Propylene Market is Expected to Reach at a CAGR of 4.31 % by 2029 SWOT Analysis,  Demand, Trends and Growth

The propylene market had a 2021 market value of USD 96.47 billion and was projected to reach USD 135.21 billion by 2029, growing at a CAGR of 4.31% from 2022 to 2029. The market report created by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis, and technological advancements in addition to market insights like market value, growth rate, market segments, geographical coverage, market players, and market scenario.

After ethylene, propylene is the second-most important raw material in the petrochemical industry. A by-product of the processing used to refine natural gas and oil is propylene. Propylene is an alkene that has three double-bonded carbon atoms in its chemical structure. It serves as the foundation for a wide range of goods.

Almost two thirds of the world's production is consumed by polypropylene, a propylene-based polymer. End users of propylene include the packaging, film, fibre, container, and cap industries. Important chemicals like cumene, propylene oxide, acrylonitrile, butyraldehyde, and acrylic acid are also produced using propylene.

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Competitive Landscape and Propylene Market Share Analysis

Some of the major players operating in the propylene market are:

LyondellBasell Industries Holdings B.V. (Netherlands)
BASF SE (Germany)
ADM (US)
Global Bio-chem Technology Group Company Limited (China)
SKC Inc (South Korea)
INEOS Oxide (Switzerland)
Huntsman International L.l..C (U.S.)
Chaoyang Chemicals, Inc. (U.S.)
Arch Chemicals Inc, (US)
Midland Company (US)
Shell Plc (UK)

Propylene Market Dynamics

Drivers

Rise the demand of their derivatives

Acrylonitrile is the derivative of propylene which is used in polymers and elastomeric fiber. Acrylonitrile are used in sweaters, socks and sportswear and home furnishings which contributes their maximum share in the market. Acrylonitrile also used in medical equipment such as valves, mechanical seals, and pumps due to the global coronavirus epidemic growing the demand for medical equipment which increase the demand of acrylonitrile as well increase the demand of propylene in the market.

Rise the demand in automobile sector

The demand of propylene is rapidly increase in the in the automobile industry which are expected to drive the growth of propylene market during the forecast period. Polypropylene is a polymer of propylene which is produced from the monomer of propylene and this monomer is used in the automobile industry. Due to the Large-scale production of automobiles increase the demand for polypropylene products which are used in the manufacturing of bumpers, interior trim, instrumental panels, battery cases and trays, fender liners, door trims, and other machineries. 

Opportunities

Petrochemical companies are now adopting on-purpose propylene production technologies to increase the quantity of propylene as a sole product in the market but not as an alternate or co-product. On-purpose propylene technology is a modified version of the traditional fluid catalytic cracking unit which upsurges the propylene yield to 20% or more than this output. The traditional sources for propylene include oil refineries and steam crackers yield less propylene as a derivative.

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COVID-19 Impact on Propylene Market

The outbreak of COVID-19 pandemic globally is also acting as an opportunity for the growth of the propylene industry because of growing demand for N95 masks but the limited supply of propylene due to inadequate employees and logistics issues affect the growth of the market. Large number of number of companies are developing a mask, which is commonly reusable and which increase the demand of propylene.

Moreover, the outbreak of coronavirus associated lockdown which has imposed on several countries have resulted in reinforce the market for self-driving delivery vehicle. Furthermore high demand for propylene due to continuous expansion of the packaging sector increase the demand of propylene in the market.

Global Propylene Market Scope

Derivatives

Polypropylene
Propylene oxide
Cumene
Acrylonitrile
Acrylic acid and Acrylates
Alcohols
Others

 Types

Purity 99%
Purity 99.5%
Others

 Production Process Technology

Steam Cracking
Refinery
On- Purpose

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Industrial Vertical

Automotive
Construction
Packaging
Textile
Others

Application

Organic Chemical Raw Materials
Synthetic Resins
Fine Chemicals
Other

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