Description
Propylene Oxide Market
The Propylene Oxide Market to surpass USD 26.67 billion by 2030 from USD 16.12 billion in 2020 at a CAGR of 5.17% within the coming years, i.e., 2020-30.
Product Overview
Propylene oxide (PO) is a highly reactive organic chemical that is useful as a chemical intermediate in the manufacture of various commercial materials. It is a bulk chemical that can be produced through several technologies. Propylene oxide is a crucial raw material. Propylene Glycol Production Material. In recent years, propylene glycol production has seen a significant increase due to its increasing number of uses in a wide variety of end-use industries such as food and beverage, pharmaceutical, chemical, and others. Propylene glycol is used as a chemical raw material for the production of unsaturated polyester resins, vaporizers for the supply of pharmaceutical and personal care products, humectants in hand disinfectants, deicing agents in airplanes, and solvents for many substances.
Market Highlights
The Propylene Oxide Market is predicted to project a notable CAGR of 5.17% in 2030.
Increased use of polyurethanes in sealants, thermal insulators, and flooring will fuel industry growth over the next seven years. Increased global infrastructure spending is expected to drive demand over the forecast period. In addition to industry growth, Propylene Oxide market penetration is expected to rise above the forecast level. On the other hand, increasing Investment by the major players in new environmentally friendly techniques to produce Propylene Oxide will create more opportunities that will result in the growth of the Propylene Oxide market over the forecast period.
Recent News and Development:
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In September 2020, Royal Dutch Shell plans to cut oil and gas production costs by up to 40% to save hard cash so it can review its business and focus more on renewable energy and energy markets and sources, said. Reuters
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Propylene Oxide Market: Segments
Polyether Polyols segment to grow with the highest CAGR during 2020-2030
The Propylene Oxide Market is segmented by Application into Polyether Polyols and Propylene Glycol. The Polyether Polyols segment is projected to grow at the highest CAGR from 20202 to 2030. The growth in this segment is due to the increasing demand for polyurethane foams from various end-use industries such as automotive, construction and construction, textiles and furniture, and packaging. Polyether polyols are mainly used in polyurethane foams. Applications such as furniture, bedding, and car seats, as well as under the carpet. Rigid foam is widely used in the construction industry, where it is mainly used for insulation. Rigid foam is also used in commercial refrigeration and packaging.
Chlorohydrin segment to grow with the highest CAGR during 2020-2030
The Propylene Oxide Market is segmented by Process into Chlorohydrin, Styrene Monomer, TBA Co-Product, Cumene-based, Hydrogen Peroxide. The Chlorohydrin process has dominated the Propylene Oxide Market for several years. The market segment for hydrogen peroxide processes is expected to grow with the highest CAGR during the forecast period.
Propylene Oxide Market: Market Dynamics
Drivers
Increasing use of propylene glycol
Propylene glycol is widely used as a construction chemical for paints, grouts, adhesives, caulking materials, and coatings in both infrastructure and the construction industry. Another industry that is booming recently is the automotive industry, which directly benefits the Propylene Oxide as the products are used in a range of components such as flexible foams, paints, adhesives, and sealants. Thus, it can be said that the Propylene Oxide is inextricably linked with the automotive industry.
Increased Demand for Polyurethanes
Polyurethanes are made from polyether polyols and have properties such as density, stiffness, and hardness, which increases their demand in the Propylene Oxide. The increasing consumption of products made from propylene glycol, polyethylene glycols, and propylene glycols should stimulate the propylene oxide market. technological progress and the medical field.
Restraints
Fluctuating raw material prices and alternatives
Recently, there have been volatile prices for raw materials and alternatives such as alkylene carbonate to propylene oxide which could potentially curb the free growth of the Propylene Oxide Market and the emergence of low-cost alternatives
Effects of COVID19 in the Propylene Oxide Market
A large number of propylene oxide companies felt the impact of the COVID19 pandemic in multiple dimensions and now emphasize sustained growth in the long-term future as the global oxide industry propylene and other chemicals play an important role in countries’ economic recovery Propylene oxide companies are likely to see potential opportunities in the near future.
Propylene Oxide Market: Key Players
The Dow Chemical Company
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
LyondellBasell Industries Holdings B.V.
SK Chemicals
BASF SE
Huntsman International LLC.
AGC Chemicals
Sumitomo Chemicals Co.
Royal Dutch Shell Plc.
Huntsman Corporation
Propylene Oxide Market: Regions
Propylene Oxide Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Europe dominated the Propylene Oxide Market; However, it is expected to lose its market share in the next seven years due to the economic slowdown and tightened environmental and safety regulations, including EU REACH. As the capacity of the polyurethane plant grows over the next seven years, the Asia-Pacific region is also expected to be a significant Propylene Oxide Market and expect rapid growth. North America will grow significantly over the next seven years as the automotive and electronics industries grow. Technological advances by various players in the US, Mexico, and Canada will increase demand over the forecast period due to growth in the construction sector, high disposable income, and advanced living standards in the region.
Propylene Oxide Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Propylene Oxide Market report also contains analysis on:
Propylene Oxide Market Segments:
By Application
Polyether Polyols
Propylene Glycol
Glycol Ethers
Others
By Type of Production Process
Chlorohydrin Process
Styrene Monomer Process
Hydrogen Peroxide Process
TBA Co-Product Process
Cumene-based Process
By End-use Industry
Automotive
Building & Construction
Textile & Furnishing
Chemical & Pharmaceutical
Packaging
Electronics
Others
Propylene Oxide Market Dynamics
Propylene Oxide Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Propylene Oxide Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2020 USD 16.12 billion
Revenue forecast in 2030 USD 26.67 billion
Growth Rate CAGR of 5.17% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered
Basis, Application, Type of Production Process, End-Use Industry, and Region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled The Dow Chemical Company, LyondellBasell Industries Holdings B.V., LyondellBasell Industries Holdings B.V., SK Chemicals, BASF SE, Huntsman International LLC., AGC Chemicals, Sumitomo Chemicals Co., Royal Dutch Shell Plc., Huntsman Corporation
Frequently Asked Questions on the Propylene Oxide Market
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