The Worldwide Petrochemicals Market Forecast 2020 - 2027

The worldwide petrochemicals market is expected to reach USD 441.0 billion in 2019 and grow at a CAGR of 5.0 percent over the next five years. Rising demand for downstream products from end-use industries, as well as capacity increases in the base chemical sector, will propel the petrochemicals market forward.


The petrochemical sector is an important part of many industrial processes since it offers raw materials for a variety of goods used in the automotive, construction, and manufacturing industries. Tires, detergents, industrial oil, fertilisers, plastics, and medical gadgets are just a few of the products made from petrochemicals. Petrochemical-derived basic chemicals and plastics are used to make a variety of non-durable and durable consumer items.

Since 2013, the United States has invested more than USD 217 billion in petrochemical downstream activities. The shale gas revolution has fueled tremendous expansion in the business, which has resulted in lower feedstock prices. The consumption of ethane in the country has increased significantly, surpassing that of other petroleum products such as gasoline and jet fuel. Capital expenditures in the petrochemical industry in the United States increased from USD 97 billion in 2013 to USD 317 billion in 2017.

New technologies based on feedstocks like light crude and mixed oil are likely to have a favourable influence on supply. The use of Crude Oil to Chemical Technology (COTC) by manufacturers is projected to grow in popularity since it gives high yields of 40 to 45 percent. COTC-based industrial complexes are being built in the Middle East and China, and are anticipated to be operational by 2020. Companies will be able to manufacture chemicals on a refinery size as a result of the development of such technology.

The profit margin of petrochemical businesses fell substantially in 2015 and 2016, before gradually increasing from 2017 onwards.Raw material pricing stability is one of the most important elements influencing operating expenses. The operational margins have been impacted by the significant R&D expenses associated with a downstream product, as well as regulatory clearances.

The increased likelihood of an economic slowdown in 2020 is projected to have a significant impact on petrochemical production. At first, a drop in demand may lead to decreased capacity utilisation. It can also cause initiatives to be pushed back or scrapped. Profit margins suffer as a result of the aforementioned issues compounding, and organisations struggle to establish a good balance in their product portfolio.

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