S., Belgium, & Netherlands.

 

Asia Pacific dominated the market with a revenue share of 45.2% in 2022. This is attributed to the expanding end-use industries such as the chemical industry, packaging, automobile, pharmaceutical, and others in the region. According to International Institute for Sustainable Development (IISD) in 2021, the chemical industry in the Asia Pacific accounted for around 45% of global chemical manufacturing and 7% of global GDP.

The major consumers and producers of benzene in the Asia Pacific are China, India, South Korea, and Japan. China is among the major consumer of benzene with imports amounting to USD 2,785,449 thousand whereas, South Korea accounted for major export amounting to USD 2,254,945 thousand in 2021. The increase in demand and import in China is due to the increasing usage of benzene in construction and automobile products such as paints, flooring, fiberglass, adhesives, tires, and others. According to the National Bureau of Statistics in China in 2021, the construction output of China accounted for around USD 4,091 Billion. Thus, the increasing end-use industries in the country are further driving the demand for the product.

 

Methanol Market Insights

Increasing consumption of methanol for the production of dimethyl ether and Methyl tert-butyl ether (MTBE), utilized as the alternatives for gasoline, is expected to propel the growth. DME is used as a fuel (diesel) in the passenger vehicle and aerosol propellant and is also blended in Liquefied Natural Gas (LNG).

 

Iran was the largest exporter of benzene in 2021, followed by Oman, Saudi Arabia, and Trinidad & Tobago. In terms of imports, China was the largest importer accounting for a share of 27.5% in 2021. It was followed by India, U.S., and the Netherlands. China is a significant driver for the methanol market due to sustained demand resulting from its high investment on Methanol to Olefin (MTO) projects. Asia, including China, holds a share of over 70% in the methanol demand which provides a edge in terms of price. The methanol capacities are likely to expand over the coming years, with significant expansion plans across China, Russia, Iran, and the U.S.

 

The Asia Pacific emerged as the leading regional market in 2018, claiming 61.6% of overall revenue share. China accounted for around 75% of the total methanol production in the region. Northeast Asian countries cumulatively accounted for more than 54% of the global capacity during the same year. China is also the largest consumer of methanol fuel and has numerous provinces developing fuel standards ranging from M5 (95% gasoline and 5% methanol) to M100.

European Union initiation of waste-to-methanol projects starting from 2019, is an attempt to reduce environmental degradation. For instance, the Netherlands has a total capital investment of USD 246 million to convert 360,000 tons of waste into 270 million liters of green methanol. This, in turn, is estimated to drive the growth of the market for methanol in allied European countries.

 

Order your copy of the Free Sample of “Petrochemicals Industry Data Book - Ethylene, Propylene, Butadiene, Benzene, Xylene, Toluene and Methanol Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

 

Propylene Market insights

Propylene accounted for a share of over 20% in the global industry in 2021. It is used to produce acrylonitrile, polypropylene resin, acrylic acid, isopropyl alcohol, propylene oxide, and acetone. Propylene is widely utilized in the automotive industry, as a preferable choice of alloys. It accounts for a major share of plastics used in automobiles. Increasing demand for injection-molded polypropylene (PP) from the electrical & electronics industry is further expected to fuel the consumption of propylene, specifically in developing regions such as Asia Pacific and the Middle East. It is also used in other applications such as housewares, bottle caps, toys, and luggage.

 

Butadiene Market Insights

Butadiene accounted for a share of over 15% in the global industry in 2021. It is majorly utilized as a chemical intermediate and a monomer during the production of polymers such as styrene-butadiene rubber (SBR), polybutadiene rubber (PBR), polychloroprene (PBR), and nitrile rubber (NR). Butadiene derivatives have witnessed a significant increase in demand specifically in China, India, and other Asian countries owing to the flourishing end-use industries such as automobile, consumer goods, construction, and others.

Ethylene Market Insights

Ethylene market dominated the petrochemicals industry with a share of over 40% in 2021. The product is a key feedstock in the formulation of derivatives such as ethylene oxide, polyethylene, ethylene dichloride (EDC), ethylbenzene, and styrene. These derivatives are prominently used in plastic packaging for food, beverages, personal care, healthcare, and consumer electronics industries with a share of over 45%.

 

Go through the table of content of Petrochemicals Industry Data Book to get a better understanding of the Coverage & Scope of the study.

Petrochemicals Industry Data Book Competitive Landscape

Petrochemicals markets across the globe returned to making profits in 2021. This was driven by the global economic recovery, rise in crude oil prices, supply restrictions, and high shipping cost. The average EBITDA margin for top 100 petrochemical players increased to approximately 20% as compared to 14% in 2019. In 2021, the price of crude oil has continued to increase, resulting in significant profits for this industry participants.

 

Key players operating in the Petrochemicals industry are –

• China Petrochemical Corporation (SINOPEC)
• ExxonMobil Corporation
• Royal Dutch Shell PLC
• China National Petroleum Corporation