Global Propylene Market
Global Propylene Market Size Booming to Reach USD 139 Billion by 2028
Published | 28 October 2022
Global Propylene Market to Boost in Coming Years – Projected to Reach Worth USD 1,39,037.8 Million in 2028
Propylene market is primarily driven by its downstream usage from the polypropylene market. Propylene is a prominent feedstock in the petroleum industry used in the manufacture of propylene glycol, isopropyl alcohol, polygas chemical, acetone, acrylic acid, etc.
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Propylene Market was worth USD 87,207.3 million in 2021 and is projected to reach up to USD 1,39,037.8 million by the year 2028, growing at a CAGR of 6.9% over the analysis period of 2022-2028. 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. There is a huge demand for a variety of building items due to the rapid growth of construction in nations like China and India. The region's construction industry is being driven by the rise of construction activities because of the region's expanding population and rapidly expanding commercial sector.
The Burgeoning Demand for Propylene from Various Sectors
The market is developing as a result of increased use of propylene in a variety of end-use industries, including packaging, construction, textile, automotive, and other industries, as well as rising demand for polymers made from propylene monomer in the automotive industry. In addition, the top market players' expanding R&D initiatives may present significant market prospects for propylene.
To obtain a competitive edge, the key players in the chemicals industry are concentrating on R&D efforts and introducing cutting-edge goods. For instance, to make propylene oxide and styrene monomer in China, LyondellBasell Industries N.V. partnered with China Petroleum & Chemical Corporation (Sinopec). During the anticipated period of 2022–2028, all of these variables are expected to drive the worldwide propylene market.
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Fiber Steam Cracking Propylene Dominated the Global Propylene Market
Based on the production process technology, the global propylene market has been segmented into fiber steam cracking, refinery and on-purpose. Amidst the segmentation, the fiber steam cracking segment accounted for the largest market share in 2021. Moreover, the on-purpose segment is expected to exhibit the highest CAGR during the forecast. Due to the significant increases in the cost of heavy feedstock used in steam crackers and Fluid Catalytic Crackers (FCC), which are caused by rising crude oil prices, on-purpose technologies have become more significant. The majority of propylene is produced by these two sources, although the high expense of employing heavy feedstocks in steam crackers has discouraged companies from doing so.
Impact Of COVID-19 on the Global Propylene Market
Due to the rising demand for N95 masks caused by the COVID-19 pandemic, the propylene industry saw opportunities for growth. However, the market's expansion was hampered by the limited supply of propylene due to insufficient labour and logistical problems. Many businesses were working on masks that were frequently reusable and would raise the demand for propylene. Additionally, the coronavirus outbreak and associated lockdown that have been enforced in a number of nations have strengthened the market for autonomous delivery vehicles. Additionally, the epidemic and subsequent lockdowns enforced on several countries have strengthened the market for autonomous delivery vehicles.
Asia-Pacific Region Catered the Largest Market Share in The Global Propylene Market.
The southeast Asia region and the expansion of the packaging sector in that area are the main drivers of the Asian propylene market. Additionally, increased car production is increasing demand for materials like polypropylene and propylene oxide. As a result, the demand for propylene is anticipated to increase, which will fuel the expansion of Asia's propylene market in the years to come. The Covid-19 pandemic, however, had a detrimental impact on the expansion of the Asia propylene sector in 2020. The ease of rules led to an increase in import and export activity in 2021. Asia Pacific saw a sharp increase in the manufacturing of packaging, automobiles. This helped the propylene industry market in the Asia Pacific region flourish.
The global propylene market is characterized by the presence of many local, regional, and global vendors. 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, and other prominent players.
March 2022: New cast polypropylene film for laminating is released by Innovia. Propacast KF is a clear cast polypropylene film that Innovia Films has created with the express purpose of serving as a lamination solution for HFFS, VFFS, and lidding applications. The push for more straightforward package formats and the requirement to create monomaterial structures, according to Stephen Langstaff, business development manager for packaging at Innovia Films, were the main driving forces behind this launch.
September 2021: Toray Plastics (America), Inc. announces commercial production of packaging and label films commenced on its brand-new, cutting-edge, 8.7-meter, five-layer, in-line coating polypropylene film line with automated slitting. Toray regards the specialised, exclusive machinery as one of the most effective BOPP film production lines in the world. It enables Toray to produce highly engineered next-generation laminations and mono-material films, as well as enhance its flexible packaging product lines, which now include a strong label portfolio.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global Propylene Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global Propylene Market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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