Jersey City, NJ, April 19, 2023 (GLOBE NEWSWIRE) -- The global propylene market is estimated to reach over USD 137.81 billion by 2031, exhibiting a CAGR of 3.12% during the forecast period.
Propylene is an organic chemical that exists in the form of a gas and has no color. It is a flammable hydrocarbon that is commonly used as fuel. The majority of propylene is extracted during the petroleum refining process. Propylene has a molecular weight of 42.08 g/mol and the chemical formula C3H6. Propylene, also known as propene, is derived from petroleum; significant amounts of propylene are used in the production of elastomers, resins, fibres, and many other chemical products. Acrylonitrile is a propylene derivative that is utilized in polymers and elastomeric fiber.
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Acrylonitrile is widely used in sweaters, socks, athletics, and home furnishings, accounting for the majority of its market share. Acrylonitrile is also utilized in medical equipment such as valves, mechanical seals, and pumps as the global coronavirus epidemic increases demand for medical equipment, which in turn increases demand for acrylonitrile and propylene in the market.
Recent Developments:
- In June 2022, Linde Engineering stated that it had begun work on a large-scale redesign of Slovnaft's polypropylene (PP3) factory in Bratislava, Slovakia, a member of the MOL Group. The overhaul would increase the plant's production capacity by 18% to 300 kilotons of polypropylene per year, and the storage facility will be expanded from 45 to 61 silos in total.
List of Prominent Players in the Propylene Market:
- ADEKA CORPORATION (Japan)
- ADM (US)
- Arch Chemicals Inc, (US)
- BASF SE
- Beaulieu International Group
- Borealis AG
- Borouge
- BP Plc.
- Braskem
- Chaoyang Chemicals, Inc. (U.S.)
- China Petroleum & Chemical Corporation
- Ducor Petrochemicals
- DuPont Tate & Lyle Bio Products (US)
- ExxonMobil Chemical
- Formosa Plastic Group
- Global Bio-chem Technology Group Company Limited (China)
- Haike Chemical Group Co., Ltd. (China)
- Helm AG (Germany)
- Huntsman International L.l..C (U.S.)
- INEOS Oxide (Switzerland)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- Manali Petrochemicals Limited (India)
- Midland Company (US)
- MOL Group
- Reliance Industries Ltd.
- Repsol
- Royal Dutch Shell PLC
- SABIC
- Saudi Basic Industries Corp. (SABIC)
- Shell Plc (UK)
- Sinopec Corp.
- SKC Inc (South Korea)
- Temix Oleo (Italy)
- The Dow Chemical Company
- Total S.A.
- Valero Energy Corp.
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Propylene Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 105.74 Bn |
| Revenue forecast in 2031 | USD 137.81 Bn |
| Growth rate CAGR | CAGR of 3.12 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (Tons) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Type, Material, And Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
Propylene consumption is quickly increasing in the vehicle industry, which is projected to drive the growth of the propylene market during the forecast period. Polypropylene is a propylene polymer made from propylene monomer, used in the vehicle industry. Automobile manufacture on a large scale increases demand for polypropylene items like bumpers, interior trim, instrument panels, battery cases and trays, fender liners, door trims, and other machinery.
Challenges:
Stringent safety rules linked with propylene transportation and manufacture were major limitations on the propylene market. When subjected to high pressures and temperatures, propylene becomes poisonous, highly flammable, and dangerous. Propylene distributors should invest in methods, equipment, and technology to reduce hazardous and chemical levels. These limitations raised manufacturing costs in the propylene industry, limiting the potential for expenditures in product expansion, new product launches, and expansion into new markets, consequently impacting market growth.
Regional Trends:
In the near future, the Asia-Pacific Propylene Market is anticipated to record the maximum market revenue share. This regional growth can be attributed to increased demand for the packaging and automobile manufacturing industries. The expanding use of propylene in China, Japan, and India's food and beverage, packaging, and care industries are significant contributors to the regional market's expansion.
The global propylene market is anticipated to expand steadily in Europe in the following years. Significant factor driving the development of the Propylene market in Europe is the use of items in healthcare and pharmaceutical, electrical and electronic, and other industries.
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Segmentation of Propylene Market-
By Derivatives-
- Polypropylene
- Propylene Oxide
- Cumene/Phenol
- Acrylonitrile
- Acrylic Acid
- Oligomers
- Alcohols
- Acrylates
- Others
By Type-
- Homopolymer
- Copolymer
- Random
- Block
By Application-
- Injection Molding
- Film & Sheet
- Raffia
- Fiber
- Blow Molding
By End-User-
- Packaging
- Electronics
- Medical
- Consumer Goods
- Automotive
- Construction
- Textile
- Agriculture
- Other
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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