Petrochemicals Market Size to Reach $685.01 Billion By 2031: Experiences Growth Due to Surge in Demand for Polymers in Various End-Use Industries | The Insight Partners [Yahoo! Finance]
BP p.l.c. (BP)
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The growing demand for polymers across various end-use industries, such as packaging, automotive, and construction, is a significant driving factor for the petrochemicals market. Additionally, the growth in the packaging industry, particularly in Asia Pacific, is also fueling the market growth. (Source: The Insight Partners) Asia Pacific led the market with a substantial revenue share in 2023, followed by Europe and North America. Further, Asia Pacific is expected to register the highest CAGR during the forecast period. (Source: The Insight Partners) The petrochemicals market is categorized into ethylene, benzene, propylene, xylene, and others. Petrochemicals are used in various applications such as polymers, paints and coatings, adhesives, surfactants, solvent, rubber, and others. The ethylene segment held the largest share of the market in 2023. (Source: The Insight Partners) A few major companies operating in the petrochemicals market include Shell International BV, China Pe
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