New York, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The global propylene oxide market, in value terms, is anticipated to expand at a CAGR of 5.4% and attain a growth of close to US$ 27.9 Bn by 2031. Significant growth in the automotive and construction industry is boosting demand for propylene oxide, with a large chunk of the demand coming from Asia Pacific
With usage in various applications across industries, propylene oxide is anticipated to witness substantial growth, particularly in high-growth markets such as Asia Pacific. Growing construction and automotive industries are significantly impacting the market in a positive way.
Substantial vehicle production across the globe is bolstering consumption of propylene oxide. Increasing applications in the automotive sector is expected to propel market growth over the coming years.
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Reducing risk and developing products that comply with the strict regulations of various government agencies is a primary concern of propylene oxide manufacturers. Main players are focused on introducing product formulations that meet growing standards and stringent environmental regulations.
- In Feb 2017, LyondellBasell industries launched a new polypropylene (PP) random copolymer that can improve the properties of medical plastic products. This will help the company increase its business and revenue.
Key Takeaways from Market Study
- The Asia Pacific market is estimated to witness a significant growth rate of 5.7% over the forecast period.
- The polyether polyols segment is anticipated to remain a key end use of propylene oxide, and witness year-over-year growth of 5.5% in 2021.
- China is anticipated to remain a key country in the global market owing to the strong presence of end-use industries.
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“The polyether polyols segment is projected to be particularly lucrative over the coming years, given strong long-term demand fundamentals from the automotive & construction sector,” says a Persistence Market Research analyst.
Competitive Landscape
The global market for propylene oxide has been identified as a moderately fragmented space owing to significant presence key market participants. Some of the key market players included in the study are LyondellBasell Industries, The Dow Chemicals, SK Chemicals, Royal Dutch Shell, Sumitomo Chemical Co Ltd, BASF SE, Huntsman International LLC, AGC Chemicals, Repsol, Eastman Chemical Company, Mitsui Chemicals, Air Liquide, China Petrochemical Corporation, and Hanwha Group.
Key manufacturers are anticipated to maintain a competitive. Key players are focusing on investing a fair share of their revenue in product development to launch water-based lubricants to sustain in the long run in this competitive environment.
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Conclusion
The market is expected to gain momentum as the use of propylene oxide increases, especially in developing countries of the world. However, the global market supply chain was severely impacted by the COVID-19 scenario, disrupting the supply-demand balance. In particular, the COVID-19 pandemic had a severe impact on the automotive industry and had a cascading effect on the metalworking industry, putting the propylene oxide industry on the brink of production constraints, severe supply chain disruptions, and economic turmoil in both, large and small economies.
Asia Pacific is expected to dominate the global market during the forecast period due to significant amount of manufacturing concentration in the region. In Asia, China and India are projected to be the largest markets for propylene oxide due to numerous end-use segments.
AGC Chemicals, Sumitomo Chemicals, China Petrochemical Corporation, Mitsui Chemicals, and Hanwha Group are estimated to remain prominent market participants. Technological advancements and product innovations to improve efficiency of the product by increasing strength and ductility are the key focus areas. Major players in the market are also entering into collaborations to expand their global footprint, product portfolios, and technological base.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the Global propylene oxide market that contains industry analysis of 2016–2020 and opportunity assessment for 2021–2031.
The report provides in-depth analysis of the market through different segments, namely, application type and region. The report also provides supply and demand trends along with an overview of the parent market.
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