Propylene Oxide Market worth $29.5 billion by 2026 | Key players Dow Inc., BASF SE, Repsol, SKC, Befar Group

According to recent market research "Propylene Oxide Market by Application (Polyether Polyols, Propylene Glycols),Production Process (Chlorohydrin, Styrene Monomer, Cumene Based), End-Use Industry (Automotive, Building & Construction), and Geography - Global Forecast to 2026", The propylene oxide market is projected to grow from USD 22.5 billion in 2021 to USD 29.5 billion by 2026, at a CAGR of 5.6% from 2021 to 2026. The propylene oxide market is majorly driven by the rising demand for polyurethanes in various end-use industries, such as automotive, building & construction, textile & furnishing, chemical & pharmaceutical, packaging, and electronics. The increasing usage of polyurethane is in thermal insulators, sealants, and flooring materials is also expected to propel market growth in the near future.

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Based on end-use industries, the automotive industry accounted for the largest share in the propylene oxide market. In 2020, nearly 77.0 million units of vehicles were produced across the globe. This resulted in high demand for polyurethane foams, ultimately creating an increased demand for propylene oxide across the globe. Building & construction, chemical & pharmaceutical, are other leading application to the adoption of propylene oxide market.

Based on application the polyether polyols accounted for the largest market share in the propylene oxide market. This large share is attributed to the fact that polyether polyols are basic raw materials used in the production of polyurethane foam. Globally, polyurethane foam has witnessed increased adoption from multiple end-use industries due to its versatility and utility. This dependency is expected to continue into the forecast period, and hence, the polyether polyols application is projected to account for the largest market share by 2026.

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The propylene oxide market is projected to grow from USD 22.5 billion in 2021 to USD 29.5 billion by 2026, at a CAGR of 5.6% from 2021 to 2026. The propylene oxide market is majorly driven by the rising demand for polyurethanes in various end–use industries, such as automotive, building & construction, textile & furnishing, chemical & pharmaceutical, packaging, and electronics.

Joint venture and expansion are two prominent strategies prevailing in the propylene oxide market. Dow Inc. (US), LyondellBasell Industries Holdings B.V. (Netherlands), Royal Dutch Shell PLC (Netherlands), BASF SE (Germany), SKC Company (South Korea), AGC Inc. (Japan), Repsol (Spain), Sumitomo Chemical Co., Ltd. (Japan), Tokuyama Corporation (Japan), Indorama Ventures Public Company (Thailand) are some of the leading players operating that have adopted these strategies to enhance their position in the market.

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Dow Inc., the largest producer in the world, focuses on HPPO technology to produce propylene oxide. It is focusing on inorganic growth strategies, as seen in the recent joint venture between Dow Inc. and Siam Cement Group (Thailand,) which started operations as the SCG–Dow Inc. Group (Thailand), for its new propylene oxide facility. This new facility has a capacity of 390,000 tons per annum of propylene oxide using HPPO technology. The company thus further strengthened its position in the Asian propylene oxide market. The Sadara Chemical Company (Saudi Arabia), a joint venture of The Dow Inc. Chemical Company (US) and Saudi Arabian Oil Company (Saudi Arabia), launched in December 2016, consists of 26 production units and is engaged in the production of propylene oxide/isocyanates/polyurethanes envelope and the ethylene oxide/propylene oxide/specialty chemicals units. The company further strengthened its position in the propylene oxide market with this development.

LyondellBasell Industries Holdings B.V. is the second-largest producer in the world and uses proprietary propylene oxide and TBA technology to manufacture propylene oxide. The company is focusing on organic as well as inorganic strategies and is planning to build a PO/TBA plant in the Houston area (US) with an annual production capacity of One billion pounds of propylene oxide and two billion pounds of tertiary butyl alcohol. The plant became operational in 2020. LyondellBasell is expected to become the largest producer of propylene oxide using the PO/TBA technology and strengthen its position in the propylene oxide market with this development.

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