Petrochemical Market Research Report with Size, Share, Value, CAGR, Outlook, Analysis, Latest Updates, Data, and News 2021-2030

In a recent published report, Kenneth Research has updated the Market report for Petrochemical Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Petrochemical Market Products.

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“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Petrochemical includes hydrocarbons derived from the downstream processing of crude oil and natural gas. It has extensive usage in several industries, such as agriculture, automotive, construction, plastic, packaging, and personal care. In terms of volume, the petrochemical market in India stood at 42.50 Mn Tons and is estimated to reach 49.62 Mn Tons by 2025. It will expand at a compound annual growth rate (CAGR) of ~6.14% between FY 2021 and FY 2025.
Segment insights:
The petrochemical market in India may be segmented into three divisions – basic petrochemicals, intermediates, and other petro-based chemicals. The basic petrochemicals segment dominated the market, accounting for ~45.53% of the share of the market volume in FY 2020. Basic petrochemicals include polymers, synthetic fibers, synthetic rubber, synthetic detergent intermediates, and performance plastics.
Intermediates appeared to be the second-leading segment in FY 2020, followed by other petro-based chemicals. The increasing consumption of high-density polyethylene (HDPE), linear low-density polyethylene (LDPE), polypropylene, and polyvinyl chloride is expected to attribute to the growth of the basic petrochemicals segment.
Production insights:
The production of petrochemicals in India grew at a steady rate over the past few years. In FY 2019, the intermediates segment dominated the petrochemical production, accounting for 50.8% of the production volume. According to the Department of Chemicals and Petrochemicals (DCPC), India had 11 feed cracker complexes for petrochemical production as of FY 2020.
Impact of COVID-19:
The pandemic has hampered the growth momentum of the petrochemical market in India, disrupting the supply chain along with weakening the demand. However, the level of impact and the recovery trajectory have been different across the petrochemical value chain. The supply of petrochemical has majorly been affected owing to labor shortage, logistical challenges, low utilization rates, and the reduction in operational expenses.

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The petrochemical market witnessed a notable change in its consumption pattern amid the pandemic. Industries, such as the automotive, construction, electronics, textiles, and rigid packaging experienced a sudden slump in demand. On the other hand, the demand for petrochemicals from flexible packaging, personal care, and healthcare has risen sharply. The pandemic is expected to bring about various changes in the India petrochemical market, including digitization, increased consolidation activities, and a focus on scenario-based planning.
Companies covered:
• Bharat Petroleum Corporation Limited
• Hindustan Petroleum Corporation Limited
• Indian Oil Corporation Limited
• Mangalore Refinery and Petrochemicals Limited
• Reliance Industries Limited
• Brahmaputra Cracker and Polymer Limited
• Haldia Petrochemicals Limited
• HPCL-Mittal Energy Limited
• Nayara Energy Limited
• ONGC Petro additions Limited

The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Petrochemical Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Playes
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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Eli is a freelance writer and possess double graduation degree in physics and chemistry. She is an intense writer covering everything for Science and Tech to Business, Entertainment, Sports and Lifestyle.

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