At 4.7% CAGR, Europe Petrochemicals Market is Projected to be Worth US$ 150.93 Billion by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe petrochemicals market was valued at US$ 104.32 billion in 2023 and is expected to reach US$ 150.93 billion by 2031, registering a CAGR of 4.7% from 2023 to 2031. Growing investments in aerospace & defense industry and development of biodegradable petrochemical-based products are among the critical factors attributed to the Europe petrochemicals market expansion.

Governments of various countries have increased investments in aerospace-related research, including defense and ballistic protection, owing to a rise in security risks and the need to enhance national border security. According to the European Commission, the European Union established Horizon Europe in 2021, a research and innovation program with a total budget of ~US$ 103 billion, which also focuses on aerospace research. For instance, France is the home to five major aircraft manufacturers-Airbus SE (large commercial and military aircraft, drones, and spacecraft), Airbus Helicopters SAS, Dassault Aviation SA (high-end business jets, fighter aircraft, and UAVs), ATR (passenger and cargo turboprop aircraft for regional transport), and Daher (TBM and Kodiak light aircraft and business turboprops). As per the International Trade Administration (ITA), France has full-range military production capabilities, including fighter jets, nuclear submarines, aircraft carriers, and ballistic missile production.

Petrochemicals and petrochemical-derived products are used in lubricants, greases, aviation fuels, and aerospace components. Thus, the rising investments in the aerospace & defense industry are expected to create lucrative opportunities for the petrochemicals market growth during the forecast period.

On the contrary, fluctuations in the crude oil prices hamper the growth of Europe petrochemicals market.

Based on type, the Europe petrochemicals market is segmented into ethylene, benzene, propylene, xylene, and others. The ethylene segment held 37.5% market share in 2023, amassing US$ 39.10 billion. It is projected to garner US$ 56.97 billion by 2031 to register 4.8% CAGR during 2023-2031.

In terms of application, the Europe petrochemicals market is categorized into polymers, paints and coatings, solvent, rubber, adhesives, surfactants, and others. The polymers segment held 62.1% share of Europe petrochemicals market in 2023, amassing US$ 64.80 billion. It is projected to garner US$ 97.09 billion by 2031 to expand at 5.2% CAGR during 2023-2031.

In terms of end-use industry, the Europe petrochemicals market is segmented into packaging, automotive, construction, electrical and electronics, healthcare, agriculture, aerospace and defense, and others. The packaging segment held 26.8% share of Europe petrochemicals market in 2023, amassing US$ 27.93 billion. It is projected to garner US$ 42.50 billion by 2031 to expand at 5.4% CAGR during 2023-2031.

Based on country, the Europe petrochemicals market has been categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 26.1% share of Europe petrochemicals market in 2023. It was assessed at US$ 27.25 billion in 2023 and is likely to hit US$ 35.20 billion by 2031, exhibiting a CAGR of 3.2% during 2023-2031.

Key players operating in the Europe petrochemicals market are Shell Plc, LyondellBasell Industries NV, Saudi Basic Industries Corp, BASF SE, INEOS Group Holdings SA, Dow Inc, Chevron Phillips Chemical Company LLC, China Petroleum & Chemical Corp, Mitsubishi Chemical Group Corp, and Exxon Mobil Corp. among others.

• In May 2024, INEOS Oxide and LyondellBasell (LYB) completed the sale of LYB's Ethylene Oxide & Derivatives (EO&D) business and associated production facilities located in Bayport, Texas to INEOS.
• In October 2023, In line with its customer-focused corporate strategy, BASF has expanded capacities for ethylene oxide and ethylene oxide derivatives at its Verbund site in Antwerp, Belgium. The investment adds about 400,000 metric tons per year to BASF's production capacity for the corresponding products.
  
  

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