Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Propylene Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Derivatives (Polypropylene, Propylene Oxide, Cumene, Acrylonitrile, Acrylic Acid, and Others), By End-User, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
Global Propylene Market is projected to grow at a robust growth during the forecast period due to rise of petrochemical industry all around the world. In 2021, the market value of petrochemical industry skyrocketed to a whooping USD 556 Billion.
Propylene is a vital feedstock material utilized in the petrochemical industry to produce polypropylene, propylene oxide, cumene, acrylonitrile, and many more. Propylene is a non-corrosive, non-toxic, colorless gas with very little odor. It can burn readily in an oxygenated environment with a luminous flame.
For Industrial consumption, it is available both in Polymer and Chemical Grades. It can deliver a complete range of Homo, Random, and Impact Polypropylene and other polypropylene chemical compounds for a wide range of flexible and rigid applications. Due to its extensive applicability in manufacturing elastomers, resins, and other valuable chemicals, Global Propylene Market is expected to witness a bloom during the forecast period.
Rising Demand of Propylene Derivatives
Private consumption and Industrial Growth in developing economies entail commonality, demonstrating statistical growth in the country. Domestic production and personal consumption by various end-use Industries for Propylene and its Derivatives is rising across multiple infrastructurally sound countries annually.
Demand for each end-user industry was estimated per country, and it was found that the APAC region has dominated in terms of per capita consumption for Propylene and its derivatives like Polypropylene, Acrylonitrile, and others.
Growing Consumption in Automobile Sector
During the forecast period, the propylene market is anticipated to grow due to the fast-rising demand for Propylene in the automotive industry. As per the data researched, sales of Automobiles have climbed over 33% in the past five years on the back of solid demand for Private and Passenger Vehicles in the countries.
The monomer of Propylene, which is used in the automotive industry, is converted into polypropylene, a propylene polymer. The requirement for polypropylene goods, which are utilized to make bumpers, interior trim, instrument panels, battery boxes and trays, fender liners, door trims, and other machinery, has increased because of the large-scale production of automobiles.
Recent Trends and Developments
In 2022, Braskem is firmly committed to a Net Zero Circular Economy and has stated the expansion of its Circular Polymer Portfolio to integrate two new Polypropylene Grades with Post-Consumer Recycled (PCR) Plastic Content. These polypropylene grades can be utilized in various food contact applications, including consumer packaging and thermal forming applications.
INVISTA, a global manufacturer of chemical intermediates, fibers, and polymers, has announced the acquisition of the Propylene business from Flint Hill Resources effective Jan 1, 2022, onwards. This Business deal entailed chemical processing facilities located in Houston and Longview, along with onboarding of the technical support and services team.
Market Dynamics
Drivers
- Rising demand of their Derivatives
- Growing consumption in Automobile sector
Challenges
- Stringent safety policies associated with manufacturing of chemicals
- Issues associated with use of Propylene at Higher Temperature
Market Trends & Developments
- Diversification of Product Portfolio by operating players
- Merger and Acquisition of Propylene Chemicals business facilities
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Global Propylene Market.
- BASF SE
- China Petroleum & Chemical Corporation
- The Dow Chemicals Company
- ExxonMobil Corporation
- LyondellBasell Industries N.V.
- Saudi Basic Industries Corporation
- Chaoyang Chemicals, Inc.
- Haike Chemical Group Co., Ltd.
- Huntsman International L.I.C
- Global Bio-Chem Technology Group Company Limited
Report Scope:
Propylene, By Derivatives:
- Polypropylene
- Propylene Oxide
- Cumene
- Acrylonitrile
- Acrylic Acid
Propylene, By End-User:
- Automotive
- Construction
- Textile
- Packaging
Propylene, By Region:
- North America
- United States
- Mexico
- Canada
- Europe
- Germany
- United Kingdom
- France
- Russia
- Italy
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- South America
- Brazil
- Colombia
- Argentina
- Middle East and Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
For more information about this report visit https://www.researchandmarkets.com/r/h5xcyx
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