Propylene Market: Segmented: By Derivatives (Propylene Oxide, Polypropylene, Acrylonitrile, Acrylic Acid, Cumene/Phenol, Oligomers, Alcohols, Acrylates, and Others), By Grade (Polymer Grade, Chemical Grade, Refinery Grade), By Distribution Channel (Direct/Institutional Sales, Other Channel Sales), By End Use (Automotive, Construction, Consumer Goods, Electronics, Packaging, Textiles, Others), And Region - Global Analysis Of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Propylene Market to surpass USD 107.0 billion by 2032 from USD 65.58 billion in 2021 at a CAGR of 4.6% in the coming years, i.e., 2022-32.
Propylene, also commonly known as propene, is an unsaturated and colorless organic compound. It is a flammable hydrocarbon that is frequently used as fuel. The majority of propylene is obtained from the processing of petroleum. Propylene's molecular weight is 42.08 g/mol and its chemical formula is C3H6. Primarily, propylene is used to make polypropylene polymers for fibers, injection molding, and cumene (used in phenol production). Moreover, acrylic acid, isopropanol, oxo alcohols, and propylene oxide are all made from propylene. Also, polymers like polypropylene, which is used in storage tanks, furniture, shipping goods, and automobile parts, are made from propylene. Another common application of propylene is its use as a refrigerant.
Growing demand for the derivatives of propylene, mainly polypropylene, is driving the growth of the global propylene market. Moreover, the growing demand from sectors like the packaging and automotive industries has supported the growth of the global propylene market. The use of propylene oxide can be found in car seats, mattresses, carpets, insulators, and building chemicals, to name a few. Rising demand for derivatives, particularly propylene oxide after polypropylene, is projected to boost market expansion.
Propylene market is categorized on the basis of Derivatives into Propylene Oxide, Polypropylene, Acrylonitrile, Acrylic Acid, Cumene/Phenol, Oligomers, Alcohols, Acrylates, and Others. Over the projection period, the Polypropylene category is anticipated to occupy a significant market share. The majority of the world's total propylene production is used in the polymerization process to create polypropylene. Due to numerous uses for propylene and its derivatives, the chemical and plastics industries rely heavily on it, and it is the second most widely produced commodity in the world after ethylene.
Propylene market is categorized on the basis of End Use into Automotive, Construction, Consumer Goods, Electronics, Packaging, Textiles, and Others. In the near future, the automotive sector is anticipated to dominate the market for the higher use of propylene. The need for polypropylene materials, which are used to make bumpers, battery cases and trays, interior trim, instrument panels, door trims, fender liners, and other parts, is rising as a result of the mass manufacture of automobiles.
Multiple Applications of Acrylonitrile
Many sectors have a high demand for acrylic acid. It is a propylene derivative that is used to make polymers and elastomeric fiber. Sweaters, athletics, socks, and home furnishings are among the products made of acrylic that account for the major share of the industry. Due to the global coronavirus epidemic that expanded the demand for medical equipment, acrylonitrile, as well as propylene demand in the market held a significant share.
Significant Demand of Propylene from the Automobile Sector
During the forecast period, the propylene market is expected to rise due to the fast-rising demand for propylene in the automotive industry. The monomer of propylene, which is used in the automotive industry, is converted into polypropylene, a propylene polymer. The need for polypropylene goods, which are used to make bumpers, instrument panels, interior trim, battery boxes and trays, door trims, fender liners, and other machinery, has increased due to large-scale production of automobiles.
Strict Guidelines Associated with Manufacturing and Transportation of Propylene
A significant barrier to the growth of the propylene industry has been the implementation of strict safety regulations in the manufacture and transportation of propylene. When subjected to high pressures and temperatures, propylene is poisonous, highly flammable, and dangerous. Dealers of propylene should make investments in technologies, procedures, and equipment to reduce chemical and hazardous levels.
Propylene market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. In terms of revenue, Asia-Pacific is expected to control the propylene market over the forecast period. This is attributed to the fact that propylene is increasingly demanded in this area. Due to its high production and quick shale gas development, the Asia-Pacific region dominates the propylene market. North America is estimated to experience the quickest growth during the forecast period due to its large production and consumption of propylene products.
Owing to the rising demand for N95 masks caused by the COVID-19 pandemic, the propylene industry is also seeing growth. However, the growth of the market is hampered by the limited supply of propylene due to inadequate labor and logistical challenges. Many businesses are working on a mask that is reusable and will raise the demand for propylene. Moreover, the coronavirus outbreak and associated lockdown that has been enforced in several nations have strengthened the market for autonomous delivery vehicles.
|Market size value in 2021
|USD 65.58 Billion
|Revenue forecast in 2032
|USD 107.0 Billion
|CAGR of 4.6% from 2022 to 2032
|Base year for estimation
|Revenue in USD million and CAGR from 2022 to 2032
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Derivatives, Grade, Distribution Channel, End Use, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|BASF SE, The Dow Chemical Company, ExxonMobil Corporation, Royal Dutch Shell PLC, Reliance Industries Ltd., Saudi Basic Industries Corp. (SABIC), LyondellBasell Industries, Dangote Industries Ltd, Sinopec Corp., Total Energies, Valero Energy Corp., AGC Chemicals, Archer Daniels Midland Company, Asahi Kasei Corporation, Chevron Phillips Chemical Company, and Other Prominent Players.
The Propylene market size was estimated at USD 65.58 Billion in 2021 and is expected to reach USD 107.0 Billion in 2032.
Propylene, also commonly known as propene, is an unsaturated and colorless organic compound. It is a flammable hydrocarbon that is frequently used as fuel.
The Polypropylene and Automotive segments accounted for the larger share of the Propylene Market.
Key players in the Propylene market are BASF SE, The Dow Chemical Company, ExxonMobil Corporation, Royal Dutch Shell PLC, Reliance Industries Ltd., Saudi Basic Industries Corp. (SABIC), LyondellBasell Industries, Dangote Industries Ltd, Sinopec Corp., Total Energies, Valero Energy Corp., AGC Chemicals, Archer Daniels Midland Company, Asahi Kasei Corporation, Chevron Phillips Chemical Company, and Other Prominent Players.
Growing demand for the derivatives of propylene, mainly polypropylene, is driving the growth of the global propylene market.
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