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.
tcly / shutterstock.com
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:
15. LyondellBasell Industries (NYSE: LYB)
Revenue: $34.7 billion
Market cap: $32.55 billion
Assets: $30.4 billion
Number of employees: 19,100
Headquarters: London, United Kingdom
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.
Pixabay/Public Domain
