China is set to lead the expansion of global petrochemical capacity by 2028

China is set to lead the expansion of global petrochemical capacity by 2028


Companies present in the petrochemicals market are BASF SE (Ludwigshafen, Germany), LyondellBasell Industries Holdings BV (Texas, USA), INEOS (London, UK), Royal Dutch Shell Plc. (Hague, Netherlands), SABIC (Riyadh, Saudi Arabia), Reliance Industries Limited (Mumbai, India), Mitsubishi Chemical Corporation (Tokyo, Japan), Dow Chemical Company (Michigan, USA), LG Chem (Seoul, South Korea), Chevron Phillips Chemical Company LLC. (Texas, USA), China National Petroleum Corporation (Beijing, China), Maruzen Petrochemical Co., Ltd. (Tokyo, Japan), Sibur (Moscow, Russia) and many ore players in profile.

Thatpetrochemical marketThe market size was USD 371.9 billion in 2020. The market size is expected to increase from US$582.4 billion in 2021 to US$888.3 billion in 2028 at a CAGR of 6.2% over the forecast period. The global market is expected to rise during the projected period due to increasing environmental concerns from the manufacturers in the market.Fortune Business Insights™publishes this information in a report entitled“Petrochemical Market, 2021-2028”.

Petrochemicals are chemical substances made from oil, coal and natural gas. These chemicals are primarily used in the development of consumer products such as pesticides, shampoos, aspirin, detergents, gasoline, carpets and milk jugs. Products such as propylene, ethylene, benzene and xylene are used in packaging, plastics, rubber and electronics. Increasing demand for the product in the automotive, medical, packaging, construction and consumer goods sectors is likely to boost the market.

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Effects of COVID-19:

Restricted supply chain to hamper market growth

The outbreak of the COVID-19 pandemic has affected various industries, including the chemical industry. The government imposed severe import/export policy restrictions and production and manufacturing restrictions to maintain social distancing norms that have been hampered…


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