Propylene Oxide Market to Witness An Exponentiation Of Its Growth Curve Between 2022 And 2030
Propylene oxide is a chemical compound that is generally obtained as a colorless liquid and soluble in ether and alcohol. The propylene oxides are generally utilized in the food industry to retain freshness and to eliminate bacterial attacks. It is also utilized in producing commercial materials that are used in rigid foams, injection moldings, adhesives, coatings, and significant others. The significant end-user industries such as automotive industries and furniture industries are propelling the overall growth of the propylene oxide industry. The potential characteristics of polyurethanes like stiffness, density, and hardness are also impacting the overall growth of the propylene oxide industry.
On the other hand, the stringent regulations regarding the usage of propylene oxide because of the toxicity are expected to restrict the overall growth of the propylene oxide industry. Whereas the demand for eco-friendly products is produced using bio-based polyurethane are considered as the major driver of propylene oxide market growth.
Cumulative growth analysis:
The market value of propylene oxide was at USD 14.4 Billion in the year 2020, and it is expected to surpass a revised size of USD 18.8 Billion by 2027, growing at a CAGR of 3.9%. The market value is highly influenced by the increasing utilization of polyurethane foam products in everyday activities. Additionally, the demand for the end-user industries such as automotive, construction, textile and furnishing, and significant others are considered as the major drivers of the propylene oxide industry. The manufacturing of the car seats, hand rests, over liners, interior and exterior of the automobiles are intensive utilizing the propylene oxide such factors are impacting the overall growth of the propylene oxide industry.
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Market overview:
Propylene oxide is a chemical compound that is generally obtained as a colorless liquid and soluble in ether and alcohol. The propylene oxides are generally utilized in the food industry to retain freshness and to eliminate bacterial attacks. It is also utilized in producing commercial materials that are used in rigid foams, injection moldings, adhesives, coatings, and significant others. The significant end-user industries such as automotive industries and furniture industries are propelling the overall growth of the propylene oxide industry. The potential characteristics of polyurethanes like stiffness, density, and hardness are also impacting the overall growth of the propylene oxide industry.
On the other hand, the stringent regulations regarding the usage of propylene oxide because of the toxicity are expected to restrict the overall growth of the propylene oxide industry. Whereas the demand for eco-friendly products is produced using bio-based polyurethane are considered as the major driver of propylene oxide market growth.
Regional analysis:
Among other regions, the Asia-pacific region is expected to hold the largest market share during the forecast period. As the demand for the construction and housing industry has been increasing across the Asia-pacific region. The burgeoning population and the continuous demand for the improvement in infrastructure across the Asia-pacific region are considered as the major factors that increase the propylene oxide market demand.
On the other hand, North America is also utilizing propylene oxide intensively due to the increased demand in the automotive industry. The aerospace vehicles and the demand for the de-icing agent in airplanes are some of the key uses of propylene oxide. However some of the developed countries such as Europe, due to the toxicity nature of propylene oxide have restricted the usage with its regulations.
Competitive landscape:
- Dow Chemical Company (U.S.)
- LyondellBasell Industries N.V. (the Netherlands)
- Royal Dutch Shell plc (the Netherlands)
- Huntsman Corporation (U.S.)
- BASF SE (Germany)
- Repsol S.A. (Spain)
- Asahi Glass Co., Ltd. (Japan)
- INEOS Private Limited Company (U.K.)
- Sumitomo Group (Japan)
- Chevron Phillips Chemical (U.S.)
- Recent developments:
Industry News:
Jan 2022 – Increased ethylene sector maintenance planned for the first half of this year is projected to restrain supplies, according to LyondellBasell Industries NV, while tight markets for acetyls and propylene oxide are predicted to persist. Higher energy and feedstock costs squeezed profits in the fourth quarter, notably Europe. However, better margins were driven by improving transportation fuel demand, allowing our Refining segment to produce its second consecutive quarter of positive earnings.
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