Press release
Propylene Oxide Market to Witness Significant Growth, Valued at USD 30.63 Billion in 2033 With CAGR of 5.2%
Propylene Oxide Market
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Propylene oxide (PO) is an organic compound, which is widely used in the manufacturing of various chemicals, including polyurethanes, solvents, and other specialty chemicals. PO is produced by the chlorohydrin process or the hydroperoxide process. The global propylene oxide market is expected to grow significantly in the coming years, driven by the increasing demand for polyurethane foams and other polyurethane-based products. This report provides an in-depth analysis of the global propylene oxide market, including market trends, drivers, restraints, and opportunities.
The increasing demand for polyurethanes in the construction and automotive industries is expected to drive the growth of the propylene oxide market. Polyurethanes are widely used in the production of insulation materials, furniture, and automotive interiors. In addition, the growing demand for propylene glycol as a food additive, solvent, and antifreeze is also expected to contribute to the growth of the market.
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Market Dynamics:
The global propylene oxide market is driven by the growing demand for polyurethane-based products in various end-use industries, including automotive, construction, and electronics. Polyurethane foams are extensively used in the automotive industry for making seats, cushions, and other interior parts. Additionally, the increasing use of propylene oxide as a solvent in the pharmaceutical and cosmetic industries is further driving market growth. However, the volatility of raw material prices and environmental concerns related to the production of propylene oxide may hinder market growth.
Competitive Landscape:
The global propylene oxide market is highly competitive, with the presence of several global and regional players. The major players operating in the market include LyondellBasell Industries Holdings B.V., The Dow Chemicals, SK Chemicals, Royal Dutch Shell, Sumitomo Chemical Co., Ltd., BASF SE, Huntsman International LLC., AGC Chemicals, Repsol, CSPC Pharmaceutical Group Limited, Air Liquide, Air Products and Chemicals, Inc., China Petrochemical Corporation, Eastman Chemical Company, Mitsui Chemicals, Inc., LOTTE CHEMICAL CORPORATION, PetroChina International Co., Ltd., Ineos Group Limited, Tokuyama Corporation, Hanwha Group. These players are focusing on strategic partnerships, collaborations, and mergers and acquisitions to strengthen their market position.
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Market Segmentation:
The global propylene oxide market is segmented based on production process, application, end-use industry, and geography. Based on production process, the market is segmented into chlorohydrin process and hydroperoxide process. Based on application, the market is segmented into polyurethane foams, propylene glycols, glycol ethers, and others. Based on end-use industry, the market is segmented into automotive, construction, electronics, pharmaceuticals, cosmetics, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Regional Analysis:
Asia Pacific is expected to dominate the global propylene oxide market during the forecast period, owing to the presence of major propylene oxide manufacturers in the region and the growing demand for polyurethane-based products. China and India are the major consumers of propylene oxide in the region. North America and Europe are also significant markets for propylene oxide, owing to the presence of major end-use industries, such as automotive and construction.
However, the volatile prices of raw materials and the environmental concerns associated with the production of propylene oxide are expected to hamper the growth of the market. In addition, the availability of substitutes such as ethylene oxide and bio-based alternatives may also limit the growth of the market.
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Recent News
• In February 2021, Dow announced plans to expand its propylene oxide production capacity at its Freeport, Texas facility. The expansion will increase the company's capacity by 750,000 metric tons per year and is expected to be completed in 2023.
• In March 2021, Huntsman Corporation announced plans to build a new propylene oxide plant in the Rotterdam port area in the Netherlands. The plant will have a production capacity of 250,000 metric tons per year and is expected to be operational by 2023.
• In April 2021, BASF announced plans to invest €1 billion ($1.2 billion) in a new propylene oxide and propylene glycol production complex in Guangdong Province, China. The new complex will have a production capacity of 400,000 metric tons per year and is expected to be operational by 2026.
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The Chemicals and Materials division of Persistence Market Research offers distinct and pin-point analysis about chemicals and materials industry. Chemical coverage extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites and nanotechnology in particular with special emphasis on 'green alternatives', recycling and renewable technology developments, supply-demand-trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners and government bodies for developing - 'The Way Forward'.
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