Petrochemicals Global Market Report 2024

The petrochemicals market size has grown strongly in recent years. It will grow from $692.11 billion in 2023 to $730.54 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The historical growth in the petrochemical industry can be ascribed to economic expansion in emerging markets, the burgeoning packaging sector, a low-interest-rate environment, and the overall growth of the global population.

The petrochemicals market size is expected to see strong growth in the next few years. It will grow to $910.48 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the petrochemical industry in the forecast period can be attributed to an increasing demand for polypropylene and the rising need for synthetic materials. Noteworthy trends during this period include strategic investments in automation and instrumentation services, the development of on-purpose propylene technologies, the integration of artificial intelligence into operations, investments in plastic recycling to address regulatory challenges, and a focus on crude oil to chemical


The petrochemicals market is poised to experience growth during the forecast period, thanks to the expansion of the automobile industry. The automobile industry, dedicated to the production of motorized vehicles for passenger and cargo transportation, is witnessing increased demand for petrochemical products. These products play a crucial role in manufacturing components such as brake parts and radiators. For example, in August 2023, the Board of Governors of the Federal Reserve System reported that car production in the United States rose to 11.87 million units from 10.91 million units in June 2023. Consequently, the growth in the automobile sector is anticipated to drive increased demand for petrochemicals.

The petrochemical market is expected to benefit from the escalating consumption of plastic in the future. Plastic, a synthetic material made from polymers, is known for its versatility and ability to be molded into various shapes. Petrochemicals, derived from crude oil and natural gas, serve as essential raw materials for plastic production. This enables the manufacturing of a wide array of plastic products to meet the growing global demand for lightweight, durable, and versatile materials across different industries. Petrochemical-based plastics, due to their versatility and cost-effectiveness, are preferred in various applications, contributing to their widespread use and market growth. As of March 2022, it is estimated that 5 million metric tons of plastic are used annually, with nearly half of this amount dedicated to packaging, according to the House of Commons Library. Therefore, the increasing consumption of plastic is a driving force behind the growth of the petrochemical market.


Numerous petrochemical manufacturers are embracing IoT (Internet of Things) technologies to establish connectivity between equipment and smart devices, enabling the acquisition of real-time insights and the identification of inefficiencies in the manufacturing process. The data collected is then processed, analyzed, and interpreted by plant managers and senior-level management to enhance quality and achieve optimal production levels. For instance, smart systems provide information on the operational condition and performance of chemical reactors, employing embedded software and analytics tools to alert plant operators and managers to potential machine breakdowns.

In October 2022, Emerson Electric Co., a US-based manufacturing company, entered into a partnership with Braskem Idesa to deliver digital automation technologies and engineering services throughout its operations, aligning with business metrics and sustainability objectives. Braskem Idesa will leverage Emerson's operational certainty methodology, offering a framework for scalable improvements within key transformation work streams. Braskem Idesa is a US-based petrochemical company.


Major companies operating in the petrochemicals market report are Royal Dutch Shell PLC, Saudi Basic Industries Corporation (SABIC), The Dow Chemical Company, China Petroleum & Chemical Corporation (Sinopec), LyondellBasell Industries N.V., LG Chem Ltd., Chevron Phillips Chemical Company LLC, INEOS Group Holdings S.A., BASF SE, GS Caltex Corporation, Haldia Petrochemicals Ltd., Kuwait Petroleum Corporation, Imperial Oil Limited, Castrol, Duqm Refinery & Petrochemical Industries, Mitsui Chemicals, PKN ORLEN, China National Offshore Oil Corporation, Sumitomo Chemical Co., Inc., LUKOIL, Nizhnekamskneftekhim, NOVA Chemicals Corporation, Keiyo Ethylene Co Ltd., Rongsheng Petrochemical, Reliance Industries Limited, Manali Petrochemicals Ltd., DCW Limited, China National Petroleum Corporation, Supreme Petrochem Ltd., Sasol, Total, Egyptian Petrochemicals Holding Company (ECHEM), RusGazDobycha, Borealis AG, BP PLC, Cepsa, Gazprom, Mitsubishi Chemical Corp, Saudi Aramco, Versalis, Osaka Petrochemical Industries Ltd., Maruzen Petrochemical Co., Idemitsu Kosan Co., Rosneft, Repsol, Sidi Kerir Petrochemicals Company (SIDPEC), ADNOC, ExxonMobil Petroleum & Chemical, Zhejiang Hengyi, Carbon Holdings Limited, SIBUR, Finolex Industries Limited.

Asia-Pacific was the largest region in the petrochemicals market in 2023. Middle East was the second largest region in the petrochemicals market. The regions covered in the petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the petrochemicals market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The petrochemicals market consists of the sales of aliphatic compounds, aromatic compounds, inorganic compounds, and synthesis gas. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The primary types of petrochemicals include ethylene-petrochemicals, propylene-petrochemicals, benzene-petrochemicals, xylene, styrene-petrochemicals, toluene, cumene, and other variations. Xylene, for instance, is an aromatic hydrocarbon found in three isomeric forms, all of which are colorless, flammable, and volatile liquids used as solvents. Xylene is employed in the manufacturing of synthetic resins, dyes, and insecticides such as dimethylbenzene. These petrochemicals find applications in polymers, paints and coatings, solvents, rubber, adhesives and sealants, surfactants, pigments and dyes, fibers and fabrics, among other uses. The end-user industries encompass construction, packaging, automotive and transportation, healthcare, electrical and electronics, and various other sectors.

The petrochemicals market research report is one of a series of new reports that provides petrochemicals market statistics, including petrochemicals industry global market size, regional shares, competitors with a petrochemicals market share, detailed petrochemicals market segments, market trends and opportunities, and any further data you may need to thrive in the petrochemicals industry. This petrochemicals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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