Propylene oxide is becoming more widely employed in a variety of industries, including construction and automotive. There is a rising focus on designing energy-efficient structures in the building and construction industry, which has resulted in an increase in demand for polyurethane materials. These materials are used to reduce energy loss in insulating applications. Polyurethane foams are the key to current energy management, whether they are rigid foams utilised as sandwich elements in new buildings and insulation blocks, or spray foam for energetic modernisation. Propylene glycol, with monopropylene glycol (MPG) as the principal product, is the second-largest application of propylene oxide. MPG is primarily used to create unsaturated polyester resins (UPR), roughly three-quarters of which are reinforced with fibre glass or mineral fillers to form fibres. The COVID-19 pandemic, which began in early 2020, has impacted the expansion of the propylene oxide business. However, increased demand for propylene oxide from the building and construction industries in both developed and developing nations aided market expansion.

Region Analysis:

Over the next seven years, Asia Pacific is predicted to have significant growth in propylene oxide market, with quick expansion owing to great growth in different end-use industries such as furniture, automotive, and construction, as well as increased plant capacity for polyurethanes. Over the next seven years, rising utilisation in meals, pharmaceuticals, cosmetics, and pet foods is predicted to drive industry expansion. In addition, over the projected period, the region's rising personal care, automotive, and food and beverage sectors will lead to an increase in demand. China and India will benefit from abundant raw materials, particularly propylene. Furthermore, growth will be fueled by China's expanding production base for the product over the projection period.

Key Development:

• Indorama Ventures Public Company Ltd. purchased Huntsman Corporation US's Integrated Oxides and Derivatives businesses/assets in January 2020. Ethylene oxide, propylene oxide, glycols, ethanolamines, surfactants, Linear Alkylbenzene (LAB), and Methyl Tertiary–butyl Ether are among the principal goods manufactured by the acquired company (MTBE). According to the Equity & Asset Purchase Agreement, Huntsman Corporation's acquisition also includes several R&D Centers as well as patents and technology.
• Sumitomo Chemical Co., Ltd. completed the construction of two catalyst manufacturing lines in its Chiba Works location (Ichihara, Chiba) in December 2019, in order to meet demand for polypropylene and propylene oxide, as well as to expand their chemical industry.

Segmentation:

The Global Propylene Oxide Market accounted for US$ 20.54 billion in 2020 and is estimated to be US$ 35.95 billion by 2030 and is anticipated to register a CAGR of 5.80%. The global propylene oxide market is segmented on the basis of propylene oxide, process, end user and region.

• On the basis of propylene oxide, the global propylene oxide market is segmented into polyether polyols, propylene glycol, glycol ethers, and others.
• Further, on the basis of process, the global propylene oxide market is segmented into chlorohydrins process, stryrene monomer process, hydrogen peroxide process, TBA Co-Product process, and cumene-based process.
• On basis of end user the target market is segmented into automotive, building & construction, textile & furnishing, chemical & pharmaceutical, packaging, electronics, and others.

Competitive Analysis:                                                                                                 

Key players operating in the global propylene oxide market includes The Dow Chemical Company, LyondellBasell Industries N.V., Royal Dutch Shell plc, Huntsman Corporation, BASF SE, Sumitomo Chemical Company, Tokuyama Corporation, PCC Rokita SA, PJSC Nizhnekamskneftekhim and Ineos Oxide Ltd.