市场调查报告书
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1519524
2024-2032 年石化产品市场报告(按类型、应用、最终用途产业和地区)Petrochemicals Market Report by Type, Application, End Use Industry, and Region 2024-2032 |
2023年全球石化市场规模达6,160亿IMARC Group。原油价格的波动正在影响生产成本和定价策略。汽车、建筑和包装等行业不断增长的需求,加上严格的环境法规和永续发展问题,以及技术的进步,正在推动市场成长。
主要市场驱动因素:全球原油价格波动直接影响石化产业的生产成本和定价策略,进而影响市场成长。各产业对石化产品的需求激增也是推动市场成长的关键因素。
主要市场趋势:向永续发展的转变,越来越重视减少环境影响和开发传统石化产品的环保替代品,正在塑造该行业的创新、监管合规性和市场产品。
地理趋势:在快速城市化、工业化和不断壮大的中产阶级的推动下,亚太地区在石化市场占据主导地位。技术进步以及基础设施和工业能力的战略投资正在进一步推动成长。
竞争格局:石化产业的一些主要市场参与者包括巴斯夫、雪佛龙公司、中国石油天然气集团公司、中国石化集团公司、杜邦公司、埃克森美孚公司、台塑公司、印度石油公司、英力士集团Ltd.、LyondellBasell Industries NV、Reliance Industries Limited、沙乌地基础工业公司(沙乌地阿拉伯石油公司)、壳牌公司、住友化学有限公司和 TotalEnergies SE 等。
挑战与机会:该产业面临原物料价格波动和严格的环境法规等挑战。另一方面,永续实践和材料的创新为市场参与者带来了关键机会。
原油价格波动
全球石化市场受其主要原料原油价格变化的影响,原油价格波动直接影响石化产品的生产成本和获利能力。 2012年,原油价格约为每立方公尺702美元,到2022年将降至每立方公尺约637美元(能源研究所和我们的数据世界)。当油价上涨时,通常会导致石化製造商的生产成本增加,从而导致最终产品的价格上涨。相反,在油价较低时期,生产成本往往会下降,可能导致更具竞争力的定价。
此外,全球组织也透过影响供需来影响油价。例如,石油输出国组织或欧佩克可以为其成员国制定生产水准。 2021年,OPEC成员国拥有72%的已探明原油储量及37%的原油产量。这些因素强调石化公司需要密切监控和适应不断变化的石油市场状况。此外,它还强调了风险管理策略(例如对冲)对于减轻价格波动的不利影响的重要性。
各产业产品需求激增
汽车、建筑和包装等各行业的需求正在影响全球石化市场前景。在汽车产业,石化产品对于製造汽车零件中使用的塑胶、橡胶和合成纤维至关重要。另一方面,在包装领域,源自石化产品的塑胶被用来打造轻盈、耐用且经济高效的包装解决方案。根据落基山研究所 (RMI) 的数据,目前塑胶包装占全球石化产品产量的 17% 以上。同样,建筑业也依赖石化产品来生产 PVC 管道和绝缘材料等材料。根据 Deloitte Insights 的数据,到 2025 年,美国先进建筑石化产品市场可能成长 32%。
环境法规和永续性问题
随着政府和消费者推动石化产业采取更清洁、更永续的做法,企业面临着减少环境足迹、最大限度减少温室气体排放、减少能源消耗以及开发传统石化产品的环保替代品的压力。为了遵守严格的法规并采用永续实践,石化产业的公司正在投资研发 (R&D) 活动,以创新和创造更环保的解决方案,同时确保其营运遵守不断变化的环境标准。例如,日本主要化学公司住友化学正在建立一种直接从乙醇生产丙烯的新的环保方法。该公司正在建造一个试点工厂,作为绿色创新基金项目来测试该技术,预计将于 2025 年实现商业化。
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.