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Petrochemicals Market Size & Share, Regional Demand, Future Scope, Challenges and Key Players Analysis till 2028, Fortune Business Insights The petrochemicals market size was USD 371.9 billion in 2020. The market size is expected to rise from USD 582.4 billion in 2021 to USD 888.3 billion by 2028 at a CAGR of 6.2% during the forecast period. The global market is expected to rise during the projected period due to increasing environmental concerns by manufacturers in the market. Fortune Business Insights™ publishes this information in a report titled, "Petrochemicals Market, 2021-2028". Petrochemicals are chemical substances made from oil, coal, and natural gases. These chemicals are majorly used in developing consumer products such as pesticides, shampoos, aspirin, detergents, gasoline, carpeting, and milk jugs. Products such as propylene, ethylene, benzene, and xylene are used in packaging, plastics, rubber, and electronics. Increasing demand for the product in automotive, medical, packaging, construction, and consumer goods sectors will likely boost the market. Report Coverage: The report provides complete information and statistical data regarding market development trends and business strategies adopted by the key players. Furthermore, recent trends and advancements in the industry are discussed further in this report along with key industry developments. The report sheds light on drivers and restraints affecting the market growth and the impact caused due to COVID-19 pandemic. Drivers & Restraints: Increasing Product Demand in Packaging Application to Stimulate Growth The market is expected to witness significant growth in the coming years owing to the rising plastic consumption in developing economies. The utilization of plastic packaging is increased in various industries, thereby boosting the market in segmented regions. Furthermore, increasing industrialization and commercialization is expected to drive plastic utilization during the projected period. Also, cost-effective and eco-friendly characteristics of the produced plastic are anticipated to drive the market. These factors are likely to ensure the global petrochemicals market growth in the segmented regions. However, hazardous effects caused due to petrochemical products may hinder the market growth. Regional Insights: Asia Pacific Holds Highest Market Share Due to Rising Industrialization Asia Pacific dominates the global petrochemicals market share due to rising demand in the consumer goods industry. Increasing industrialization and commercialization in developing countries is expected to maintain the market position during the forecast period. North America holds the second-largest global market share due to rising investments in the petrochemicals production sector. This encourages the key players to implement innovative strategies to increase product range. Browse Detailed Summary of Research Report with TOC: https://www.fortunebusinessinsights.com/petrochemicals-market-102363

The global precast concrete market size is expected to showcase significant growth by reaching USD 159.85 billion by 2028. Fortune Business Insights, in its report titled “Precast Concrete Market, 2021-2028.”, mentions that the market stood at USD 114.78 billion in 2020 and is likely to exhibit a CAGR of 4.4% between 2021 and 2028. The rapid-paced urbanization, coupled with the rising population rate, is anticipated to favor the adoption of the product globally. According to the National Bureau of Statistics (NBS), around 901.99 million people reside in the mainland areas in China, which accounts for over 63.89% of the total population in the country. The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been on a standstill with limited operational activities. However, a collective effort from the government as well as the industries is likely to bring the economy back on track and aid in the resumption of industrial activities. Market Segmentation Based on the product type, the market is divided into building components, transportation, water & waste handling, and others. On the basis of end-use, the market is bifurcated into residential and non-residential. Based on end-use, the residential segment held a global precast concrete market share of about 37.7% in 2020. The segment is expected to experience exponential growth backed by the increasing investment in the development of real estate that is likely to propel the demand for the product worldwide. Finally, on the basis of region, the market is segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. DRIVING FACTORS Rapid-Paced Urbanization to Aid Growth The evolving standard of living globally has led to the growing demand for quality-oriented and people-centered facilities. The rapid-paced urbanization has led to significant development of both residential and non-residential establishments. Besides, a large number of masses are migrating from rural areas to urban places for better job opportunities. The fast-paced growth of smart cities equipped with state-of-the-art infrastructures such as airports, malls, sports complexes, and commercial spaces is anticipated to boost the demand for the product. Besides, the rising population rate across the globe is expected to contribute to the global precast concrete market growth during the forecast period. Information Source: https://www.fortunebusinessinsights.com/precast-concrete-market-103301

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