Propylene Oxide Market Projected to Hit US$ 30,636.7 Million by 2033 with a CAGR of 5.2% | Persistence Market Research
Persistence Market Research
8 min read
Discover the key factors driving its growth, such as its use in the production of polyurethanes, surfactants, and more. Delve into the market's evolving landscape and the role of sustainability in shaping the future of propylene oxide production
New York, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The Propylene Oxide Market holds a pivotal position within the chemical industry, focusing on the production and application of propylene oxide (PO). This versatile chemical compound boasts a wide array of uses across diverse sectors. Its primary role lies in the manufacturing of polyurethanes, critical components in products like insulation materials, automotive components, and furnishings. According to Persistence Market Research's most recent market report.
The global market for propylene oxide has been estimated to reach a value of US$ 18,453.8 Million in 2023. The market for propylene oxide is expected to reach US$ 30,636.7 Million in value by 2033 with a steady growth rate of 5.2%. Market dynamics for propylene oxide are primarily propelled by the ever-increasing demand for polyurethane-based goods, driven by flourishing industries such as construction, automotive manufacturing, and electronics. Additionally, propylene oxide assumes a vital role in the formulation of surfactants, essential constituents in a broad spectrum of household and industrial cleaning formulations.
Recent years have witnessed the rising influence of sustainability on the Propylene Oxide Market. Manufacturers are actively exploring greener and more environmentally friendly production methods, including the utilization of bio-based feedstocks and process enhancements, aligning with the global shift toward sustainable and eco-friendly chemical production practices.Moreover, the Propylene Oxide Market is characterized by continuous research and development endeavors aimed at improving production processes, enhancing safety standards, and elevating sustainability credentials. As industries continue to evolve and the demand for polyurethanes and surfactants continues to surge, the propylene oxide sector remains at the forefront of innovation, shaping the future of diverse industrial applications.
Growing demand for propylene oxide in various industries like construction and automotive.
In the construction industry, there's a focus on making energy-efficient buildings, driving the need for materials like polyurethane, which relies on propylene oxide.
Propylene oxide is crucial in making products like polyurethane foams used in insulation and other energy-saving applications.
Another significant use is in propylene glycol, mainly monopropylene glycol (MPG), which is vital in making materials like fiber glass reinforced plastics (FRPs).
Negative Factors:
Propylene oxide can be toxic, causing irritation to the eyes, respiratory tract, and skin upon exposure.
Long-term exposure can lead to serious health issues, and it's classified as a probable human carcinogen, limiting its growth prospects.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at - https://www.persistencemarketresearch.com/market-research/propylene-oxide-market.asp
Opportunities:
Emerging Healthcare Applications for Polyurethane
The continuous increase in human life expectancy, coupled with greater investments and advancements in the healthcare sector, has led to a notable expansion of the polyurethane market within the realm of medical devices. Over recent decades, the utilization of polyurethane in healthcare has witnessed a substantial rise, driven by the adoption of cutting-edge technologies. In the healthcare industry, polyurethane-based products like pacemakers, hypoallergenic gloves, medical apparel, hospital bedding, hip replacements, and wound dressings have become prevalent. Polyurethane is also employed in temporary implants. The burgeoning healthcare sector is poised to offer significant growth opportunities for the polyurethane segment within the propylene oxide market."
Challenges:
Shifting from petroleum-based sources to bio-based feedstock is becoming a prominent trend in the production of polyurethane foam. Traditionally, polyols used in polyurethane foam production have been derived from petroleum, but growing concerns about their environmental impact and the anticipated future scarcity of petroleum resources have spurred the development of bio-based alternatives. This has resulted in an increased focus on renewable and sustainable materials, such as green and bio-based polyols, to create polyurethane foam. Various vegetable oils, including castor oil, palm oil, soybean oil, rapeseed oil, canola oil, and tung oil, have also found application in polyurethane foam production. The emergence of these innovative bio-based feedstocks for manufacturing polyurethanes poses a challenge to the growth of the propylene oxide market
Top Key Players:
Dow Inc. (US): A leading chemical manufacturer with a strong presence in propylene oxide production across North America and Europe.
LyondellBasell Industries Holdings B.V. (Netherlands): Another major chemical player with significant capacities in Europe, North America, and Asia.
Royal Dutch Shell PLC (Netherlands): A global energy giant with propylene oxide production integrated into its petrochemical operations.
BASF SE (Germany): A diversified chemical company with propylene oxide production facilities in Europe and Asia.
SKC Company (South Korea): A leading South Korean chemical company with a strong regional presence in propylene oxide production.
AGC Inc. (Japan): A Japanese chemical company with a focus on specialty chemicals, including propylene oxide.
Repsol (Spain): A Spanish energy and petrochemical company with propylene oxide production in Europe.
Sumitomo Chemical Co., Ltd. (Japan): A Japanese chemical company with a diversified portfolio, including propylene oxide production.
INEOS Oxide (Switzerland): A Swiss chemical company specializing in propylene oxide and derivatives.
Jishen Chemical Industry Co., Ltd. (China): A leading Chinese producer of propylene oxide, primarily serving the domestic market.
Manali Petrochemicals (India): A major Indian player in the propylene oxide market.
Tianjin Dagu Chemical Co., Ltd. (China): A Chinese producer focusing on the domestic market.
PJSC Nizhnekamskneftekhim (Russia): A Russian company with propylene oxide production facilities in Eastern Europe.
PCC Rokita (Poland): A Polish chemical company with a growing presence in the propylene oxide market.
Competitive Landscape
The global market for propylene oxide has been identified as a moderately fragmented space owing to significant presence key market participants. Some of the key market players included in the study are LyondellBasell Industries, The Dow Chemicals, SK Chemicals, Royal Dutch Shell, Sumitomo Chemical Co Ltd, BASF SE, Huntsman International LLC, AGC Chemicals, Repsol, Eastman Chemical Company, Mitsui Chemicals, Air Liquide, China Petrochemical Corporation, and Hanwha Group.
Key manufacturers are anticipated to maintain a competitive. Key players are focusing on investing a fair share of their revenue in product development to launch water-based lubricants to sustain in the long run in this competitive environment.
Segmentation of the Propylene Oxides Market
Based on end-use industry the propylene oxide market has been segmented into:
Automotive
Building & Construction
Textile & Furnishing
Chemical & Pharmaceutical
Packaging
Electronics
Others (Food, and Paints & Coatings)
Based on application, the propylene oxide market has been segmented into:
Based on the production process, the propylene oxide market has been segmented into:
Chlorohydrin Process
Styrene Monomer Process
TBA Co-product Process
Cumene-based Process
Hydrogen Peroxide Process
Based on the region, the propylene oxide market has been segmented into:
Asia Pacific
North America
Europe
Middle East & Africa
South America
Conclusion
The market is expected to gain momentum as the use of propylene oxide increases, especially in developing countries of the world. However, the global market supply chain was severely impacted by the COVID-19 scenario, disrupting the supply-demand balance. In particular, the COVID-19 pandemic had a severe impact on the automotive industry and had a cascading effect on the metalworking industry, putting the propylene oxide industry on the brink of production constraints, severe supply chain disruptions, and economic turmoil in both, large and small economies.
Asia Pacific is expected to dominate the global market during the forecast period due to significant amount of manufacturing concentration in the region. In Asia, China and India are projected to be the largest markets for propylene oxide due to numerous end-use segments.
AGC Chemicals, Sumitomo Chemicals, China Petrochemical Corporation, Mitsui Chemicals, and Hanwha Group are estimated to remain prominent market participants. Technological advancements and product innovations to improve efficiency of the product by increasing strength and ductility are the key focus areas. Major players in the market are also entering into collaborations to expand their global footprint, product portfolios, and technological base.
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