The Global Propylene Market Size is valued at 105.74 billion in 2022 and is predicted to reach 137.81 billion by the year 2031 at a 3.12% CAGR during the forecast period for 2023-2031.
Propylene (propylene) is an organic component and a colorless chemical compound that occurs as a gas. It is a highly flammable hydrocarbon that is commonly used as a fuel. The vast bulk of propylene is eliminated during crude oil processing. Propylene has a molecular weight of 42.08 g/mol and the chemical formula C3H6.
Propylene, commonly known as propene, is a petroleum-derived chemical that is widely used in the production of resins, textiles, elastomers, and other chemical goods. Global demand for polypropylene is being driven by the increasing demand for effective plastic packaging materials. propylene has a wide range of properties that allow it to be used in various applications, including improved operating temperature, tensile strength, high chemical resistance, and reduced moisture absorption. Because of its ease of melting and molding into any shape or size without losing its original quality, propylene is now frequently used in injection molding applications. The Propylene market development is rising as a result of increased demand for lightweight polymers from the automotive, consumer goods, and electronics industries.
However, the propylene sector is benefiting from the global outbreak because of the increased demand for N95 masks triggered by the COVID-19 pandemic. Yet, due to labor shortages and logistical problems, the market's expansion must increase the restricted propylene supply. Some companies are developing a regularly reusable mask that will increase the demand for propylene.
Furthermore, the coronavirus outbreak and subsequent lockdown imposed in some countries have increased demand for autonomous delivery vans. Moreover, the market's continuing rise in the packaging industry is driving robust demand for propylene.
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.
Competitive Landscape:
Some of the Propylene Market players are:
- 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.
Market Segmentation:
The Propylene Market is segmented on the basis of derivatives, type, application, and end-use. Based on derivatives, the market is segmented as polypropylene, propylene oxide, cumene/phenol, acrylonitrile, acrylic acid, oligomers, alcohols, acrylates, and others. The type segment includes polypropylene, propylene oxide, cumene/phenol, acrylonitrile, acrylic acid, oligomers, alcohols, acrylates, and others. By application, the market is segmented into injection molding, film & sheet, raffia, fiber, and blow molding. The end-user segment includes packaging, electronics, medical, consumer goods, automotive, construction, textile, agriculture, and others.
Based On Derivatives, The Polypropylene Segment Is Accounted As A Major Contributor To The Propylene Market
The polypropylene category is expected to hold a major share of the global Propylene Market in 2022. The basis for this market expansion is increased demand for derivatives, specifically polypropylene and propylene oxide. Naphtha cracking, which results from the production of other products in refineries and is used to make ethylene, is a key source of propylene. When converting propane to propylene, propane dehydrogenation creates hydrogen as a byproduct.
The Injection Molding Segment Witnessed Growth At A Rapid Rate
The injection molding segment is projected to grow at a rapid rate in the global propylene market due to the widespread use of injection molding. Polypropylene is used to create a wide range of products, including home goods, automotive, marine, and recreational vehicle (RV) components. As a result, rising demand for molded goods, such as rigid containers, would fuel market growth in this category over the forecast period.
The Asia Pacific Propylene Market Holds A Significant Revenue Share In The Region
Asia Pacific Propylene Market is expected to register the highest market share in revenue in the near future. This can be attributed to the increased demand from the packaging and vehicle manufacturing industries. China, Japan, and India are key contributors to market growth in the area due to the increasing usage of propylene in these countries' food and beverage, packaging, and care industries. Major industry companies are attempting to extend their presence in the area due to the significant opportunities given by the expanding automobile and construction sectors. Moreover, the demand for food and beverage packaging, as well as vehicle production, would drive up propylene consumption in Europe.
The region's leading producers, processors, and compounders are continually working to develop innovative products for the automotive industry. Another important factor driving the growth of the European Propylene market is the use of items in healthcare and pharmaceutical, electrical and electronic, and other industries.
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 |
|
Competitive Landscape |
BASF SE, Repsol, Borouge, Borealis AG, MOL Group, Beaulieu International Group, LyondellBasell Industries NV, ExxonMobil Chemical, China National Petroleum Corporation, INEOS, China Petroleum & Chemical Corporation, SABIC, Ducor Petrochemicals, Reliance Industries Limited, Formosa Plastic Group, Total SA, and Braskem. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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