The Global Heavy Pyrolysis Gasoline (Pygas) Market was valued at approximately USD 5.2 Billion in 2025 and is projected to reach USD 7.8 Billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period (2026–2034). This growth is being driven by the expanding global demand for ethylene and propylene, the high utility of Pygas as a crucial intermediate raw material, and its increasing importance as a source for Benzene, Toluene, and Xylenes (BTX) extraction.

As the petrochemical industry strives for greater efficiency and integration, the spotlight is on the key producers who are optimizing the value of this essential by-product. In this blog, we profile the Top 10 Companies in the Heavy Pyrolysis Gasoline Industry—a mix of global chemical giants and regional leaders shaping the future of aromatics and fuel blending markets.

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🔟 1. Dow Inc.

Headquarters: Midland, Michigan, USA
Key Offering: Heavy Pyrolysis Gasoline (Pygas) as a chemical intermediate

Dow is a global leader in materials science, operating some of the world’s largest and most integrated naphtha crackers. The company is a major producer of Heavy Pyrolysis Gasoline, leveraging its vast production capacity to supply downstream units and external markets with this high-aromatic feedstock.

Strategic Initiatives:

• Integration of Pygas into internal BTX extraction and styrene production
• Investment in cracker optimization to maximize valuable by-product yields
• Focus on circular economy principles for by-product valorization

Download FREE Sample Report: Heavy Pyrolysis Gasoline Market – View in Detailed Research Report

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9️⃣ 2. LyondellBasell Industries

Headquarters: Houston, Texas, USA / Rotterdam, Netherlands
Key Offering: Pygas for aromatics extraction and gasoline blending

LyondellBasell is one of the largest plastics, chemicals, and refining companies globally. Its extensive olefins and polyolefins production creates significant volumes of Pygas, which it utilizes both internally for its advanced polymer solutions and sells into the merchant market.

Strategic Initiatives:

• Strategic offtake agreements for Pygas with major chemical processors
• Advanced hydrotreating capabilities to upgrade Pygas for higher-value applications

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8️⃣ 3. SABIC (Saudi Basic Industries Corporation)

Headquarters: Riyadh, Saudi Arabia
Key Offering: Heavy Pyrolysis Gasoline from mixed-feed crackers

SABIC is a global giant in diversified chemicals, with a strong presence in thermoplastics and agri-nutrients. Its crackers, often using ethane and naphtha feeds, produce Pygas that is critical for its downstream specialties and intermediates business.

Strategic Initiatives:

• Leveraging Pygas to support growth in specialty chemical segments
• Expanding global footprint to secure and optimize by-product streams

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7️⃣ 4. ExxonMobil Corporation

Headquarters: Irving, Texas, USA
Key Offering: Pygas as a feedstock for chemical and refining operations

ExxonMobil’s integrated approach across upstream, downstream, and chemical operations makes it a significant player. The Pygas from its steam crackers is a key linkage between its refining and chemical divisions, contributing to the production of high-performance polymers.

Strategic Initiatives:

• Capitalizing on integrated value chains to maximize Pygas economics
• Investments in large-scale cracker projects that increase Pygas availability

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6️⃣ 5. Shell Chemicals

Headquarters: London, United Kingdom
Key Offering: Pygas from global cracking operations

Shell’s chemicals business is a major force, with a focus on performance chemicals and advanced materials. Its global network of manufacturing sites produces substantial Pygas volumes, which are managed as a strategic stream within its broader hydrocarbons portfolio.

Strategic Initiatives:

• Optimizing the slate of cracker products to meet market demand for aromatics
• Exploring new technologies for Pygas upgrading and utilization

Download FREE Sample Report: Heavy Pyrolysis Gasoline Market – View in Detailed Research Report

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5️⃣ 6. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: High-purity Pygas for specialty chemicals

BASF, the world’s largest chemical producer, operates Verbund sites that are models of integration. Pygas is a vital component of this system, serving as a feedstock for numerous downstream value chains, including solvents, plastics, and coatings.

Strategic Initiatives:

• Utilizing Pygas within its integrated “Verbund” system for maximum efficiency
• Focus on producing high-quality, specification-grade Pygas for sensitive applications

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4️⃣ 7. INEOS

Headquarters: London, United Kingdom
Key Offering: Pygas from its European and US cracker assets

INEOS is a leading manufacturer of petrochemicals, specialty chemicals, and oil products. Its acquisition of BP’s aromatics and acetyls business significantly bolstered its position in the Pygas market, enhancing its ability to extract value from this stream.

Strategic Initiatives:

• Strategic acquisitions to build scale and integration in aromatics
• Investing in asset reliability to ensure consistent Pygas supply

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3️⃣ 8. Formosa Plastics Corporation

Headquarters: Taipei, Taiwan
Key Offering: Pygas for captive use and regional merchant markets

Formosa Plastics is a major producer of plastic resins and petrochemicals, with significant manufacturing complexes in Taiwan and the United States. Its large-scale ethylene plants generate considerable Pygas, which is integral to its vertically integrated operations.

Strategic Initiatives:

• Vertical integration from naphtha to finished plastics
• Expansion projects aimed at increasing overall olefins and by-product capacity

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2️⃣ 9. Reliance Industries Limited

Headquarters: Mumbai, India
Key Offering: Pygas from the world’s largest refining complex

Reliance operates the Jamnagar refinery complex, a massive facility with deep integration between refining and petrochemicals. This setup allows for the strategic management of Pygas, directing it to the highest-value applications, whether in fuels or chemicals.

Strategic Initiatives:

• Maximizing value through refinery-petrochemical integration
• Investing in new crackers to further increase Pygas production

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1️⃣ 10. LG Chem

Headquarters: Seoul, South Korea
Key Offering: Pygas as a key feedstock for its advanced materials division

LG Chem is a leading Korean chemical company with a strong focus on high-growth areas like batteries and electronics materials. Its petrochemical base provides the essential building blocks, including Pygas-derived aromatics, which are critical for its downstream specialty products.

Strategic Initiatives:

• Focus on value-added derivatives from Pygas, such as engineering plastics
• R&D into more efficient separation and purification technologies

Get Full Report Here: Heavy Pyrolysis Gasoline Market – View in Detailed Research Report

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🌍 Outlook: The Future of Heavy Pyrolysis Gasoline Is Value-Optimized and Integrated

The Heavy Pyrolysis Gasoline market is undergoing a strategic evolution. While its role as a by-product is fixed, the industry is increasingly focused on sophisticated strategies to extract maximum value, driven by technological upgrades and deeper value chain integration.

📈 Key Trends Shaping the Market:

• Growing investment in hydrotreating units to stabilize Pygas for higher-value uses
• Increasing demand for BTX aromatics, bolstering the economics of Pygas extraction
• Digitalization of supply chains for optimal Pygas routing and pricing
• Tighter integration between petrochemical and refining operations to manage the Pygas stream efficiently

Get Full Report Here: Heavy Pyrolysis Gasoline Market – View in Detailed Research Report

The companies listed above are not only major producers of essential chemicals—they’re mastering the complex art of by-product valorization to enhance competitiveness and sustainability.