The global propylene market Growth Accelerated by Rising Demand from Synthetic Resins

 

Propylene forms an essential starting material for the manufacturing of various synthetic resins and fibers which are extensively used across diverse end-use industries. Propylene is used in the production of polypropylene which finds widespread usage in packaging films, containers, laboratory equipment, consumer products and automobile interiors among others due to attributes such as high chemical resistance, durability and lightweight. With mounting demand for lightweight and durable materials from automotive and construction industries, production of polypropylene is experiencing considerable growth.

The global propylene market is estimated to be valued at US$ 175 Billion in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The demand for propylene is witnessing significant rise mainly attributable to growing application of polypropylene in the automotive sector. Polypropylene is widely used in automotive interior and exterior parts like seats, bumpers, door panels, dashboards due to its excellent impact resistance and durability. With rapid urbanization and increasing disposable incomes, sales of automobiles particularly in emerging economies are rising exponentially. Expanding automotive production will augment the consumption of polypropylene which in turn is expected to boost the demand for propylene over the forecast period. As propylene is majorly used as a feedstock for manufacturing of polypropylene resin, the prospering automotive industry will accelerate the market growth of propylene.

Segment Analysis

The propylene market is dominated by polypropylene segment which accounts for over 85% of the overall demand. Polypropylene is widely used in packaging industry for its high tensile strength and resilience properties. It is a preferred choice for packaging of various food and beverage products. Additionally, growing consumption of polypropylene in automotive industry for interior and exterior parts such as bumpers, dashboards also supports the growth of this segment.

Key Takeaways

The global propylene market is expected to witness high growth in the coming years. Rapid urbanization along with rising disposable incomes in developing countries is driving the packaging and automotive industry which in turn is augmenting the demand for polypropylene made from propylene. The global propylene market is estimated to be valued at US$ 175 Billion in 2023 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2030.

Asia Pacific currently dominates the global propylene market and is expected to maintain its leading position during the forecast period. Presence of major automotive and packaging hubs in countries such as China and India is a key factor behind dominant position of Asia Pacific. Growing automotive manufacturing in Southeast Asian countries is further anticipated to drive the regional demand.

Key players operating in the propylene market are ExxonMobil, Dow, BASF, Sumitomo Chemical, SABIC and INEOS. ExxonMobil is the leading producer with capacity to manufacture over 5 million metric tonnes annually from its cracker units located in Texas and Pennsylvania. Dow and BASF are also prominent suppliers with significant market share and global production footprint.

Comments

Post a Comment

Popular posts from this blog

Nonylphenol Ethoxylate Market Size 2023 | Key Growth Drivers and Latest Opportunities

Image
Nonylphenol Ethoxylate  Nonylphenol ethoxylate (NPE) is a group of nonionic surfactants that are commonly used in a variety of industrial and household applications. They are produced by reacting nonylphenol with ethylene oxide, resulting in a range of products with varying degrees of ethoxylation. NPEs have been used in detergents, cleaning products, and personal care products as a surfactant, emulsifier, and wetting agent. They are also used in industrial applications, such as in the production of textiles, paper, and leather. However, NPEs have been found to be persistent in the environment, and are known to be toxic to aquatic life. They are also known to disrupt the endocrine system of animals, including humans, by mimicking the effects of estrogen. For these reasons, the use of NPEs has been restricted or banned in some countries, including the European Union and Canada. Many manufacturers have switched to using alternative surfactants, such as alcohol ethoxylates, which are cons
Read more

Hydrogen Peroxide Market Unveiled: Exploring Global Trends, Growth Drivers, and Future Prospects

Image
  Hydrogen Peroxide Market Overview Hydrogen peroxide (H₂O₂) is a chemical compound with a variety of industrial and consumer applications. It is a pale blue liquid, commonly used as a disinfectant, bleaching agent, and oxidizer. The hydrogen peroxide market is driven by its extensive use across various sectors, including healthcare, paper and pulp, textiles, food processing, electronics, and water treatment. Market Drivers Healthcare Industry:  Hydrogen peroxide is widely used as a disinfectant and antiseptic in the healthcare sector. It is employed for cleaning wounds, sterilizing medical equipment, and as a mouthwash. The ongoing emphasis on healthcare and hygiene has contributed to the  hydrogen peroxide market growth . Paper and Pulp Industry:  Hydrogen peroxide is utilized as a bleaching agent in the paper and pulp industry. It helps to whiten paper products and remove impurities, contributing to the production of high-quality paper. Textile Industry:  In the textile sector, hydr
Read more

Polyferric Sulfate Market Analysis: Growth, Trends, and Opportunities

Image
Polyferric sulfate, also known as PFS, is a chemical compound that finds widespread application in various industries. This inorganic coagulant is primarily utilized for water treatment and purification processes. It is an iron-based coagulant that is highly effective in removing impurities, such as suspended solids, organic matter, and contaminants, from water sources. Polyferric sulfate is known for its superior coagulation and flocculation properties, making it a preferred choice for treating both industrial and municipal water supplies. The market for polyferric sulfate has witnessed significant growth over the years due to increasing concerns about water quality and the need for efficient water treatment solutions. As populations grow, industrial activities expand, and environmental regulations become more stringent, the demand for reliable water treatment chemicals like polyferric sulfate has surged. This has led to a robust market expansion, driven by the critical role that PFS
Read more