By GlobeNewswire – Press Releases
New York, United States , June 10, 2024 (GLOBE NEWSWIRE) — The Global Crude-to-Chemicals Market Size Expected to Grow from USD 19,421 Million in 2023 to USD 38,820 Million by 2033, at a CAGR of 7.17% during the forecast period 2023-2033.
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The crude oil-to-chemicals (COTC) technique converts crude oil directly into high-value chemical compounds, as opposed to traditional transportation fuels. It enables the manufacturing of chemicals, with 70% to 80% of the barrel providing chemical feedstock, compared to around 10% in a non-integrated refinery complex. Exhibit 3 shows the level of integration in refineries. For example, on June 24, 2023, Saudi Aramco and France’s TotalEnergies inked contracts to begin construction of a $11 billion petrochemical facility in the Gulf country, according to an AFP story. A signing ceremony for the engineering, procurement, and construction contracts for the Amiral complex took place at Aramco’s headquarters in Dhahran, Saudi Arabia’s Eastern Province. Petrochemical-based materials are utilized in the automotive sector to create lightweight components that enhance fuel efficiency, while the packaging business uses them to create plastic packaging materials. The growing demand for petrochemical products is a significant driver of the crude-to-chemicals market’s expansion. However, crude oil prices are volatile due to geopolitical events, supply-demand mismatches, and other economic variables. This volatility has the potential to have an impact on C2C project profitability.
Browse key industry insights spread across 220 pages with 110 Market data tables and figures & charts from the report on the “Global Crude-to-Chemicals Market Size, Share, and COVID-19 Impact Analysis, By Technology (Cracking, Steam Cracking, Hydrocracking, Others), By End-User (Packaging, Automotive & Transportation, Building & Construction, Electrical & Electronics, Healthcare, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033″.
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The steam cracking segment is expected to hold the largest share of the global crude-to-chemicals market during the anticipation timeframe.
Based on the technology, the global crude-to-chemicals market is categorized into cracking, steam cracking, hydrocracking and others. Among these, the steam cracking segment is expected to hold the largest share of the global crude-to-chemicals market during the anticipation timeframe. This steam cracking process generates a variety of chemical intermediates, such as ethylene, propylene, butadiene, and benzene. These intermediates serve as building blocks in the creation of plastics, synthetic rubber, detergents, and other basic chemicals, hence fueling the growth of numerous industries. Steam cracking is an important process for converting crude oil into usable chemical compounds.
The automotive & transportation segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the end user, the global crude-to-chemicals market is categorized into packaging, automotive & transportation, building & construction, electrical & electronics, healthcare, and others. Among these, the automotive & transportation segment is expected to grow at the fastest CAGR during the anticipation timeframe. The incorporation of oil-derived compounds into the automotive and transportation industries increases vehicle performance, safety, durability, and sustainability while also enabling design and functionality innovation.
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Asia Pacific is projected to hold the largest share of the global crude-to-chemicals market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global crude-to-chemicals market over the anticipation timeframe. The region’s strong economic growth, increasing middle class, and vibrant industrial sector have catapulted it from the top user of oil to chemical goods. One of the main reasons for its dominance in Asia Pacific is its large manufacturing base. The region’s industrial capacity has changed dramatically, with large companies installing manufacturing operations in petrochemicals, plastics, textiles, and footwear.
Europe is expected to grow at the fastest CAGR growth of the global crude-to-chemicals market during the anticipation timeframe. Crude oil and petroleum products account for the vast majority of the EU’s gross inland energy consumption. Despite diminishing production and fluctuating consumption throughout the years, crude oil and its derivatives continue to play a significant role.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global crude-to-chemicals market are Saudi Arabian Oil Co., Shell Global, Exxon Mobil Corporation, Sabic, TotalEnergies, PetroChina Company Limited, and others.
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Recent Developments
- In December 2022, The Saudi Arabian Oil Company and TotalEnergies have finalised their investment decision for the forthcoming development of a world-scale petrochemical complex in Saudi Arabia. The “Amiral” complex will be owned, operated, and integrated with the current SATORP refinery in Jubail on Saudi Arabia’s east coast. The investment decision is subject to typical closing conditions and approvals.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global crude-to-chemicals market based on the below-mentioned segments:
Crude-to-Chemicals Market, By Technology
- Cracking
- Steam Cracking
- Hydrocracking
- Others
Global Crude-to-Chemicals Market, By End User
- Packaging
- Automotive & Transportation
- Building & Construction
- Electrical & Electronics
- Healthcare
- Others
Global Crude-to-Chemicals Market, By Regional
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Source: GlobeNewswire – Press Releases