At 4.3% CAGR, North America Petrochemicals Market is Projected to be Worth US$ 101.18 Billion by 2031, says Business Market Insights

According to Business Market Insights' research, the North America petrochemicals market was valued at US$ 72.16 billion in 2023 and is expected to reach US$ 101.18 billion by 2031, registering a CAGR of 4.3% from 2023 to 2031. Development of biodegradable petrochemical-based products and growing investments in aerospace & defense industry are among the critical factors attributed to the North America petrochemicals market expansion.

Government regulations and policies are key factors leading to the development and adoption of biodegradable petrochemical-based products. Governments of many countries implement bans or restrictions on single-use plastics, incentivizing businesses to switch to biodegradable alternatives. Policies such as extended producer responsibility and plastic taxes further encourage the transition toward making it economically advantageous to adopt sustainable materials. Rising consumer awareness about environmental issues significantly boosts the demand for biodegradable petroleum-derived products. The modification in the existing petrochemical building blocks can potentially make them susceptible to breakdown in certain environmental conditions. Polybutylene adipate terephthalate and polycaprolactone are a few examples of polymers containing both biodegradable monomers derived from petrochemicals and bio-based constituents. Many scientists are focused on research pertaining to achieving the optimal balance between biodegradability and desired material properties such as durability and strength. Thus, the development of biodegradable petrochemical-based products is expected to be a significant trend for the petrochemical market over the coming years.

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

Based on type, the North America petrochemicals market is segmented into ethylene, benzene, propylene, xylene, and others. The propylene segment held 34.5% market share in 2023, amassing US$ 24.86 billion. It is projected to garner US$ 36.34 billion by 2031 to register 4.9% CAGR during 2023-2031.

In terms of application, the North America petrochemicals market is categorized into polymers, paints and coatings, solvent, rubber, adhesives, surfactants, and others. The polymers segment held 62.9% share of North America petrochemicals market in 2023, amassing US$ 45.37 billion. It is projected to garner US$ 66.01 billion by 2031 to expand at 4.8% CAGR during 2023-2031.

In terms of end-use industry, the North America petrochemicals market is segmented into packaging, automotive, construction, electrical and electronics, healthcare, agriculture, aerospace and defense, and others. The packaging segment held 30.6% share of North America petrochemicals market in 2023, amassing US$ 22.09 billion. It is projected to garner US$ 32.69 billion by 2031 to expand at 5.0% CAGR during 2023-2031.

Based on country, the North America petrochemicals market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.0% share of North America petrochemicals market in 2023. It was assessed at US$ 57.73 billion in 2023 and is likely to hit US$ 82.56 billion by 2031, exhibiting a CAGR of 4.6% during 2023-2031.

Key players operating in the North America 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 October 2023, Aramco planned to use the ExxonMobil MTG technology to convert renewable methanol into renewable synthetic gasoline in NEOM. Commissioning of the licensed MTG unit is expected in 2025. The unit is planned to utilize methanol feedstock derived from green hydrogen and carbon dioxide (CO2) to produce a synthetic, high-octane, drop-in blend stock for potential use on/off road and in racing applications.
• In June 2023, Chevron Phillips Chemical, Technip Energies and LyondellBasell are collaborating on the design, construction and operation of a demonstration unit for Technip Energies' electric steam cracking furnace technology, designed to reduce the greenhouse gas emissions associated with the olefins production process.
  
  

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