The global propylene industry is projected to achieve a Compound Annual Growth Rate (CAGR) of 3.2%, reaching a market value of approximately USD 151.50 billion. This growth can be attributed to several factors:
- Increased Demand for Polypropylene: Polypropylene, a significant end-use product of propylene, is experiencing rising demand across various sectors, including packaging, consumer goods, automotive, and construction.
- Expansion in Shale Gas Production: The recent surge in shale gas production has provided an abundant and cost-effective source of propylene feedstock, further driving market growth.
- Growth of Petrochemical Industries: The expansion of petrochemical industries, particularly in emerging economies, is boosting the demand for propylene, thereby contributing to market expansion.
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Market Dynamics
- In recent times, the propylene market has witnessed significant demand growth worldwide. A sustained need for propylene derivatives like propylene oxide, polypropylene, and acrylic acid is poised to underpin the robust expansion of the global propylene market in the foreseeable future.
- Polypropylene is anticipated to maintain its dominant position in the global market for polypropylene derivatives. Additionally, advancements in polypropylene derivative technologies are projected to influence propylene demand on a global scale. The proliferation of various end-use industries associated with propylene derivatives is likely to drive global propylene consumption in the coming years.
- Moreover, rapid urbanization in emerging economies has outpaced the capacity of steam crackers and refineries to supply propylene. Consequently, manufacturers are actively pursuing on-purpose production capabilities to bridge the supply-demand gap. This proactive approach is expected to contribute significantly to propylene market growth.
- Nevertheless, the combination of heightened demand growth and limited propylene supplies at potentially elevated prices could impede growth, particularly affecting applications where substitution is feasible, such as polypropylene versus polyethylene, polystyrene, and ABS.
- Furthermore, due to its highly flammable and toxic nature, propylene necessitates regulated usage and may prompt a preference for alternative feedstocks, particularly in regions with stringent regulations. This could moderately impact its consumption rate in such areas.
Propylene Market: Regional outlook
The global propylene market is poised for robust growth, with developing regions, particularly the Asia Pacific, led by China and India, driving expansion. Asia Pacific is anticipated to dominate the market, fueled by substantial demand for propylene derivatives like polypropylene and acrylic acid for industrial applications. North America and Europe are expected to experience steady growth, with shale gas production opening avenues for local players in propylene feedstock. Construction and infrastructure investments will further boost demand for propylene derivatives in North America. The Middle East & Africa, along with Latin America, are also projected to witness sustainable growth in the global propylene market in the coming years.
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Top Key Players
- BASF SE
- The Dow Chemical Company
- ExxonMobil Corporation
- LyondellBasell Industries N.V.
- Saudi Basic Industries Corp. (SABIC)
- BP Plc.
- Sinopec Corp.
- Total S.A.
- Valero Energy Corp.
- Royal Dutch Shell PLC
- Reliance Industries Ltd.
Propylene Market: Segmentation
On the basis of derivatives,
- Propylene Oxide
- Polypropylene
- Acrylonitrile
- Acrylic Acid
- Cumene/Phenol
- Oligomers
- Alcohols
- Acrylates
- Others
On the basis of end-use industry,
- Automotive
- Construction
- Consumer Goods
- Electronics
- Packaging
- Textiles
- Others
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