Propylene Market Size, Share & Trends Analysis Report, Key players Marketing Dynamics Types, Regions and Applications Research Report Forecast to 2031

The Global Propylene Market Size is estimated to be worth 105.74 billion in 2022. It is expected to increase to 137.81 billion by 2031, with a compound annual growth rate (CAGR) of 3.12% during the forecast period of 2023-2031.

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Propylene is an organic chemical that is colourless and exists in the form of a vapour. It is a hydrocarbon that is flammable and is frequently employed as fuel. The petroleum refining process is the primary method of extracting propylene. Propylene is a chemical compound with the chemical formula C3H6 and a 42.08 g/mol molecular weight. Propylene, or propene, is a chemical compound produced from petroleum. It is a significant component of producing elastomers, polymers, fibres, and other chemical products. Polymers and elastomeric fibres employ acrylonitrile, a propylene derivative. The majority of its market share is accounted for by acrylonitrile, extensively employed in home furnishings, athletics, hosiery, and sweaters. Additionally, the global coronavirus epidemic has increased the demand for medical equipment, which in turn has led to an increase in the market demand for acrylonitrile and propylene. This includes the use of acrylonitrile in valves, mechanical seals, and pumps.

Propylene Market List of Key Players:

• ADM (US)
• Arch Chemicals Inc, (US)
• BP Plc.
• BASF SE
• ADEKA CORPORATION (Japan)
• Borouge
• Borealis AG
• Beaulieu International Group
• SABIC
• Braskem
• Chaoyang Chemicals, Inc. (U.S.)
• DuPont Tate & Lyle Bio Products (US)
• China Petroleum & Chemical Corporation
• LyondellBasell Industries Holdings B.V. (Netherlands)
• Global Bio-chem Technology Group Company Limited (China)
• Formosa Plastic Group
• Haike Chemical Group Co., Ltd. (China)
• The Dow Chemical Company
• Huntsman International L.l..C (U.S.)
• ExxonMobil Chemical
• INEOS Oxide (Switzerland)
• Ducor Petrochemicals
• Shell Plc (UK)
• MOL Group
• Helm AG (Germany)
• Repsol
• Manali Petrochemicals Limited (India)
• Midland Company (US)
• Reliance Industries Ltd.
• Royal Dutch Shell PLC
• Total S.A.
• Saudi Basic Industries Corp. (SABIC)
• Valero Energy Corp.
• Sinopec Corp.
• SKC Inc (South Korea)
• Temix Oleo (Italy)

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Market Dynamics:
Drivers-

The propylene market is expected to expand during the forecast period due to the rapid rise in propylene consumption in the vehicle industry. Polypropylene is a propylene polymer manufactured from propylene monomer and utilized in the automotive sector. The large-scale production of automobiles increases the demand for polypropylene items, including bumpers, interior trim, instrument panels, battery cases and receptacles, fender liners, door trims, and other machinery.

Challenges:

The propylene market was significantly constrained by the strict safety regulations associated with its transportation and production. When exposed to high pressures and temperatures, propylene becomes highly flammable, noxious, and hazardous. Propane distributors should make investments in technology, equipment, and methods to mitigate hazardous and chemical levels. The propylene industry's potential for expenditures in product expansion, new product launches, and expansion into new markets was restricted by these limitations, which resulted in increased manufacturing costs. Consequently, market growth was impacted.

Regional Trends:

The Asia-Pacific Propylene Market is anticipated to achieve its highest market revenue share in the near future. This regional growth can be attributed to an increase in demand for the packaging and automobile manufacturing industries. The regional market's expansion is significantly influenced by the increasing use of propylene in China, Japan, and India's food and beverage, packaging, and care industries.

The global propylene market is projected to continue its upward trend in Europe over the next few years. The market's growth is primarily driven by the demand from the healthcare and pharmaceutical, electrical and electronic, and other industries, which are pivotal to the market's expansion in Europe.

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Recent Developments:

• In June 2022, Linde Engineering said it had started redoing a lot of the Slovnaft polypropylene (PP3) plant in Bratislava, Slovakia. Slovnaft is part of the MOL Group. After the overhaul, the plant will be able to make 18% more polypropylene each year, or 300 kilotons. The storage area will also grow from 45 to 61 bins.

Segmentation of Propylene Market-

By Derivatives-
• Acrylonitrile
• Propylene Oxide
• Polypropylene
• Oligomers
• Cumene/Phenol
• Acrylic Acid
• Acrylates
• Alcohols
• Others

By Type-
• Block
• Copolymer
• Homopolymer
• Random

By Application-
• Film & Sheet
• Injection Molding
• Fiber
• Blow Molding
• Raffia

By End-User-
• Electronics
• Packaging
• Medical
• Agriculture
• Automotive
• Consumer Goods
• Construction
• Textile
• Other

By Region-

North America-
• Canada
• The US
• Mexico

Europe-
• Spain
• The UK
• France
• Germany
• Rest of Europe
• Italy

Asia-Pacific-
• India
• China
• South East Asia
• Japan
• South Korea
• Rest of Asia Pacific

Latin America-
• Argentina
• Brazil
• Rest of Latin America

Middle East & Africa-
• South Africa
• GCC Countries
• Rest of the Middle East and Africa

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This release was published on openPR.