Propylene Oxide Market Size to Hit US$ 27.5 Billion, Globally, by 2028 at 5.3% CAGR

IMARC Group's report titled "Propylene Oxide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The global propylene oxide market size reached US$ 19.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.3% during 2023-2028.

Propylene oxide, often abbreviated as PO, is a chemical compound with significant industrial importance. It is a colorless, flammable liquid with a slightly sweet odor. This versatile chemical is primarily used in the production of various chemicals, including polyurethanes, propylene glycol, and glycol ethers. It serves as a building block in the synthesis of these compounds, which find applications in a wide range of industries, such as automotive, construction, and pharmaceuticals. One of the key uses of propylene oxide is in the manufacturing of polyurethanes, which are essential in producing flexible and rigid foams, adhesives, coatings, and elastomers. These materials are widely employed in the construction of buildings, automotive parts, and furniture, among others.

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Propylene Oxide Market Trends and Drivers:

The increasing need for polyurethanes in diverse applications such as automotive manufacturing, construction, and furniture production is a significant driver. Propylene oxide is a crucial component in the production of polyurethane foams and elastomers, which are in high demand. Additionally, the automotive sector relies heavily on propylene oxide-derived polyurethane foams for seats, cushions, and insulation. As the automotive industry continues to grow worldwide, so does the demand for propylene oxide. Other than this, the construction sector employs propylene oxide-based polyurethane insulation materials for energy-efficient buildings. With a rising focus on sustainable construction, the demand for such materials is on the rise. Besides this, propylene oxide is used in the manufacture of glycol ethers, which find applications in consumer goods, cosmetics, and packaging. The expanding consumer market fuels the demand for these products.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

AGC Chemicals Americas Inc.
Air Liquide S.A.
BASF SE
Dow Inc.
Eastman Chemical Company
Huntsman International LLC
Ineos Chemicals Company
LyondellBasell Industries Holdings B.V.
Mitsui Chemicals
Repsol S.A.
Royal Dutch Shell PLC
Saudi Arabia Basic Industries Corporation (Saudi Aramco)
SK Chemicals Co. Ltd.
Sumitomo Chemical Co. Ltd.
Tokuyama Corporation.

The report has segmented the market into the following categories:

Breakup by Production Process:

Chlorohydrin Process (CHPO)
Styrene Monomer Process
Hydrogen Peroxide Process
TBA Co-Product Process
Cumene-based Process

Breakup by Application:

Polyether Polyols
Propylene Glycols
Propylene Glycol Ethers (PGE)
Polyalkylene Glycols
Others

Breakup by End Use Industry:

Automotive
Construction
Chemicals and Pharmaceuticals
Packaging
Textile and Furnishing
Others

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Explore full report with table of contents: https://www.imarcgroup.com/propylene-oxide-market

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This release was published on openPR.