The increase in demand for propylene oxide from end-use industries and rising application in building and construction will fuel the market growth.
Market Size – USD 15.01 Billion in 2018, Market Growth – CAGR of 5.9%, Market Trends – Technological advancement of propylene oxide.
New York, June 26, 2019 – The Global Propylene Oxide Market is forecast to reach USD 24.13 Billion by 2026, according to a new report by Reports and Data. Propylene oxide is an organic flammable, volatile, and colorless liquid compound that is soluble in both alcohol and ether. The compound is used as an intermediate for the manufacture of various commercial products.
Increase in demand for the product by various end-use industries such as constructions, packaging, automotive, furnishings, and textiles is anticipated to patronize the growth of the market in the coming years. The market is mainly driven by the growth in demand for polyether polyols, rising demand owing to the increase in its applications, huge investment in infrastructural spending, and an increase in the demand for automotive products.
Propylene oxide finds its application in tub-shower, gasoline tanks, and boat hulls. Rise in the consumption of products that include polyalkylene glycols, popylene glycols, and propylene glycol ethers will propel market expansion. High consumption in lubricants, defoamers, greases, oil-field chemicals, latex paints, wetting agents, and water scavengers will increase the revenue generated by the market.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/propylene-oxide-market
Further key findings from the report suggest
- Polyether polyols are among the major components used to produce polyurethanes that are in turn applied in building and construction, apparels and automotive.
- Polyether polyols are forecasted to have the highest CAGR of 6.6% during the forecast period owing to its high demand in cushioning and insulation foams in automotive.
- Glycol Ethers is forecasted to hold the market share of 22% in the year 2026. They are used in cleaners, degreasers, adhesives, and aerosol paints.
- Glycol Ethers growth in the market is mainly due to the switch of solvent-based coatings to water-based coatings. Water-based coatings use glycol ethers as their coalescing agent.
- Chlorohydrin Process is forecasted to have a CAGR of 6.6% during the forecast period. It involves the reaction of propylene and chlorine in the presence of water to produce the two isomers of propylene chlorohydrin.
- The Dow Chemical Company is the sole manufacturer to use the chlorohydrin process in the U.S. Across the globe; it is used by several more companies in various countries.
- Chemical and pharmaceutical held the largest market share of 21% in the year 2018.
- Building and construction are forecasted to hold a market share of 14% in the year 2026. Propylene Oxide is used in adhesives, grouts, paints, coatings, waterproofing materials in both the construction and infrastructure industry.
- Increase in construction in emerging, and developed nations such as China, India, Brazil, Saudi Arabia, UAE, and Qatar will influence the growth of the market.
- Propylene oxide is also used in various end-use products such as hydraulic fluids, automotive coolants, engineering fibers, and plastics. It is also beneficial in areas such as flame retardants, fumigates, textile surfactants, and modified starch.
- North America is forecasted to have a CAGR of 6.4% during the forecast period. The region consumes propylene glycol in its automotive sector as hydraulic fluids and also finds its application as a de-icing agent in airplanes and aerospace.
- Key participants include Raytheon Company, Lockheed Martin Corporation, Boeing, Israel Aerospace Industries, BAE Systems Plc., MBDA, Kongsberg Group, Rafael Advanced Defense Systems Ltd., L-3 Technologies Inc., and FN Herstal S.A among others.
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For the purpose of this report, Reports and Data have segmented into the global Propylene Oxide market on the basis of Process, Application, End User, and Region:
Process Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Chlorohydrin Process
- Styrene Monomer Process
- Hydrogen Peroxide Process
- TBA Co-Product Process
- Cumene-based Process
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Polyether Polyols
- Propylene Glycol
- Glycol Ethers
End User Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Building and Construction
- Textile and Furnishing
- Chemical and Pharmaceutical
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America