Press release
Propylene-Petrochemicals Global Market Shortenings Global Market Navigating Trends, Market Size, and Future Outlook 2024-2033
Propylene-Petrochemicals Global Market
The Business Research Company presents an extensive market research report on the Propylene-Petrochemicals Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The propylene-petrochemicals market size has grown strongly in recent years. It will grow from $107.2 billion in 2023 to $113.14 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to growth in feedstock availability and pricing, global economic growth, consumer goods manufacturing, environmental regulations, market competition and industry consolidation.
The propylene-petrochemicals market size is expected to see strong growth in the next few years. It will grow to $140.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to shift towards sustainable practices, rise in packaging demand, energy transition and petrochemical industry impact, government policies and incentives, planned petrochemical projects. Major trends in the forecast period include technological advancements in production, increased focus on bio-based propylene, expansion of propylene production capacity, integration of advanced catalytic technologies, technological advancements in propylene derivatives.
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Key Market Players:
Major companies operating in the propylene-petrochemicals market report are Sinopec Corp., China Petrochemical Corporation, Exxon Mobil Corporation, China National Petroleum Corp., Royal Dutch Shell plc, Total S.A., Valero Energy Corp., Eni S.p.A., Indian Oil Corporation Ltd., Reliance Industries Ltd., Archer Daniels Midland Company, BASF SE, Repsol S.A, Idemitsu Kosan Co., Enterprise Products Partners L.P., The Dow Chemical Company, Saudi Basic Industries Corp., LyondellBasell Industries Holdings B.V., Honeywell International Inc., Linde plc, Shanghai Secco Petrochemical Company Limited, Sumitomo Chemical Co., Asahi Kasei Corporation, Ineos Group Ltd., Chevron Phillips Chemical Company, Huntsman International LLC, Formosa Plastics Corporation, Dangote Industries Ltd., Manali Petrochemical Ltd., Haldia Petrochemicals Ltd., Polioles S.A. de CV, AGC Chemicals Americas Inc., Solventis Ltd., Oleon NV, SKC Chemie Pvt. Ltd
Market Drivers:
The propylene market is expected to benefit from growth in the automobile industry during the forecast period. Polypropylene is a polymer produced from the propylene monomer which is used in the automobile industry. Large-scale production of automobiles is leading to an increase in demand for polypropylene products, which are used in the manufacturing of battery cases and trays, bumpers, interior trim, instrument panels, fender liners, door trims, and other components. For instance, according to an estimation by Goldman Sachs, a US-based investment banking company, the global sales of new cars in emerging markets are expected to increase from 68 million in 2020 to 78 million by 2025. Thus, increased use of plastics in automobiles is expected to increase the demand for propylene during the forecast period.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/propylene-petrochemicals-global-market-report
The propylene-petrochemicals market covered in this report is segmented -
1) By Type: Homopolymer, Copolymer
2) By Application: Injection Molding, Fiber & Raffia, Film & Sheet, Blow Molding
3) By End User Industry: Automotive, Construction, Packaging, Textile, Other End-Use Industries
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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