Petrochemicals Market Enters New Phase of Innovation and Scale
The global petrochemicals market is experiencing robust expansion, fueled by the world’s continued dependence on plastic-based products, technological advancements in refining, and growing demand for industrial chemicals. As economies strive to balance industrial growth with sustainability, refinery integration , circular economy practices, and alternative feedstock development are reshaping the market landscape. Global Petrochemicals Market size and share is currently valued at USD 652.24 billion in 2024 and is anticipated to generate an estimated revenue of USD 1,162.92 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 7.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 - 2032 Market Overview Petrochemicals are chemical products derived primarily from hydrocarbons, sourced from crude oil and natural gas. These include essential building blocks like...