Petrochemical Market Size

Petrochemical Market size was over USD 620.37 billion in 2023 and is anticipated to reach USD 1.56 trillion by 2036, growing at around 7.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of petrochemical is assessed at USD 657.1 billion. The growth of the market can be attributed to the increasing demand for petrochemical in commercial applications and the automotive industry. Furthermore, petrochemical products are used for other umpteen applications, such as, medical equipment, paints, detergent, textiles, and adhesives. According to the data released by the United Nations Principles for Responsible Investment, approximately 99% of plastics are derived from petrochemical products. It is estimated that the global plastic industry will value at USD 751 billion by 2028. Hence, the high usage of petrochemicals in the production of plastic, is estimated to boost the global petrochemical market growth during the forecast period. Furthermore, petrochemical products are extensively utilized in paint and coatings, which are applied on cars and building walls. According to the data published by the Observatory of Economic Complexity (OEC), non-aqueous paints were among the 240 top traded products in 2020, with a total trade of USD 14.1 billion. The escalating demand for paints and coating is further estimated to drive the growth of the global market over the forecast period. Moreover, synthetic rubber is a prominent component in making tires for trucks, cars, and bicycles and is made from petrochemical, butadiene. It is estimated that in the year 2020, 64 million cars were sold in 2020, which rose to 67 million in 2021. On the back of increasing sales of vehicles, the global petrochemical market is estimated to grow significantly over the forecast period.