Propylene Market to Grow at a CAGR of 5.41% by 2030
According to ChemAnalyst report, “Propylene Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”. Global Propylene market witnessed a demand of around 95 million tons in 2020 and anticipated to grow at a significant rate with a healthy CAGR of 5.41% until 2030 attributed to the wide range applications of the chemical in various end use industries such as Automotive, Packaging, Construction, Textiles, and Others.
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Propylene or propene (C3H6) is a colorless, non-toxic, extremely flammable fuel gas with a Petroleum like pungent smell and under pressure becomes liquid. During the refining process of gasoline Propylene is obtained however, three main processes involved in the production of Propylene are Steam cracking, fluid catalytic cracking (FCC) and Olefin conversion technology. Liquid petroleum derivatives such as LPG, naphtha, propane etc. are used as feedstock in the production.
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Depending upon level of purity, Propylene market is segmented into different grades such as Polymer Grade (>=99.5%), Chemical Grade (>=93.4%), Refinery Grade (60 - 70%). Polymer-grade propene commonly used in manufacturing polypropylene and propene oxide. Chemical-grade propene is used to produce several chemical derivatives such as oxo alcohols, acrylonitrile, acetone etc. While Refinery-grade propene, obtained from refinery processes and is prominently used as an octane booster in gasoline or in LPG for thermal use. Additionally, it can also be used in syntheses of some chemicals.
Propylene is a basic commodity in chemicals and petrochemicals industry and primarily used in the production of polypropylene resin, fibers, elastomers, and other chemicals such as propylene oxide, isopropanol, acrylonitrile, acetone, propylene glycol, cumene (used for synthesizing phenol & acetone) etc. Most of Propylene produced globally is consumed in manufacturing Polypropylene. Among all the derivatives, polypropylene is the most important industrial chemical followed by Propylene Oxide owing to its versatile properties and being a key ingredient in plastics. Polypropylene is employed in several end use industries like Automotive, Plastics, Construction, Packaging, Electronics and Electricals, Textile, Packaging, Consumer goods etc. The spur in the demand of Polypropylene is anticipated to fuel the market over the forecast period as it is a key raw material of Polypropylene.
Propylene oxide, the second major derivative of Propylene finds applications in detergents, paints, adhesives, cosmetics and used in the production of several derivative products such as polyether polyols, propylene glycol, butanediol which further are employed in numerous applications. Similarly, other derivative of Propylene, Polypropylene Glycol has wide range of applications in Cosmetics & Personal Care, Food & Beverage, Pharmaceuticals, Building & Construction and Automotive among others. Additionally, Isopropyl Alcohol another Propylene derivative owing to its antibacterial properties used in making sterilizers, disinfectants as well as antiseptic soaps and lotions. Hence, these vast applications of Propylene and its derivatives are likely to augment the market in the forecast years. However, It is a petrochemical derivative related to health hazards coupled with rigorous safety standards linked to its production and transportation are expected as major challenges in market growth .
In first half of 2020, the unprecedented outbreak of COVID-19 across the globe led to nationwide lockdowns and disruption in the functioning of several manufacturing plants. Along with that disturbance in the supply and demand chain drastically impacted several industries. During the first wave of Covid 19, slum in the major end use industries, Automotive, Construction, Chemical, Textile, Plastics also affected the market for Polypropylene. However, a surge in the demand was observed as its derivatives such as Polypropylene Glycol, Isopropyl alcohol are used as disinfectant or to produce sanitizers as well as liquid cleaners due to rising hygiene concerns amid pandemics. Additionally, after the exemption of trade restriction and resumption in industrial operations in the second half of 2020, Propylene demand was recovered rapidly due to high demand from end use industries and is expected to swell the demand for Propylene in the forthcoming years.
Region wise, Asia Pacific dominates the market and is expected to boost through 2030 owing rapid industrialization, urbanization, and large consumer base in the region. Moreover, the boom in Automotive sector coupled with the rapid growth in the Construction sector is likely to enhance the demand in APAC. Additionally, China is expected to present the most lucrative market globally being the leading producer of Electronics, Plastics, Textiles, Packaging films etc. Other Countries such as India, Japan and South Korea are also expected to offer substantial growth opportunities in Global market.
North America and Europe are expected to grow significantly in the upcoming years due to the presence of chemical industries as well as sources of raw materials (Shale Gas) in abundance. Additionally increase in its consumption as an octane booster also going to boost its industry in the upcoming years.
According to ChemAnalyst report, “Propylene Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2030”, Major players for Propylene globally include LyondellBasell Industries N.V., The Dow chemical Company, SABIC, BASF SE, Sinopec Corp., BP plc., ExxonMobil Corporation, Shell Plc., Total S.A., Huntsman Corporation, Valero Energy Corp. China Petroleum & Chemical Corporation, IRPC plc. and Reliance Industries Limited among others.
“Propylene is identified as a versatile commodity and Polypropylene production holds the major demand share of the global market and it is anticipated that the growth of polypropylene industry would strongly drive the market in the upcoming years. Its other derivatives such as propylene oxide, acrylic acid, acetone, IPA, polypropylene glycol, cumene etc. have wide range of applications in numerous industries and are also going to boost Propylene demand in the forecast period. Further, rapidly growing Construction and Automotive industry along with Packaging industry can offer lucrative growth opportunities in Global Propylene market. Due to rising environmental concerns, leading Propylene manufacturers are aiming to shift from petrochemical driven Propylene to biobased Propylene to reduce carbon footprint would extend potential prospects for the expansion of Propylene market size in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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