SEATTLE, May 25, 2021 (GLOBE NEWSWIRE) -- Global Propylene Market is estimated to account for 145.3 Million Metric Tons by end of 2027, Says Coherent Market Insights (CMI)
The global Propylene market is estimated to account for 145.3 Million Metric Tons in terms of volume by the end of 2027, witnessing a CAGR of 3.8%.
Propylene or propene is an unsaturated organic compound with the chemical formula of C3H6. It is the simplest member of alkene, which colorless gas with a faint petroleum-like odor. Propylene is an important feedstock in petroleum industry and is used in the production of isopropyl alcohol, propylene glycol, polygas chemical, acrylic acid, acetone, etc. Propylene is primarily used as a humectant; it makes water soluble and stops it from foaming or collecting in clumps. It keeps the surface hydrated and prevents the growth of bacteria and mold. It also serves to prevent corrosion of alloys and metals by providing an electrochemical charge to maintain their properties.
Market Drivers
1. Rising demand for commercial vehicles is expected to drive growth of the global propylene market during the forecast period
The propylene is widely used in in commercial vehicles as lubricant. Propylene has a unique characteristic that makes it particularly useful in many areas where automotive lubrication is concerned. According to the European Automobile Manufacturers Association, in 2019, over 18 million commercial vehicles were produced across the globe, of which around 19% were manufactured in Europe with China accounting for the largest share. The demand for commercial vehicles is increasing in both developed and emerging economies for transportation goods as well as passengers. Thus, these factors are expected to drive growth of the global propylene market during the forecast period.
2. High demand for sustainable packaging is expected to propel the global propylene market growth over the forecast period
Propylene is widely used in packaging industry where it acts as perfect packaging solution for nuts, sauces, and rice. Besides, it offer resistance to heat sealing and thus, it can be used for food packaging with hot tack. Hence, such factors are expected to propel the global propylene market growth over the forecast period.
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Market Opportunity
1. Rapid growth of the construction sector can present lucrative growth opportunities in the global propylene market
Propylene has diverse applications in the building and construction industry where it is used in carpet textiles, barrier membranes, sheets & films, and industrial adhesives. With rapid growth of the construction sector, the demand for propylene-based products is expected to increase in the near future. According to the India Brand Equity Foundation (IBEF), India is expected to become the world’s third-largest construction market by 2022.
2. Contiguous R&D activities can provide major business opportunities in the global propylene market
Key players in the chemicals sector are focused on research and development activities, in order to launch innovative products and gain a competitive edge in the market. For instance, in December 2019, LyondellBasell Industries N.V. formed a joint venture with China Petroleum & Chemical Corporation (Sinopec) to manufacture propylene oxide and styrene monomer in China.
Market Trends
1. High demand for polypropylene is an emerging trend in the global propylene market
Polypropylene is a thermoplastic polymer, which is used in diverse applications. It’s most common applications include automotive, packaging, construction, and consumer parts. Besides, polypropylene is widely used in textiles and living hinges, which accelerate its demand in the near future.
2. Rapid growth of packaging is another key trend in the market
Packaging sector is expanding rapidly in both developed and emerging economies. This is typically due to the rampant growth of the e-commerce sector where packaging plays a critical role. The e-commerce sector has gained significant traction in both developed and emerging economies over the years. According to the India Brand Equity Foundation (IBEF), the Indian e-commerce market is expected to reach US$ 200 billion by 2026, increasing from US$ 38.5 billion in 2017.
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Competitive Section
Major companies involved in the global propylene market are China Petroleum & Chemical Corporation, IRPC plc, BASF SE, BP plc, ExxonMobil Corporation, SABIC, The DOW Chemical Company, and LyondellBasell Industries N.V.
For instance, in May 2020, BASF SE, a German chemicals company, launched ZEAL, a new Fluidized Catalytic Cracking (FCC) additive product to deliver more propylene for refiners.
Market Segmentation:
- By Derivative
- Polypropylene
- Propylene oxide
- Cumene
- Acrylonitrile
- Alcohols
- Acrylates
- Others
- By End-use Industry
- Automotive
- Construction
- Textiles
- Packaging
- Others
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.