Global Propylene Oxide Market By Overview
Propylene Oxide Market accounted for USD 20.54 Billion in 2020 and is estimated to be USD 35.95 Billion by 2030 and is anticipated to register a CAGR of 5.80%.
Propylene oxide is an organic, flammable, volatile, colorless liquid compound similar to ether or benzene extensively used as an intermediate for the production of numerous commercial materials such as polyether polyols, propylene glycol, and propylene glycol ethers.
Moreover, propylene oxide is also used in the manufacturing of injection molding, rigid foams, adhesives, surfactants, coating, and others. Furthermore, the increased usage of polyurethanes in various end-user applications such as bedding, thermal insulation in the construction industry, carpet underlay automotive insulation, packaging moldings in door frames, commercial refrigeration, window headers, columns, window headers, and others.
However, health hazard caused due to prolonged exposure to skin is a major factor that is expected to hamper the propylene oxide market.
Propylene oxide market is segmented on the basis of propylene oxide, process, end user, and region.
On the basis of propylene oxide, the propylene oxide market is segmented into polyether polyols, propylene glycol, glycol ethers, and others.
Further, on the basis of process, the propylene oxide market is segmented into chlorohydrins process, styrene monomer process, hydrogen peroxide process, TBA Co-Product process, and cumene-based process.
On the basis of end-user, the target market is segmented into automotive, building & construction, textile & furnishing, chemical & pharmaceutical, packaging, electronics, and others.
On the basis of region, the target market has been segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The Propylene Oxide market in Asia Pacific accounted for the fastest market growth over the forecast period. This can be attributed to the increasing population and changing lifestyle in the region.
Global Propylene Oxide Market By Competitive Landscape & Key Players
Key players operating in the propylene oxide market include 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.
FAQs
Propylene oxide market is segmented on the basis of propylene oxide, process, end-user and region.
The major factors driving the growth of the market studied are the rising demand for polyether polyols for polyurethane production, and wide-ranging downstream applications of propylene glycol.
Asia-Pacific dominated the market across the globe, owing to the robust growth of construction activities and automotive production in the region.
The prominent key operating in the global market have adopted key strategies such as collaborations, mergers, acquisitions, and partnerships to strengthen their market outreach and sustain the stiff competition in the market. For instance, on July 2017, Saudi's Sadara Chemical started propylene glycol plant. The Sadara complex, comprising 26 integrated facilities in Jubail, eastern Saudi Arabia, is the world's largest petrochemical facility to be built in a single phase.