NEW YORK , Feb. 9, 2023 /PRNewswire/ -- Major players in the propylene market are AGC Chemicals, Archer Daniels Midland Company, Asahi Kasei Corporation, BASF SE, Chevron Phillips Chemical Company, China National Petroleum Corp. (CNPC), China Petrochemical Corporation, Dangote Industries Ltd, Eni SpA, and Enterprise Products Partners L.P.
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The global propylene-petrochemicals market will grow from $92.81 billion in 2021 to $102.62 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The Russia -Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The propylene market is expected to grow to $107.99 billion in 2026 at a CAGR of 1.3%.
The propylene market consists of the sales of propylene used in the production of acrylics, rubbing alcohol, epoxy glue, and carpets.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Propylene is a basic versatile chemical as ethylene used in the manufacture of common household items. Propylene is a component of the addition polymer poly (propane), and it is also used in the production of epoxy propane and propanol.
The Asia Pacific was the largest region in the propylene market in 2022.North America was the second-largest region in the propylene market.
The regions covered in the propylene market report are Asia-Pacific , Western Europe , Eastern Europe , North America , South America , Middle East , and Africa .
The main derivatives of propylene are polypropylene, propylene oxide, cumene, acrylonitrile, acrylic acid, acrylates, alcohols, and other derivatives.Polypropylene is a synthetic resin built by the polymerization of propylene.
These are used in various applications of organic chemical raw materials, synthetic resins, fine chemicals, and other applications that are implemented by end-user industries such as automotive, construction, packaging, textile, and other end-use industries.
The propylene market is expected to benefit from growth in the automobile industry during the forecast period.Polypropylene is a polymer produced from the propylene monomer which is used in the automobile industry.
Large-scale production of automobiles is leading to an increase in demand for polypropylene products, which are used in the manufacturing of battery cases and trays, bumpers, interior trim, instrument panels, fender liners, door trims, and other components.According to the International Energy Agency, car sales reached 73 million in 2020 and are expected to increase more in the future.
Thus, increased use of plastics in automobiles is expected to increase the demand for propylene during the forecast period.
Stringent safety regulations associated with the manufacture and transportation of propylene were a significant market restraint.Propylene is highly inflammable, toxic, and hazardous when exposed to extreme temperatures and pressures.
Propylene suppliers should invest in equipment, technologies, and processes to limit the toxic levels and chemical concentrations. These regulations increased the operating costs of companies in the propylene industry, thus limiting the scope for investments relating to the launch of new products and expansion into new markets, thereby affecting the market growth.
Petrochemical companies are adopting on-purpose propylene production technologies to produce propylene as a sole product but not as an alternate or co-product.On-purpose propylene technology refers to a modified version of the traditional fluid catalytic cracking unit which increases propylene yield by 20% more than the actual output.
Traditional sources for propylene, which include steam crackers and oil refineries, yield fewer propylene as a derivative or co-product due to a shift in feedstocks from naphtha to ethane.To meet the increased demand for propylene, petrochemical companies are investing in developing on-purpose technologies to accelerate the shortfall in propylene production.
Major on-purpose technologies include propane dehydrogenation, methanol-to-olefins/methanol-to-propylene (MTO/MTP), high-severity fluidized catalytic cracking (HS-FCC), coal-to-olefins/coal-to-propylene (CTO/CTP), and gas-to-olefins (GTO). For instance, major companies adopting this technology include BASF, Dow Chemical, ExxonMobil Chemical, and Sidi Kerir Petrochemicals Co (SIDPEC).
In January 2022 , Invista, a US-based fiber, resin and intermediates company acquired propylene business of Flint Hills Resources for an undisclosed amount.The acquisition includes chemical facilities in Houston and Longview, Texas , ownership of pipelines that supply facilities, and support employees.
The deal added propylene portfolio to Invista and enables future growth. Flint Hills Resources is an American refining company.
The countries covered in the propylene market are Brazil , China , France , Germany , India , Indonesia , Japan , South Korea , Russia , the UK, the USA , and Australia .
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The propylene market research report is one of a series of new reports that provides propylene market statistics, including propylene industry global market size, regional shares, competitors with a propylene market share, detailed propylene market segments, market trends and opportunities, and any further data you may need to thrive in the propylene industry. This propylene market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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