Petrochemicals Market Outlook 2031
- The global petrochemicals market was valued at US$ 460.7 Bn in 2021
- It is estimated to grow at a CAGR of 4.3% from 2022 to 2031
- The global petrochemicals market is expected to reach US$ 705.6 Bn by the end of 2031
Petrochemicals Market Introduction
Chemicals made from petroleum or natural gas are known as petrochemicals. Petrochemicals play a significant role in the industrial economy. Petrochemicals are a vital component of the chemical industry, as the demand for synthetic materials is increasing consistently. Petrochemicals can be used for manufacturing numerous items that people use every day, such as plastics, medications, cosmetics, furniture, appliances, electronics, solar panels, and wind turbines. Petrochemicals are derived from hydrocarbons such as propane, ethane, butane, or other components separated from crude oil and natural gas liquids. Naphtha – a mixture of flammable liquid hydrocarbons – is also important in the production of petrochemicals. After being separated by a distillation process, separated hydrocarbons can be fed to a manufacturing facility known as a cracker. In petrochemical plants, monomers such as ethylene are joined to create massive molecules known as polymers, which have thousands of carbon atoms. Subsequently, these lengthy chains are converted into plastics by using several molding processes. Leading petrochemical companies are focusing on the increase in applications in end-use industries such as building & construction, electronics, aerospace, etc., to gain revenue opportunities in petrochemicals market. Growth prospects for petrochemical market involve increasing capital productivity on big projects that the industry undertakes as well as employing digital and advanced analytics to achieve a new level of production.
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Rise in Demand for Petrochemicals in Electronics & Electrical Industry
In terms of necessity, new materials often stand as the building blocks for product development and technology breakthroughs in the electronics and electrical industry. The modern electronics & electrical industry is highly dependent on petrochemical products for the manufacture of electronics and electrical goods. Everyday objects such as CD players, telephones, radios, computers, and TVs are manufactured on a large scale due to assistance from the petrochemical industry. This is because the petrochemical industry produces and provides certain commodities on which the electronic industry thrives. Petrochemical products in the electronics industry offer better electrical insulation, safety, data storage, ease of assembly, and a great capacity for miniaturization. Microchips – the main component of computers – are made from petrochemicals. Petro-chemistry is the keyword of the electronic industries. It is present everywhere, right from cablings and connectors to printed circuit boards (PCBs) and chips. Expansion of the global electronics industry is estimated to fuel the demand for petrochemical services in the near future.
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Increased Demand from Building & Construction Sector Driving Global Petrochemicals Market
Petrochemicals are utilized to manufacture various products that have diverse applications in the building & construction sector. Modern paints and coatings not only add color; they help protect buildings while insulation products with unrivaled performance make the buildings more energy-efficient. Petrochemicals are used in the production of polymers, paints & coatings, solvents, adhesives & sealants, etc. Transparent, yet incredibly strong, and long-lasting materials made of petrochemicals contribute to making buildings more sustainable across the world. The building and construction industry employs petrochemicals for various applications, ranging from insulation to piping, window frames, and interior design, to paints & coatings. Ethylene (or ethene), a petrochemical product, is utilized in the manufacture of polyvinyl chloride (PVC, or vinyl). Polyvinyl chloride (PVC, or vinyl) is employed in diverse applications in the building & construction sector, such as the production of siding and window frames that are extremely durable, affordable, and help conserve energy when heating and cooling homes, wiring & cables, and leak-free PVC pipes. Ethylene petrochemical transport is carried out via rail cars, trucks, tanker vessels, and pipeline networks.
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