In this article, we are going to list the 15 biggest petrochemical companies in the world. Click to skip ahead and jump to the 5 biggest petrochemical companies in the world. Petrochemicals are chemical compounds made from petroleum and other hydrocarbons extracted from crude oil and natural gas. The petrochemical industry is a key component of many industrial processes, supplying raw materials for a wide range of products that are used in the automotive, construction, and manufacturing sectors. The petrochemical industry is only a sector of one of the largest markets in the world, the chemical industry. Head over the 15 largest chemical companies in the world for a detailed review of the leading companies in the chemical industry.
No matter how strongly the petrochemical industry contributes to the production of greenhouse gases for global warming, it still serves as the world-building block for numerous non-durable and durable consumer goods such as industrial oil, plastics, medical devices, fertilizers, and a lot more. Petrochemicals are also fueling modern energy systems, including solar panels, wind turbine blades, batteries, thermal insulation for buildings, and electric vehicle parts.
In 2018, the global market value of the petrochemical industry was $539 billion. This number is projected to increase to $651.1 billion by 2027 with a compound annual growth rate (CAGR) of 5%. Petrochemical feedstock contributes to 12% of global oil demand, a share that is anticipated to grow due to increasing demand for plastics, fertilizers, and other products. The market for petrochemicals is primarily driven by the increasing demand for downstream specialty chemicals and plastics.
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After two decades of stagnant growth, the United States has recovered to prominence as a low-cost chemical production region as a result of the shale gas revolution. Today, the United States has around 40% of the world's ethane-based petrochemical production capacity. According to the American Fuel and Petrochemical Manufacturers (AFPM), the US leads the global production of petroleum products, including crude oil, petroleum liquids, and biofuels with nearly 19 million barrels per day.
The impact of the coronavirus on petrochemical demand was different across value chains, with automotive and construction applications seeing particularly steep declines, and packaging demand (especially in food, sanitary products, and medical applications) remaining robust. Despite several plants shutting down in selected countries, industry players have been able to cope well with the short-term impact of the pandemic and are now planning for the medium term.
Is the petrochemical industry worth the investment? The industry is trying to recover to pre-Covid-19 numbers and is now working on medium-term goals to bounce back. Petrochemical manufacturers in the US alone are investing a total of $200 billion for the construction of new petrochemical facilities. And as the petrochemical sector continues to grow, and so is your portfolio. We ranked the biggest petrochemical companies in the world using each company's revenue, market cap, assets, and the number of employees. We looked into their recent annual financial statements for the most accurate ranking. Let's find out the biggest petrochemical companies in the world starting at number 15:
LyondellBasell is one of the world's largest plastics, chemicals, and refining companies serving over 100 countries. It is a global leader in the technology of polyolefins and refined products, such as biofuels. LyondellBasell has established manufacturing sites in 18 countries in North America, Australia, New Zealand, Africa, the Middle East, and South and Central America.
Dow is continuously working on its six global companies, which are organized into segments of packaging and specialty plastics, industrial intermediates and infrastructure, and performance materials and coatings. The company operates 109 manufacturing facilities in 31 countries from across the United States, Canada, Latin America, Asia-Pacific, Europe, the Middle East, Africa, and India.
With almost 385 production sites and more than 117,000 employees worldwide, BASF, a German mega-conglomerate, is one of the largest petrochemical companies in the world. The company runs across six segments, including chemicals, materials, industrial solutions, surface technologies, nutrition and care, and agricultural solutions. BASF's primary focus is on the exploration and production of oil and gas-rich regions in the Caspian Sea, Europe, North Africa, Russia, and South America.
DuPont de Nemours, Inc. formerly DowDuPont, is engaged in the development of specialty materials, chemicals, and agricultural products. The company markets elastomeric photopolymer printing plates, structural and elastic adhesives, liquids, reinforced composites, foams, coatings, rubber and elastomers, topical ingredients, food ingredients, animal nutrition, biomaterials, water purification technologies, and fibers.
Phillips 66 is one of the biggest petrochemical companies in the world with over 140 years of experience in the industry, the company strives to supply the world's energy needs. Phillips 66 is a conglomerate with established enterprises in manufacturing and logistics with operations in refining, midstream, and chemicals specialties. The company owns 13 refineries in the United States and Europe where they process crude oil and other feedstocks. The company has a global manufacturing capability of 2.2 million barrels of crude oil per day.
For many years, Lukoil has been one of the most reliable suppliers of polymers, pyrolysis products, and organic synthesis on the Russian market while exporting petrochemical products to more than 30 countries around the world including the US. The company is mainly engaged in the exploration, production, transportation, and refiner of oil and gas.
Marathon Petroleum Corp. is an independent company engaged in the refining, marketing, and transport of petroleum products in the United States. The company owns 16 refineries with over 3 million barrels per day refining capacity. Marathon Petroleum's petrochemical products supply agricultural, chemical, and fuel-blending industries.
One of the biggest oil and gas players is also a leading manufacturer of petrochemicals and additives in the world. Chevron also refines, markets, and distributes fuel and engages in chemical and mining activities, power generation, and energy services. Petrochemical products from Chevron are used to make food packing materials, cleaner fuels, recyclable solvents, and much more.
China National Petroleum Corp owns the largest refining and chemical production bases in China. CNPC is a globally integrated energy company with oil and gas operations, oil field services, oil & construction engineering, equipment manufacturing, financial services, and new energy development. The company is one of the biggest manufacturers of petrochemicals locally and abroad. In 2019, the company has established 7 large integrated refining-petrochemical facilities and 11 10Mt/a refineries. CNPC partners venture refineries in Kazakhstan, Chad, Niger, UK, France, Japan, and Singapore.
Total is one of the largest oil and gas companies in the world. Aside from manufacturing petrochemicals, the company engages in the exploration and production of oil and gas and distributes energy in various forms to end consumers. One of the largest petrochemical and refining facilities of Total is located in Antwerp, Belgium which processes 1.1 million tons of polymers per year of ethylene. Total also produces base chemicals for industrial applications such as automotive components and packaging.
