New York, United States , Sept. 05, 2024 (GLOBE NEWSWIRE) -- The Global Propylene Oxide Market Size is to Grow from USD 23.53 Billion in 2023 to USD 45.21 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.75% during the projected period.
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Propylene oxide is a volatile, colorless liquid with a benzene-like odor that dissolves in ethanol and water. This chemical is very reactive and is used as a feedstock to make several industrial goods. With over 6 million tons produced annually worldwide, propylene oxide is a significant industrial product. The remaining portion is utilized as propylene glycol in the source ingredients for unsaturated polyesters, food, and cosmetics, and around 70% of it is used as polypropylene glycol in the raw materials for urethane. The demand for urethane is skyrocketing, particularly in Asia, and propylene oxide manufacturers are announcing intentions to expand. However, the price volatility and shifting feedstock rates are impeding the propylene oxide market's expansion.
Browse key industry insights spread across 220 pages with 105 Market data tables and figures & charts from the report on the " Global Propylene Oxide Market Size, Share, and COVID-19 Impact Analysis, By Production Process (Chlorohydrin Process, Styrene Monomer Process, Hydrogen Peroxide Process, TBA Co-Product Process, Cumene-Based Process) By Application (Polyether Polyols, Propylene Glycols, Propylene Glycol Ethers and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The styrene monomer process segment is expected to hold the largest market share.
Based on the production process, the propylene oxide market is divided into the chlorohydrin process, styrene monomer process, hydrogen peroxide process, TBA co-product process, and cumene-based process. Among these, the styrene monomer process segment is expected to hold the largest market share. Technological breakthroughs in catalysts that increase process efficiency are driving the styrene monomer process industry. This development is influenced by the growing demand for polystyrene products across numerous industries, including packaging and insulation. A major motivator in the Styrene Monomer Process is the increased focus on cost-effective manufacturing techniques. Regulations that encourage ecologically friendly operations in this industry are driving the use of greener alternatives and technologies. Big businesses invest a lot of money in research and development, which helps with new innovations that promote market expansion.
Polyether polyols are expected to hold the largest market share.
Based on application, the propylene oxide market is classified into polyether polyols, propylene glycols, propylene glycol ethers, and others. Among these, polyether polyols are expected to hold the largest market share. The growing demand for flexible foams in furniture and bedding applications is propelling the market for polyether polyols. Increased usage in vehicle interiors and insulation applications is also contributing to the segment's growth. The demand for environmentally friendly products has increased the need for polyether polyols to provide sustainable solutions. Technological advancements and a heightened focus on high-performance polyols in research and development are driving the growth of this substantial industry. When all is said and done, the market for Polyether Polyols is robust due to the confluence of these factors, which in turn reflects general changes in consumer behavior and industrial applications.
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Asia-Pacific is having the highest share of the global propylene oxide market over the forecast period.
The propylene oxide market is expected to witness considerable growth in Asia Pacific due to the rise of different end-use sectors including furniture, automotive, and construction, along with expanded plant capacity for polyurethanes. The region's expanding food and beverage, personal care, and automotive industries are all anticipated to drive up demand over the projection period. The abundance of raw materials in China and India, especially propylene, will support the rise. Throughout the projected period, the market expansion may be aided by the government's plans to increase funding for large-scale construction projects.
North America is predicted to grow fastest pace throughout the forecast period. The burgeoning building sector, high discretionary income, rising living standards, and technological improvements provided by various US, Mexican, and Canadian firms will all contribute to the region's rising demand. Furthermore, it is anticipated that the market will develop due to the region's demand for adhesive and sealant products.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global propylene oxide market include Dow Inc, LyondellBasell Industries Holdings B.V, Royal Dutch Shell PLC, BASF SE, SKC Company AGC Inc, Repsol, Sumitomo Chemical Co., Ltd, Tokuyama Corporation, Indorama Ventures Public Company, INEOS Oxide, Jishen Chemical Industry Co. Ltd, Manali Petrochemicals, Tianjin Dagu Chemical Co., Ltd, PJSC Nizhnekamskneftekhim, Wudi XINYUE Chemical Co., Ltd, and Others.
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Recent Developments
- In November 2022, it was announced that LyondellBasell's Channelview Complex, located close to Houston, Texas, would be able to produce more propylene. A new propylene factory would be built using the company's current technology to transform ethylene into propylene for the manufacture of polypropylene and propylene oxide.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global propylene oxide market based on the below-mentioned segments:
Global Propylene oxide Market, By Production Process
- Chlorohydrin Process
- Styrene Monomer Process
- Hydrogen Peroxide Process
- TBA Co-Product Process
- Cumene-Based Process
Global Propylene oxide Market, By Application
- Polyether Polyols
- Propylene Glycols
- Propylene Glycol Ethers
- Others
Global Propylene oxide Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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