Petrochemicals Market Growth at 4.2% CAGR from 2024 to 2032
The global petrochemicals market is witnessing steady growth, driven by rising demand across industries and advancements in production technologies. According to Fortune Business Insights, the market was valued at USD 623.83 billion in 2023 and is projected to increase from USD 649.16 billion in 2024 to USD 900.91 billion by 2032, reflecting a compound annual growth rate (CAGR) of 4.2% throughout the forecast period. Among regions, Asia Pacific dominated the market in 2023, holding a commanding 52.16% share. The United States market is also set for strong expansion, with the petrochemical sector expected to achieve USD 105.76 billion by 2032, supported by government-backed recycling initiatives and sustainability programs.
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