Petrochemicals Market Overview: Forecast Growth Rate, Player Strategies, Key Segments And Regions - By The Business Research Company

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, July 7, 2023 /PRNewswire/ -- As per The Business Research Company's Petrochemicals Global Market Report 2023, the global petrochemicals market will grow from $671.5 billion in 2022 to $693.3 billion in 2023 at a compound annual growth rate (CAGR) of more than 3%. The petrochemicals market is then expected to grow to $786.7 billion in 2027 at a CAGR of more than 3%. Going forward, rapid industrialization, the rising demand for synthetic materials, the rising demand for electronic products and the increasing sales of electric and hybrid vehicles will drive the market growth.

The global petrochemicals market is slightly concentrated, with a small number of large players in the market. Saudi Basic Industries Corporation (SABIC) was the largest competitor with 7.12% of the market, followed by Sinopec, ENEOS Holdings, Inc., LG Chem Ltd., Royal Dutch Shell, BASF SE, LyondellBasell Industries Holdings BV, Chevron, GS Caltex Corporation and Mitsubishi Chemical Group Corporation. 

Learn More On The Petrochemicals Market Report – https://www.thebusinessresearchcompany.com/report/petrochemicals-global-market-report 

Artificial Intelligence (AI) is making significant advancements in the petrochemicals market, offering new opportunities for efficiency, safety and innovation. Major companies in the petrochemicals market are using artificial intelligence to produce a wide range of products. For instance, in November 2020, LivNSense Technologies Pvt Ltd., an India based industrial AI company, and Aritar Pvt Ltd., an India-based AI and Machine Learning (ML) company, launched a Center of Excellence in India, to accelerate AI and ML innovation for the petrochemical industry. The center will focus on developing and deploying AI and ML solutions that can improve the efficiency, productivity and sustainability of petrochemical production. The center will also provide training and support to help petrochemical companies adopt AI and ML technologies. This training will help companies understand the benefits of AI and ML and how to develop and deploy AI and ML solutions that can meet their specific needs.

In addition, collaborations among manufacturers in the petrochemicals market to leverage their expertise, resources and capabilities are gaining prominence in the market. For example, in December 2022, Saudi Aramco, a Saudi Arabia-based petroleum refineries company, China Petroleum & Chemical Corporation (Sinopec), a China-based petroleum refineries company, and Saudi Arabia's Basic Industries Corporation (SABIC), a Saudi Arabia-based chemical manufacturing company, jointly collaborated to expand their refining and petrochemical businesses in China and Saudi Arabia.

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According to petrochemicals market analysis, Asia Pacific was the largest region in the petrochemicals market, accounting for 42.9% of the global market in 2022. It was followed by Middle East, Western Europe and the other regions. Going forward, the fastest growing regions in the petrochemicals market will be Africa and the Western Europe, where growth will be at CAGRs of 9.9% and 6.2% respectively from 2022-2027.

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