市場調查報告書
商品編碼
1519524
2024-2032 年石化產品市場報告(按類型、應用、最終用途產業和地區)Petrochemicals Market Report by Type, Application, End Use Industry, and Region 2024-2032 |
2023年全球石化市場規模達6,160億IMARC Group。原油價格的波動正在影響生產成本和定價策略。汽車、建築和包裝等行業不斷成長的需求,加上嚴格的環境法規和永續發展問題,以及技術的進步,正在推動市場成長。
主要市場促進因素:全球原油價格波動直接影響石化產業的生產成本和定價策略,進而影響市場成長。各產業對石化產品的需求激增也是推動市場成長的關鍵因素。
主要市場趨勢:向永續發展的轉變,越來越重視減少環境影響和開發傳統石化產品的環保替代品,正在塑造該行業的創新、監管合規性和市場產品。
地理趨勢:在快速城市化、工業化和不斷壯大的中產階級的推動下,亞太地區在石化市場佔據主導地位。技術進步以及基礎設施和工業能力的戰略投資正在進一步推動成長。
競爭格局:石化產業的一些主要市場參與者包括巴斯夫、雪佛龍公司、中國石油天然氣集團公司、中國石化集團公司、杜邦公司、埃克森美孚公司、台塑公司、印度石油公司、英力士集團Ltd.、LyondellBasell Industries NV、Reliance Industries Limited、沙烏地基礎工業公司(沙烏地阿拉伯石油公司)、殼牌公司、住友化學有限公司和 TotalEnergies SE 等。
挑戰與機會:該產業面臨原物料價格波動和嚴格的環境法規等挑戰。另一方面,永續實踐和材料的創新為市場參與者帶來了關鍵機會。
原油價格波動
全球石化市場受其主要原料原油價格變化的影響,原油價格波動直接影響石化產品的生產成本和獲利能力。 2012年,原油價格約為每立方公尺702美元,到2022年將降至每立方公尺約637美元(能源研究所和我們的數據世界)。當油價上漲時,通常會導致石化製造商的生產成本增加,從而導致最終產品的價格上漲。相反,在油價較低時期,生產成本往往會下降,可能導致更具競爭力的定價。
此外,全球組織也透過影響供需來影響油價。例如,石油輸出國組織或歐佩克可以為其成員國制定生產水準。 2021年,OPEC成員國擁有72%的已探明原油儲量及37%的原油產量。這些因素強調石化公司需要密切監控和適應不斷變化的石油市場狀況。此外,它還強調了風險管理策略(例如對沖)對於減輕價格波動的不利影響的重要性。
各產業產品需求激增
汽車、建築和包裝等各行業的需求正在影響全球石化市場前景。在汽車產業,石化產品對於製造汽車零件中使用的塑膠、橡膠和合成纖維至關重要。另一方面,在包裝領域,源自石化產品的塑膠被用來打造輕盈、耐用且經濟高效的包裝解決方案。根據落基山研究所 (RMI) 的數據,目前塑膠包裝佔全球石化產品產量的 17% 以上。同樣,建築業也依賴石化產品來生產 PVC 管道和絕緣材料等材料。根據 Deloitte Insights 的數據,到 2025 年,美國先進建築石化產品市場可能成長 32%。
環境法規和永續性問題
隨著政府和消費者推動石化產業採取更清潔、更永續的做法,企業面臨著減少環境足跡、最大限度減少溫室氣體排放、減少能源消耗以及開發傳統石化產品的環保替代品的壓力。為了遵守嚴格的法規並採用永續實踐,石化產業的公司正在投資研發 (R&D) 活動,以創新和創造更環保的解決方案,同時確保其營運遵守不斷變化的環境標準。例如,日本主要化學公司住友化學正在建立一種直接從乙醇生產丙烯的新的環保方法。該公司正在建造一個試點工廠,作為綠色創新基金項目來測試該技術,預計將於 2025 年實現商業化。
The global petrochemicals market size reached US$ 616.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 949.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032. Fluctuations in crude oil prices are influencing production costs and pricing strategies. The escalating demand from industries like automotive, construction, and packaging, along with stringent environmental regulations and sustainability concerns, and advancements in technology, are propelling the market growth.
Major Market Drivers: Global crude oil price fluctuations directly affect production costs and pricing strategies in the petrochemical sector, influencing the market growth. The surging demand for petrochemical products across diverse industries also represent the key factors driving the market growth.
Key Market Trends: The shift toward sustainability, with increasing emphasis on reducing environmental impact and developing eco-friendly alternatives to traditional petrochemical products, is shaping innovation, regulatory compliance, and market offerings in the sector.
Geographical Trends: The Asia Pacific region dominates the petrochemicals market, driven by rapid urbanization, industrialization, and the expanding middle class. Technological advancements and strategic investments in infrastructure and industrial capabilities are further driving growth.
Competitive Landscape: Some of the major market players in the petrochemicals industry include BASF SE, Chevron Corporation, China National Petroleum Corporation, China Petrochemical Corporation, DuPont de Nemours Inc., Exxon Mobil Corporation, Formosa Plastics Corporation, Indian Oil Corporation Limited, INEOS Group Ltd., LyondellBasell Industries N.V., Reliance Industries Limited, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), Shell plc, Sumitomo Chemical Co. Ltd., and TotalEnergies SE, among many others.
Challenges and Opportunities: The sector faces challenges such as volatility of raw material prices and stringent environmental regulations. On the other hand, innovation in sustainable practices and materials represent the key opportunities for market players.
Fluctuations in crude oil prices
The global petrochemicals market is influenced by changes in the price of crude oil, the primary feedstock for these products, as fluctuations in the prices of crude oil directly impact petrochemical production costs and profitability. In 2012, the crude oil price per cubic meter was about US$ 702 and decreased to about US$ 637 per cubic meter in 2022 (Energy Institute and Our World in Data). When oil prices rise, it often leads to increased production costs for petrochemical manufacturers, which can result in higher prices for end products. Conversely, during periods of lower oil prices, production costs tend to decrease, potentially leading to more competitive pricing.
Furthermore, global organizations also affect oil prices by influencing supply and demand. For example, the Organization of the Petroleum Exporting Countries, or the OPEC can establish production levels for its members. In 2021, OPEC members owned 72% of the proved crude oil reserves and 37% of the crude oil production. These factors underscore the need for petrochemical companies to closely monitor and adapt to changing oil market conditions. Moreover, it highlights the importance of risk management strategies, such as hedging, to mitigate the adverse effects of price volatility.
Surging product demand across industries
The demand from various sectors, including automotive, construction, and packaging is influencing the global petrochemicals market outlook. In the automotive industry, petrochemicals are crucial for manufacturing plastics, rubber, and synthetic fibers used in vehicle components. In packaging, on the other hand, plastics derived from petrochemicals are used for creating lightweight, durable, and cost-effective packaging solutions. At present, plastic packaging accounts for more than 17% of the global petrochemical production as per the Rocky Mountain Institute (RMI). Similarly, the construction sector relies on petrochemicals for materials like PVC pipes and insulation. According to Deloitte Insights, the US market for advanced construction petrochemicals could grow by 32% by 2025. Advanced economies, like the United States and Europe, use up to 20 times as much plastic as developing economies, like India and Indonesia
Environmental regulations and sustainability concerns
As both governments and consumers push for cleaner and more sustainable practices in the petrochemicals industry, companies are under pressure to reduce their environmental footprint, minimize greenhouse gas emissions, reduce energy consumption, and develop eco-friendly alternatives to traditional petrochemical products. To comply with stringent regulations and the adoption of sustainable practices, companies in the petrochemical sector are investing in research and development (R&D) activities to innovate and create greener solutions while also ensuring that their operations adhere to evolving environmental standards. For instance, Sumitomo Chemical, a major Japanese chemical company, is establishing a new, environmentally-friendly method for producing propylene directly from ethanol. The company is building a pilot plant to test the technology as a Green Innovation Fund Project, which is expected to be commercialized by 2025.
IMARC Group provides an analysis of the key trends in each segment of the global petrochemicals market report, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, application, and end use industry.
Ethylene
Propylene
Butadiene
Benzene
Toluene
Xylene
Methanol
Others
Ethylene represents the leading petrochemical type
The report has provided a detailed breakup and analysis of the market based on the type. This includes ethylene, propylene, butadiene, benzene, toluene, xylene, methanol, and others. According to the report, ethylene represented the largest segment.
The global production capacity of ethylene was 223.86 million metric tons in 2022, and is influenced by the fluctuations in crude oil prices. The demand for ethylene is reliant on various downstream industries as well, such as plastics, chemicals, and packaging materials, which fluctuates with growth in these downstream sectors or shifts in consumer preferences.
Environmental regulations and sustainability concerns are driving the demand for greener and more sustainable practices, which are encouraging innovation in ethylene production processes and the development of eco-friendly derivatives. For instance, a team of researchers led by a University of Cincinnati professor developed a more efficient way to turn carbon dioxide, a greenhouse gas, into ethylene using a special copper catalyst to improve the conversion process. Such technological advancements in ethylene production also play a significant role in improving efficiency and cost-effectiveness.
Polymers
Paints and Coatings
Solvents
Rubber
Adhesives and Sealants
Surfactants and Dyes
Others
Polymers dominate the market
The report has provided a detailed breakup and analysis of the market based on the application. This includes polymers, paints and coatings, solvents, rubber, adhesives and sealants, surfactants and dyes, and others. According to the report, polymers represented the largest segment.
The increasing demand for lightweight and durable materials across the automotive, packaging, and construction industries is driving the growth of the polymers segment. The global plastic polymer production reached 460 million ton per year in 2019, doubling from 2000 output. As per the Global Plastics Outlook by OECD, it is anticipated to almost triple from 2019 levels by 2050. The versatility of polymers in creating a wide range of products, ranging from plastics to synthetic fibers, makes them indispensable in modern manufacturing.
Environmental concerns are also influencing the adoption of sustainable and bio-based polymers, driven by stringent regulations and consumer preferences for eco-friendly alternatives. In 2023, an estimated 2.2 million tons of bioplastic was produced worldwide and it is projected to reach 7.4 million tons in 2028, as per findings by European Bioplastics e.V.
Advancements in polymer chemistry and manufacturing processes are enhancing product quality and expanding application possibilities. Research and development (R&D) efforts are driving innovation in polymers, creating opportunities for novel materials with improved properties. Economic conditions and global trade are also influencing supply chains and pricing strategies.
Packaging
Automotive and Transportation
Construction
Electrical and Electronics
Healthcare
Others
The report has provided a detailed breakup and analysis of the market based on the end use industry. This includes packaging, automotive and transportation, construction, electrical and electronics, healthcare, and others.
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Asia Pacific exhibits a clear dominance, accounting for the largest petrochemicals market share
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.
The growth in the Asia Pacific region is driven by rapid urbanization and population expansion, which has spurred demand for infrastructure development, housing, and consumer goods, leading to increased industrial activity and investment. The burgeoning middle class in the region is driving consumerism, creating demand for products and services across diverse industries. As per the UNDP, the middle-class population in the region is projected to comprise two-thirds of the global middle class by 2030. The Asia Pacific has an expanding tech ecosystem, with countries like China and India emerging as global tech hubs, attracting investment and fostering innovation. Favorable government policies, trade agreements, and foreign direct investment are furthermore driving economic expansion. The region's strategic geographical location makes it a key player in global trade, benefiting from the growth of international commerce. The market is also being supported by expanding demand for petrochemicals in the region. In China, for instance, the demand for petrochemical feedstocks was much higher in 2023 than in 2019 as per the International Energy Agency (IEA). On the other hand, India is investing in expanding its refining capacity on account of the rising demand fuel and petrochemicals, driven by rapid economic growth in the country.
The global petrochemicals market is highly competitive with intense rivalry among key industry players. The leading companies engage in continuous research and development (R&D) efforts to innovate and introduce new, high-value products, as well as investments in advanced technologies to enhance production efficiency. Companies also focus on diversifying their product portfolios to cater to a broad spectrum of industries and end-users, reducing reliance on established market segments.
Sustainability measures including the creation of environmentally friendly replacements and compliance with strict environmental policies are critical factors in determining competitiveness. Furthermore, business partnerships, acquisitions, and mergers have a vital impact on expanding market access and competition. A case in point was the signing of the agreement between QatarEnergy, a state-owned petroleum company of Qatar, and Chevron Phillips Chemical Company LLC, a petrochemical company jointly owned by Chevron Corporation and Phillips 66 in the United States, to construct the Ras Laffan Petrochemicals Complex for $6 billion.
The market research report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the petrochemicals industry include BASF SE, Chevron Corporation, China National Petroleum Corporation, China Petrochemical Corporation, DuPont de Nemours Inc., Exxon Mobil Corporation, Formosa Plastics Corporation, Indian Oil Corporation Limited, INEOS Group Ltd., LyondellBasell Industries N.V., Reliance Industries Limited, Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), Shell plc, Sumitomo Chemical Co. Ltd., TotalEnergies SE, etc.
(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
China Petroleum & Chemical Corporation (Sinopec) set up a new unit in September 2023 to invest in overseas petrochemical and refining assets. The new company, known as Sinopec Overseas Investment Holding, is an effort by Sinopec to use its resources and experience to expand internationally as domestic oil demand in China approaches a point of saturation.
Saudi Aramco announced an agreement with North Huajin Chemical and Panjin Xincheng in March 2023 to begin construction of a petrochemical and refinery complex in Liaoning province in China.
India's Hindustan Petroleum Corp (HPCL) announced its plans to start its 9 million ton-a-year Barmer refinery and petrochemical project in Rajasthan state by January 2024.