November 22nd, 2022
The petrochemicals market size was USD 371.9 billion in 2020. The market size is expected to rise from USD 582.4 billion in 2021 to USD 888.3 billion by 2028 at a CAGR of 6.2% during the forecast period. The global market is expected to rise during the projected period due to increasing environmental concerns by manufacturers in the market. Fortune Business Insights™ publishes this information in a report titled, "Petrochemicals Market, 2021-2028".
Packaging Segment Dominates Market Due to Rising Demand
By type, the market is segmented into ethylene, propylene, methanol, xylene, and others.Based on end-use industry, the market is divided into packaging, electronics, construction, automotive, and others.
The report provides complete information and statistical data regarding market development trends and business strategies adopted by the key players. Furthermore, recent trends and advancements in the industry are discussed further in this report along with key industry developments. The report sheds light on drivers and restraints affecting the market growth and the impact caused due to COVID-19 pandemic.
Drivers & Restraints:
Increasing Product Demand in Packaging Application to Stimulate Growth
The market is expected to witness significant growth in the coming years owing to the rising plastic consumption in developing economies. The utilization of plastic packaging is increased in various industries, thereby boosting the market in segmented regions. Furthermore, increasing industrialization and commercialization is expected to drive plastic utilization during the projected period. Also, cost-effective and eco-friendly characteristics of the produced plastic are anticipated to drive the market. These factors are likely to ensure the global petrochemicals market growth in the segmented regions.
Innovative Strategies Allow Key Players to Expand Business Globally
The key players in the industry focus on implementing innovative strategies and business expansion strategies such as mergers, acquisitions, partnerships, and alliances. Also, developing and designing new products allow key players to enhance their product portfolio and gain a competitive advantage in the market.
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