Propylene Market to Grow at a CAGR of 6.5% by 2035
According to ChemAnalyst report, “Propylene Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2035”. Propylene market witnessed a demand of around 90 million tons globally in 2021 and is anticipated to grow at a significant rate with a healthy CAGR of 6.5% until 2035 owing to its surging demand in Automotive sector and Packaging sector.
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Propylene is a colorless gas and has a dull petroleum like smell. It is highly inflammable in nature. Therefore, it is shipped as liquified gas under its own vapour pressure. Propylene is majorly used in the production of plastics and fibers; it is also used in the production of different useful compounds like propylene oxide and cumene. Propylene is formed by steam cracking of Naphtha and catalytic cracking of gas oil. Propylene has wide range of derivatives primarily Polypropylene, Propylene Oxide and cumene. Propylene Market is expected to witness significant growth by reaching 170 million tons of global capacity in 2035.
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The unanticipated upsurge of the COVID-19 virus in the third quarter of 2020, across the world led to the imposition of countrywide lockdown by the major countries. It resulted in trade restrictions. Unsetting in the operations of various manufacturing facilities, and interruption in supply and demand chain. The Propylene market was also affected in the first wave of COVID-19 because its major end use industries such as textile, automotive, Packaging, and other industry were drastically affected in the first wave of COVID -19.
Region wise, Asia Pacific holds the largest share in the Propylene market followed by North America and South America. Propylene market in Asia pacific region is going to increase in the forecast period due to increase in demand in Polypropylene manufacturing sector. APAC holds majority share of consumption of Propylene due to presence of key players of packaging and automobile sector dominating the market in the forecast period.
According to ChemAnalyst report, “Propylene Market Analysis: Plant Capacity, Production, Operating Efficiency, Process, Demand & Supply, End-User Industries, Distribution Channel, Regional Demand, 2015-2035”, Major players are Dow Chemical Company (US), LyondellBasell Industries N.V. (Netherlands), Global Bio-chem Technology Group Co., Ltd (China), DuPont Tate & Lyle Bio Products, Archer Daniels Midland Company (US), Ducor Petrochemicals (Netherlands), China National petroleum Corporation(China), Temix International S.R.L (Italy), INEOS oxide (Switzerland), Huntsman Corporation (US), LyondellBasell Industries N.V. (Netherlands) etc.
“FCC Technology to produce Propylene is the only solution to cover the demand supply gap in future. All End Use sectors of Propylene such as packaging, automotive, textile and medical sectors has caused a surge in its demand which is anticipated to drive its market growth through the forecast period and offer various opportunities for manufacturers to broaden their capacities to fill demand and supply gap in future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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