Product Code: BMIRE00031544
The Asia Pacific petrochemicals market was valued at US$ 246.85 billion in 2023 and is expected to reach US$ 388.60 billion by 2031; it is estimated to record a CAGR of 5.8% from 2023 to 2031.
Growing Investments in Aerospace & Defense Industry Boosts Asia Pacific Petrochemicals Market
Governments of various countries have increased investments in aerospace-related research, including defense and ballistic protection, owing to a rise in security risks and the need to enhance national border security. For instance, the Ministry of Defense (India) published a report in 2022 stating its target of increasing defense production to US$ 22 billion by 2025. The report also revealed that the government started initiatives such as Innovations for Defense Excellence and Technology Development Fund to provide financial assistance for product innovations for the Armed Forces.
Petrochemicals and petrochemical-derived products are used in lubricants, greases, aviation fuels, and aerospace components. Thus, the rising investments in the aerospace & defense industry are expected to create lucrative opportunities for the petrochemicals market growth during the forecast period.
Asia Pacific Petrochemicals Market Overview
China, India, South Korea, Japan, and Australia are among the major economies in Asia Pacific. The growth of the petrochemicals market in Asia Pacific is propelled by the region's robust economic development and industrialization. The abovementioned countries are at the forefront of this market expansion, leveraging their extensive industrial bases, increasing consumer markets, and making strategic investments in petrochemical infrastructure to enhance their market presence. As rapid urbanization and infrastructure development in China, India, and Southeast Asian nations have led to increased construction activities, such as transportation networks, energy facilities, and public amenities, the construction industry has become a major consumer of petrochemicals. Under the Sustainable Development Goals 2030, the Asian Development Bank has announced its plans to build resilient infrastructure, promote inclusive and sustainable industrialization, and support product innovation in Asia Pacific. Similarly, as per the report by the Department for Promotion of Industry and Internal Trade (DPIIT), the Government of India has announced its plans to boost the country's infrastructure and construction services through several policies such as large budget allocation to the infrastructure sector, open FDI norms, and smart cities mission. The report also stated that the real estate industry in India is projected to account for US$ 1 trillion by 2030, along with an increased year-on-year infrastructure Capex by 34% to reach US$ 6.7 million. Petrochemical-derived products are widely used in construction projects, including residential, commercial, and industrial projects across the region. Petrochemical-derived materials such as polyvinyl chloride (PVC), polyethylene, and polystyrene are widely used in building and construction applications, including piping, insulation, roofing, and flooring. These materials offer durability, cost-effectiveness, and ease of installation, making them indispensable for modern construction projects. The automotive industry is significantly driving the petrochemicals market in Asia Pacific. As the region continues to witness an increase in automobile production and sales, there is an increasing demand for vehicle components. According to the International OICA, Asia-Oceania's vehicle production increased from 50 million in 2022 to 55.1 million in 2023. Petrochemical-based products are extensively utilized in automotive interiors and exteriors to enhance comfort levels and minimize noise, contributing to an enhanced driving experience for consumers across the region.
Asia Pacific Petrochemicals Market Revenue and Forecast to 2031 (US$ Billion)
Asia Pacific Petrochemicals Market Segmentation
The Asia Pacific petrochemicals market is segmented based on type, application, end-use industry, and country. Based on type, the Asia Pacific petrochemicals market is segmented into ethylene, benzene, propylene, xylene, and others. The ethylene segment held the largest market share in 2023.
In terms of application, the Asia Pacific petrochemicals market is segmented into polymers, paints and coatings, solvent, rubber, adhesives, surfactants, and others. The polymers segment held the largest market share in 2023.
By end-use industry, the Asia Pacific petrochemicals market is categorized into packaging, automotive, construction, electrical & electronics, healthcare, agriculture, aerospace & defense, and others. The packaging segment held the largest market share in 2023.
Based on country, the Asia Pacific petrochemicals market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific petrochemicals market share in 2023.
Shell Plc, LyondellBasell Industries NV, Saudi Basic Industries Corp, BASF SE, INEOS Group Holdings SA, Dow Inc, Chevron Phillips Chemical Company LLC, China Petroleum & Chemical Corp, Mitsubishi Chemical Group Corp, and Exxon Mobil Corp are some of the leading players operating in the Asia Pacific petrochemicals market.
Table Of Contents
1. Introduction
- 1.1 The Insight Partners Research Report Guidance
- 1.2 Market Segmentation
2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
3. Research Methodology
- 3.1 Secondary Research
- 3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:
4. Asia Pacific Petrochemicals Market Landscape
- 4.1 Overview
- 4.2 Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Intensity of Competitive Rivalry
- 4.2.5 Threat of Substitutes
- 4.3 Ecosystem Analysis
- 4.3.1 Crude Oil and Feedstock Preparation
- 4.3.2 Petrochemicals Manufacturers
- 4.3.3 Distributors
- 4.3.4 End-Use Industry
- 4.3.5 List of Vendors in the Value Chain
5. Asia Pacific Petrochemicals Market - Key Market Dynamics
- 5.1 Petrochemicals Market - Key Market Dynamics
- 5.2 Market Drivers
- 5.2.1 Growth in the Packaging Industry
- 5.2.2 Surge in Demand for Polymers across Various End-Use Industries
- 5.3 Market Restraints
- 5.3.1 Fluctuations in the Crude Oil Prices
- 5.4 Market Opportunities
- 5.4.1 Growing Investments in Aerospace & Defense Industry
- 5.5 Future Trends
- 5.5.1 Development of Biodegradable Petrochemical-Based Products
- 5.6 Impact of Drivers and Restraints:
6. Petrochemicals Market - Asia Pacific Market Analysis
- 6.1 Petrochemicals Market Volume (Million Tons), 2021-2031
- 6.2 Petrochemicals Market Volume Forecast and Analysis (Million Tons)
- 6.3 Petrochemicals Market Revenue (US$ Billion), 2023-2031
- 6.4 Petrochemicals Market Forecast and Analysis
7. Asia Pacific Petrochemicals Market Volume and Revenue Analysis - by Type
- 7.1 Ethylene
- 7.1.1 Overview
- 7.1.2 Ethylene: Petrochemicals Market - Volume and Forecast to 2031 (Million Tons)
- 7.1.3 Ethylene: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 7.2 Benzene
- 7.2.1 Overview
- 7.2.2 Benzene: Petrochemicals Market - Volume and Forecast to 2031 (Million Tons)
- 7.2.3 Benzene: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 7.3 Propylene
- 7.3.1 Overview
- 7.3.2 Propylene: Petrochemicals Market - Volume and Forecast to 2031 (Million Tons)
- 7.3.3 Propylene: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 7.4 Xylene
- 7.4.1 Overview
- 7.4.2 Xylene: Petrochemicals Market - Volume and Forecast to 2031 (Million Tons)
- 7.4.3 Xylene: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 7.5 Others
- 7.5.1 Overview
- 7.5.2 Others: Petrochemicals Market - Volume and Forecast to 2031 (Million Tons)
- 7.5.3 Others: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
8. Asia Pacific Petrochemicals Market Revenue Analysis - by Application
- 8.1 Polymers
- 8.1.1 Overview
- 8.1.2 Polymers: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 8.2 Paints and Coatings
- 8.2.1 Overview
- 8.2.2 Paints and Coatings: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 8.3 Solvent
- 8.3.1 Overview
- 8.3.2 Solvent: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 8.4 Rubber
- 8.4.1 Overview
- 8.4.2 Rubber: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 8.5 Adhesives
- 8.5.1 Overview
- 8.5.2 Adhesives: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 8.6 Surfactants
- 8.6.1 Overview
- 8.6.2 Surfactants: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 8.7 Others
- 8.7.1 Overview
- 8.7.2 Others: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
9. Asia Pacific Petrochemicals Market Revenue Analysis - by End-use Industry
- 9.1 Packaging
- 9.1.1 Overview
- 9.1.2 Packaging: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 9.2 Automotive
- 9.2.1 Overview
- 9.2.2 Automotive: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 9.3 Construction
- 9.3.1 Overview
- 9.3.2 Construction: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 9.4 Electrical and Electronics
- 9.4.1 Overview
- 9.4.2 Electrical and Electronics: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 9.5 Healthcare
- 9.5.1 Overview
- 9.5.2 Healthcare: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 9.6 Agriculture
- 9.6.1 Overview
- 9.6.2 Agriculture: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 9.7 Aerospace and Defense
- 9.7.1 Overview
- 9.7.2 Aerospace and Defense: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 9.8 Others
- 9.8.1 Overview
- 9.8.2 Others: Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
10. Asia Pacific Petrochemicals Market - Country Analysis
- 10.1 Asia Pacific
- 10.1.1 Asia Pacific Petrochemicals Market Overview
- 10.1.2 Asia Pacific Petrochemicals Market Revenue and Forecast and Analysis - by Country
- 10.1.2.1 Asia Pacific Petrochemicals Market Volume and Forecast and Analysis - by Country
- 10.1.2.2 Asia Pacific Petrochemicals Market Revenue and Forecast and Analysis - by Country
- 10.1.2.3 Australia Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 10.1.2.3.1 Australia Petrochemicals Market Breakdown by Type
- 10.1.2.3.2 Australia Petrochemicals Market Breakdown by Application
- 10.1.2.3.3 Australia Petrochemicals Market Breakdown by End-use Industry
- 10.1.2.4 China Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 10.1.2.4.1 China Petrochemicals Market Breakdown by Type
- 10.1.2.4.2 China Petrochemicals Market Breakdown by Application
- 10.1.2.4.3 China Petrochemicals Market Breakdown by End-use Industry
- 10.1.2.5 India Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 10.1.2.5.1 India Petrochemicals Market Breakdown by Type
- 10.1.2.5.2 India Petrochemicals Market Breakdown by Application
- 10.1.2.5.3 India Petrochemicals Market Breakdown by End-use Industry
- 10.1.2.6 Japan Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 10.1.2.6.1 Japan Petrochemicals Market Breakdown by Type
- 10.1.2.6.2 Japan Petrochemicals Market Breakdown by Application
- 10.1.2.6.3 Japan Petrochemicals Market Breakdown by End-use Industry
- 10.1.2.7 South Korea Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 10.1.2.7.1 South Korea Petrochemicals Market Breakdown by Type
- 10.1.2.7.2 South Korea Petrochemicals Market Breakdown by Application
- 10.1.2.7.3 South Korea Petrochemicals Market Breakdown by End-use Industry
- 10.1.2.8 Rest of Asia Pacific Petrochemicals Market - Revenue and Forecast to 2031 (US$ Billion)
- 10.1.2.8.1 Rest of Asia Pacific Petrochemicals Market Breakdown by Type
- 10.1.2.8.2 Rest of Asia Pacific Petrochemicals Market Breakdown by Application
- 10.1.2.8.3 Rest of Asia Pacific Petrochemicals Market Breakdown by End-use Industry
11. Competitive Landscape
- 11.1 Heat Map Analysis by Key Players
- 11.2 Company Positioning & Concentration
12. Industry Landscape
- 12.1 Overview
- 12.2 Market Initiative
- 12.3 Mergers & Acquisitions
13. Company Profiles
- 13.1 Shell Plc
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
- 13.2 LyondellBasell Industries NV
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
- 13.3 Saudi Basic Industries Corp
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
- 13.4 BASF SE
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
- 13.5 INEOS Group Holdings SA
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
- 13.6 Dow Inc
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
- 13.7 Chevron Phillips Chemical Company LLC.
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
- 13.8 China Petroleum & Chemical Corp
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
- 13.9 Mitsubishi Chemical Group Corp
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
- 13.10 Exxon Mobil Corp
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments
14. Appendix
- 14.1 About The Insight Partners