The Latest Petrochemical Industry Statistics Explained
The global petrochemicals market was valued at USD 551.3 billion in 2021.
This statistic indicates that the total value of the global petrochemicals market reached USD 551.3 billion in 2021. This value reflects the combined revenue generated by the production and sale of petrochemicals worldwide during that year. Petrochemicals are chemicals derived from petroleum or natural gas and play a crucial role in various industries such as manufacturing, construction, and consumer goods. The growth and size of the petrochemicals market are important indicators of economic activity and industrial development on a global scale, making it a key sector to monitor for trends and insights into overall market conditions and consumer demand.
The market is projected to grow at a 5.0% CAGR from 2022 to 2029.
This statistic indicates that the market is expected to experience a Compound Annual Growth Rate (CAGR) of 5.0% from the year 2022 to 2029. CAGR is a measurement that provides a smoothed annual growth rate over a specified period, taking into account the compounding effect of growth. In this context, a 5.0% CAGR suggests that the market is forecasted to increase by an average of 5.0% per year throughout the specified period. This indicates potential opportunities for market expansion and can be used by investors and stakeholders to make informed decisions regarding investments and strategic planning.
China accounted for 37% of global petrochemical production in 2019.
The statistic ‘China accounted for 37% of global petrochemical production in 2019’ indicates that China was a significant player in the global petrochemical industry during that year, producing a substantial portion of the world’s petrochemicals. This statistic highlights China’s increasing importance in the global market and its growing influence on the petrochemical sector. The high percentage also suggests that China is a major consumer and producer of petrochemicals, contributing significantly to the global supply chain and economy.
The petrochemical industry contributed 1.7% to global greenhouse gas emissions in 2015.
The statistic indicates that the petrochemical industry was responsible for emitting 1.7% of the total global greenhouse gases in the year 2015. This suggests that the activities within the petrochemical sector, such as refining crude oil into chemicals and plastics, combustion processes, and methane emissions, had a notable but relatively small impact on the overall level of greenhouse gas emissions. Understanding the specific contribution of different industries like petrochemicals is crucial for policymakers, stakeholders, and industry leaders to develop targeted strategies and initiatives to mitigate these emissions and address climate change effectively.
Saudi Arabia is the world’s largest net exporter of petrochemicals.
The statistic “Saudi Arabia is the world’s largest net exporter of petrochemicals” indicates that Saudi Arabia exports more petrochemical products than it imports, making it a key player in the global petrochemical industry. Petrochemicals are substances derived from petroleum or natural gas that are used in a wide range of industrial applications, including plastics, fertilizers, and pharmaceuticals. This statistic highlights Saudi Arabia’s significant role in supplying the global market with these essential products, showcasing the country’s economic strength and influence in the petrochemical sector.
Petrochemical products like plastics and fertilizers accounted for more than a third of the growth in world oil demand in 2019.
The statistic suggests that the demand for petrochemical products, such as plastics and fertilizers, played a significant role in driving the overall increase in global oil demand in 2019. Specifically, more than one-third of the growth in oil consumption can be attributed to the increasing use of these products. This highlights the strong interconnection between the oil industry and the petrochemical sector, as oil is a key raw material in the production of these products. The statistic underscores the importance of considering not only traditional energy uses when analyzing oil demand but also the various downstream industries that rely on oil-based products, emphasizing the broader impact of oil consumption on the global economy.
The petrochemical industry is projected to account for more than 30% of growth in oil demand globally up to 2030.
The statistic indicates that the petrochemical industry is expected to be a major driver of growth in oil demand worldwide through 2030, representing over 30% of this growth. This suggests that the increasing demand for petrochemical products such as plastics, fertilizers, and chemicals will play a significant role in driving the overall consumption of oil. Factors such as population growth, urbanization, and industrialization are likely to contribute to the increasing demand for petrochemical products, illustrating the close relationship between the petrochemical industry and the global oil market. Policymakers, industry stakeholders, and investors may need to consider the implications of this trend on energy security, environmental sustainability, and economic development.
The U.S. petrochemical industry employs over 200,000 people directly.
The statistic “The U.S. petrochemical industry employs over 200,000 people directly” indicates that there are more than 200,000 individuals working in various roles within the petrochemical sector in the United States. These employees are directly involved in the production, processing, and distribution of petrochemical products such as plastics, chemicals, and fuels. The significance of this statistic lies in the industry’s substantial contribution to the economy through job creation and economic activity. Furthermore, the employment opportunities within the petrochemical industry play a crucial role in supporting the livelihoods of a significant number of individuals and households across the country.
The employment multiplier effect of the petrochemical industry in the U.S. is 7.8x, indicating every job in the industry generates nearly 8 additional jobs in the economy.
The employment multiplier effect of 7.8x for the petrochemical industry in the U.S. suggests that for every job created directly within the industry, an additional 7.8 jobs are generated throughout the broader economy. This multiplier effect reflects the interconnectedness and interdependence of industries within the economy, as jobs in the petrochemical sector lead to increased demand for goods and services in related industries, driving further job creation. Essentially, the petrochemical industry serves as a key driver of economic activity and employment opportunities, amplifying its impact beyond just the immediate workforce to support a larger network of jobs across various sectors.
The U.S. petrochemical industry contributed over $577 billion to the nation’s GDP in 2021.
The statistic indicates that in 2021, the U.S. petrochemical industry made a substantial contribution of over $577 billion to the nation’s Gross Domestic Product (GDP). This figure reflects the value added to the economy by the production, processing, and distribution of petrochemical products such as plastics, fertilizers, and synthetic fibers. The industry’s significant economic impact highlights its vital role in driving economic growth and supporting employment opportunities across various sectors in the United States. The petrochemical industry’s sizable GDP contribution underscores its importance as a key component of the country’s industrial and manufacturing landscape.
The Asia-Pacific region dominated the petrochemicals market with the highest market share of 51% in 2019.
The statistic indicates that in 2019, the Asia-Pacific region was the leading contributor to the petrochemicals market, holding a substantial market share of 51%. This means that more than half of the global petrochemicals market activity originated from countries within the Asia-Pacific region. The dominance of this region suggests a strong presence of petrochemical manufacturing and consumption, likely driven by factors such as population size, industrial growth, and technological advancements. This statistic underscores the significant influence of the Asia-Pacific region in shaping the dynamics of the global petrochemicals industry, highlighting it as a key player in the market.
The global ethylene market size, a key petrochemical, was estimated at 165.68 million tons in 2020.
The statistic that the global ethylene market size was estimated at 165.68 million tons in 2020 provides a quantitative measure of the total volume of ethylene produced and consumed worldwide within that year. Ethylene is a key petrochemical widely used in various industries such as plastics, chemicals, and packaging. This statistic is important for analyzing the scale of production and demand for ethylene on a global scale, offering insights into the overall health and growth of the petrochemical industry. Understanding the market size of ethylene can also be valuable for stakeholders in making strategic decisions related to investments, production planning, and market positioning within the petrochemical sector.
The petrochemical industry in the European Union was responsible for direct employment of about 340,000 people in 2019.
The given statistic states that the petrochemical industry in the European Union employed approximately 340,000 individuals directly in the year 2019. This figure represents the number of people working specifically within the petrochemical sector across various roles and functions. Direct employment refers to individuals who are directly employed by companies within the industry and are actively involved in petrochemical-related activities. The statistic highlights the significant economic impact and employment contribution of the petrochemical industry in the European Union, indicating the industry’s role as a major employer within the region’s labor market. Additionally, this statistic can also serve as a key indicator of the industry’s overall scale and significance within the European Union’s economy.
Petrochemicals consume nearly half of all crude oil that is not used for fuel.
This statistic indicates that nearly half of the crude oil that is not utilized for fuel purposes is instead consumed by the petrochemical industry. Petrochemicals are chemicals derived from petroleum and natural gas that are used in a wide range of products such as plastics, fertilizers, and pharmaceuticals. The fact that petrochemicals account for such a significant portion of non-fuel crude oil consumption underscores their importance in various industries. This statistic highlights the significant role of the petrochemical industry in utilizing crude oil for the production of essential goods beyond fuel, emphasizing the reliance of many sectors on petroleum-based products.
Methanol, a key petrochemical, registered over 94 million tons of demand globally in 2021.
The statistic that “Methanol, a key petrochemical, registered over 94 million tons of demand globally in 2021” indicates that there was a substantial global market for methanol in the year 2021. With a demand exceeding 94 million tons, methanol plays a significant role in various industries such as automotive, construction, and manufacturing. This high demand suggests that methanol continues to be a crucial resource in the global economy, potentially driven by its versatility and wide range of applications. It also reflects the continuous growth and significance of the petrochemical industry on a global scale.
The global petrochemical capacity is expected to increase from 1,547.2 MMTPA in 2019 to 1,839.2 MMTPA in 2030.
The statistic indicates that the global petrochemical capacity, which refers to the maximum amount of raw materials that can be processed in a given period, is projected to experience a substantial increase over the decade from 2019 to 2030. Specifically, the capacity is forecasted to grow from 1,547.2 million metric tons per annum (MMTPA) in 2019 to 1,839.2 MMTPA in 2030. This anticipated growth suggests significant expansion in the global petrochemical industry’s ability to produce various chemical compounds derived from petroleum and natural gas feedstocks. Factors driving this increase may include rising demand for petrochemical products, advancements in technology, and investments in infrastructure. The projected growth in petrochemical capacity could have significant implications for industries relying on these products, as well as for the overall global economy.
The polyethylene segment accounted for the largest share of the petrochemicals market in 2021.
The statistic indicates that among all the segments within the petrochemicals market in 2021, the polyethylene segment had the highest proportion or contribution in terms of market share. This suggests that polyethylene, a type of plastic widely used in various industries such as packaging, construction, and automotive, was the most dominant product within the petrochemicals market during that year. The significant share of polyethylene in the market could imply strong demand for this product, potentially driven by factors such as economic growth, industrial production, or consumer preferences towards products made from polyethylene.
In 2020, the global production of ammonia, a basic petrochemical, reached 181.54 million metric tons.
The statistic states that in 2020, the worldwide production of ammonia, a fundamental petrochemical compound used in various industries such as agriculture, chemical manufacturing, and renewable energy, amounted to 181.54 million metric tons. This figure serves as a key indicator of the significant role ammonia plays in the global economy and its widespread application in various sectors. The production of such a large quantity of ammonia highlights its critical importance as a raw material for fertilizers, explosives, and various other chemical processes. This statistic underscores the immense scale of production and consumption of ammonia on a global level, reflecting its essential contribution to industrial processes and economic activities worldwide.
As of 2019, China Petrochemical Corporation and Saudi Arabian Oil Co., led the global planned and announced capacity additions of petrochemical plants.
The statistic indicates that in 2019, China Petrochemical Corporation and Saudi Arabian Oil Co. were the leading companies in terms of planned and announced capacity additions for petrochemical plants worldwide. This suggests that these companies were actively expanding their operations in the petrochemical industry, likely in response to growing demand for petrochemical products globally. Such expansions could have significant implications for the industry landscape, as increased capacity can impact market dynamics, pricing, and competition. Overall, this statistic highlights the strategic focus of these two companies in positioning themselves as key players in the petrochemical sector.
Conclusion
After delving into the Petrochemical Industry statistics, it is evident that the sector plays a crucial role in the global economy. From production levels to market trends, the data provides valuable insights for industry professionals, policymakers, and investors. It is essential to continue monitoring these statistics to make informed decisions and drive growth and sustainability within the industry.
References
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