Global Propylene Market: Overview
Global propylene oxide market is anticipated to grow significantly during the forecast period owing to increased polyurethanes’ demand in several segments such as construction, furniture, footwear, automotive, and packaging. The rise in usage of polyurethane in flooring material, thermal insulators, and sealants will increase the demand for propylene oxide market globally. Rise in construction and infrastructure in emerging economies such as India, Qatar, Saudi Arabia, UAE, Brazil, Singapore, Malaysia, and China. These factors are likely to rise the demand for propylene oxide market globally.
The global propylene oxide application market is segmented into propylene glycol ethers, propylene glycols, and polyether polyols. Among these, polyether polyols is expected to rise as the leading segment with the highest CAGR during the forecast period. The rise in demand for polyurethane across the globe is the leading factor for the rise of this segment. Increasing demand from electronics industries, packaging, furnishing & textile, and building & construction is the major factor for the rise of this segment.
The report offers a comprehensive evaluation of the global propylene oxide market with special focus on dynamics of market including market drivers, restrains, trends, and opportunities. The report also provides regional and other segmentation study of the market based on accurate facts and figures.
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Global Propylene Market: Trends
The demand for propylene oxide in various end user industries such as packaging, footwear, furniture, construction, and automotive is expected to increase in the coming years significantly. Polyurethanes are manufactured from polyether polyols and possess characteristics such as density, rigidity, and hardness thus, increasing its demand in the market. Polyurethane has witness increased demand from thermal, carpet underlay, bedding, automobile seating, flooring material, and furniture industry. Therefore, propylene oxide will show significant rise in the market. Increased consumption of products manufactured using propylene glycol, polyalkylene glycols, and propylene glycols are anticipated to boost the market for propylene oxide. Rise in industrialization has led to drive in demand for interior goods and furniture thus, leading to increased demand for propylene oxide and its derivatives. Lucrative opportunities are expected by the global propylene oxide market due to rapid expansion in technological advancement and medical sector. Propylene oxide is used as a chemical intermediate for production of injection moldings, coatings, rigid and flexible foams, adhesives, and elastomers. Consumption of propylene oxide in water scavengers, latex paints, wetting agents, greases, oil filed chemicals, and lubricants are expected to show significant rise in the growth of the market.
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Global Propylene Market: Geography
The global propylene oxide market is spread across regions such as Asia pacific, Europe, Latin America, North America, and Middle East & Africa. Among these, Asia pacific is expected to expand at the fastest rate owing to easy and ample availability of raw materials in emerging economies such as India, Japan, and China. Europe and North America is also holding significant shares in the market due to increased demand of propylene oxide in sectors such as construction and automobile.
Global Propylene Market: Companies Mentioned
Some of the leading players in the global propylene oxide market are Sumitomo Chemicals Co., Royal Dutch Shell Plc., Lyondellbasell Industries Holdings, Huntsman Corporation, BASF SE, and The Dow Chemical Company.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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