A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Propylene Market was 90.6 Metric Tons in 2021 and is projected to reach 132.1 Metric Tons by the year 2028, growing at a CAGR of 6.1% over the analysis period of 2022-2028. The expansion in the Propylene market can be primarily attributed to the large array of properties exhibited by propylene that expands its employability across several sectors. Propylene is the simplest member of the alkene family; it is a colorless gas having a faint petroleum-like odor. Propylene is a prominent feedstock in the petroleum industry used in the manufacture of propylene glycol, isopropyl alcohol, polygas chemical, acetone, acrylic acid, etc. Moreover, it is mainly used as a humectant as it makes water-soluble and stops it from collecting in clumps or foaming. Furthermore, propylene keeps the surface hydrated and averts the growth of molds and bacteria. Apart from this, it prevents corrosion of metals by offering an electrochemical charge so they can maintain their properties.
The Burgeoning Demand For Propylene From Various Sectors To Drive The Global Propylene Market Growth
The rising demand for propylene from the construction industry throughout the world acts as one of the foremost factors driving the growth of the propylene market. The rise in the usage of propylene in various end-use industries such as packaging, construction, textile, automotive, and others and growing demand for polymer produced from the propylene monomer in the automobile sector accelerate the market growth. Apart from that, the growing R&D activities taken up by key market players can provide major opportunities in the global propylene market. The major players in the chemicals sector are focusing on research and development activities and launching innovative products to gain a competitive edge. For instance, LyondellBasell Industries N.V. collaborated with China Petroleum & Chemical Corporation (Sinopec) to produce propylene oxide and styrene monomer in China. All these factors are likely to propel the global propylene market during the forecast year 2022-2028.
Polypropylene Accounted For The Largest Market Share And Is Expected To Grow With Highest CAGR During The Forecast Period
Based on the derivative, the global propylene market has been segmented into Polypropylene, Propylene Oxide, Cumene, Acrylonitrile, Acrylic Acid & Acrylates, Alcohol, and Others. Alcohols comprise oxo-alcohols and isopropyl alcohols. Amidst the segmentation, polypropylene accounted for the largest market share in 2021. Moreover, it is expected to be the fastest-growing segment during the forecast period 2022-2028. The escalation in demand for polypropylene products is due to their heavy usage in the production of instrumental panels, interior trim, door trims, fender liners, bumpers, battery cases, and trays, and other components coupled with the constant development of the e-commerce sector, which is a massive deployer of polypropylene as the raw material for packaging purposes.
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Impact Of COVID-19 On The Global Propylene Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The global propylene market has also been brutally impacted by the emergence of the COVID-19 pandemic. Several governments around the world imposed rigorous lockdowns, thus vividly hampering the building and construction, transportation, electrical, and electronics industries, which are the important end-user industries for the Propylene market. These industries are experiencing a sharp decline in demand as well as production due to the declining discretionary spending, limitations on supply and transport, factory shutdowns, and a slowdown in infrastructure expansion activities throughout the world. However, the demand for propylene surged from the packaging industry owing to the growth in e-commerce amid the pandemic. Nevertheless, with the improving market circumstances in the post covid era, the growth of the Propylene market is likely to recover during the forecast period.
Asia-Pacific Region Is Expected To Grow With The Highest CAGR In The Global Propylene Market
In terms of regional analysis, the global Propylene market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, the Asia-Pacific region dominated the global propylene market in terms of value as well as volume in 2021. Moreover, APAC is expected to be the largest growing market in global propylene during the forecast period 2022-2028. This can be attributed to the growing demand for propylene from the packaging and automotive sector, particularly in countries like India, China, and Japan. China has been the largest importer of propylene as well as its derivatives. As a means of reducing its reliance on imports, many investments are being proposed by 2025. Some of them include Fujian Meide Petrochemical Fuzhou Propylene Plant, Oriental Energy Ningbo Propylene Plant, and Oriental Energy Ningbo Propylene Plant. Furthermore, market leaders including Formosa Plastics Group, LG Chem, China Petrochemical Corporation, and Sumitomo Chemical present in the region are anticipated to amplify the demand for propylene in the region during the forecast period 2022-2028.
Competitive Landscape
The global propylene market is a fragmented market. The key players operating in the global Propylene market are Dow, BASF SE, Sumitomo Chemical Co.Ltd., Exxon Mobil Corporation., INEOS, LyondellBasell Industries Holdings B.V., SABIC, Asahi Kasei Corporation, China Petrochemical Corporation, Chevron Phillips Chemical Company, Manali Petrochemical, AGC Chemicals, Royal Dutch Shell, Oleon NV, and other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research and development activities, and launching improved products for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.
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