Background and Purpose: In today’s turbulent business environment, strategic vigilance enables firms to recognize environmental changes and focus on emerging opportunities. This study aims to develop a model of strategic vigilance in the petrochemical industry.

Methodology: This study adopts an interpretive paradigm and an applied approach. Using grounded theory, data were collected via 21 semi-structured interviews with senior managers and industry experts through purposive and snowball sampling until theoretical saturation.

Findings: Data analysis identified 154 concepts, 43 subcategories, and 16 core categories. Causal conditions included integrated competencies, market monitoring, and environmental–geopolitical awareness. Intervening conditions consisted of strategic capabilities and corporate governance development. Contextual conditions involved leadership style, communication–collaboration skills, and organizational culture. Key strategic elements were strategic learning, intra-organizational networking, and business model innovation. Consequences included sustainable competitiveness, strategic agility, dynamic resilience, and organizational excellence.

Conclusion: Petrochemical companies can leverage strategic vigilance to gain competitive advantage, expand market share, and enhance organizational performance.