Propylene Oxide Market, Growth Opportunities, Revenue Share Analysis And Forecast To 2030
Propylene Oxide Market is projected to be worth USD 18.8 Billion by 2027, registering a CAGR of 3.9% during the forecast period (2020 - 2027).
As per a research report published by Market Research Future (MRFR). Propylene oxide acts as an essential primary chemical intermediate and has roles across various industry verticals. Growth in end user industries is the primary driver of the market. The substantial growth of the global automotive industry presents ample of expansion opportunities to the Propylene Oxide Market. Infrastructural and constructional projects such as urban city expansion projects across the globe, especially in the Asia Pacific region is a major driver of the market since propylene glycol is mostly used as a construction chemical for use in adhesives, paints, water-proofing materials and coatings. Growth in the automotive industry directly translates into a surge in demand for propylene oxide. It is used as flexible foams, sealants, hydraulic fluid in braking systems in vehicles, and also used as a de-icing agent in aircraft. Propylene oxide is a certified compound in the food industry which is used to reduce bacteria and microbes in food products, thus growth in food & beverage industry also augments the growth of the global Propylene Oxide Market. The surge in applications of polyurethane also boosts the growth of the market as polyurethane production requires propylene oxide as a raw material. Polyurethane is used in the production of insulators, mattresses, carpets and car seats which are expected to generate continued demand for propylene oxide. However, long-lasting and adverse health effects associated with exposure to propylene oxide and guidelines pertaining to exposure levels, and volatility in the price of raw materials are expected to hinder the market growth over the forecast period. Crude oil being one of the raw materials of propylene oxide is subject to price fluctuations which might restrict the growth of the market.
Segmentation
The global Propylene Oxide Market has been segmented based on applications and end use industry. By applications, the market has been segmented into polyether polyols, propylene glycol, fumigation, adhesives, and sealants, & oil demulsifier. By end-use industries, the market has been segmented into construction, paints, and coatings, oil & gas, food, & transportation.
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Regional Analysis
The key markets of the global Propylene Oxide Market include Asia Pacific, North America, Europe, Middle East & Africa and Latin America. Asia Pacific is the leading market for propylene oxide due to increased construction and housing activities in the region which is caused by ongoing infrastructural and industrial developments. Governments of emerging countries in Asia Pacific are endeavoring to attract foreign investments to accelerate growth in the countries which is further fostering the growth of the market. Additionally, burgeoning population and increased public investment in the housing industry support the growth of the market. North America market for propylene oxide is strong owing to high demand for Propylene Glycol from the transportation sector. Propylene Glycol is used in the automotive and aerospace industry which is well-established in the region and results in expansion of the market. Europe market for propylene oxide was consolidated, but the region is expected to lose share in the global market due to the economic crisis and strict regulations pertaining to environment and safety. The Middle East & Africa market is growing significantly on account of growing construction and oil & gas industries. Availability of raw materials in Saudi Arabia and UAE coupled with mega infrastructure projects in the region is anticipated to drive the market in the region. Latin America market is expected to depict low growth over the forecast period due to significant issues of public governance failure and low economic growth rate.
Competitive Landscape
The key players in the global Propylene Oxide Market Growth Analysis includes The Dow Chemical Company (U.S.), Royal Dutch Shell plc (the Netherlands), BASF SE (Germany), Asahi Glass Co., Ltd. (Japan), Sumitomo Group (Japan), LyondellBasell Industries N.V. (the Netherlands), Huntsman Corporation (U.S.), Repsol S.A. (Spain), INEOS Private Limited Company (U.K.), and Chevron Phillips Chemical (U.S.).
Industry Updates
In July 2018, BASF, a world leader in production and manufacturing of chemicals, signed a non-binding agreement with the Chinese government to build a wholly owned chemical complex in Guangdong, China. The scope of the project includes the production of basic chemicals including propylene oxide.
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