Propylene Market Current Scenario and Future Prospects 2024 - 2031 | BASF SE, BP Plc., China Petroleum & Chemical Corporation

Market Overview:

The propylene market is estimated to be valued at USD 4.66 Bn in 2024 and is expected to reach USD 7.05 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.

Market Dynamics:

The propylene market is primarily driven by increasing demand for polypropylene from various end-use industries like packaging, automobile, construction, and textiles. Polypropylene offers advantages such as flexibility, chemical resistance, heat resistance, and durability which has resulted in its increasing usage as a substitute for conventional materials. Additionally, the growing construction activities in developing countries has also augmented the demand for polypropylene insulating panels, which require propylene for their production. Another major factor fueling the market growth is the increasing demand for propylene oxide that is used in manufacturing polyurethane foams and solvents. The expanding automotive industry has significantly contributed to the rising consumption of propylene as it is extensively utilized to produce automotive components, bumpers, dashboards, and others.

💎Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/1997

Major Driver: Rising Demand from Polypropylene Production

The primary driver fueling growth in the global propylene market is the rising consumption of polypropylene (PP). PP is the largest application area for propylene, accounting for over 60% of its total demand globally. It is widely used across industries like packaging, automotive, construction, consumer goods, etc. due to properties like durability, flexibility and versatility. The demand for PP is increasing at a steady rate owing to expanding end-use applications and rapidly growing global population. This rising PP demand, in turn, is propelling the consumption of propylene which is a chief raw material used in its production. Moreover, several PP producers are installing new production plants or expanding their existing facilities globally which is further augmenting the need for propylene.

Major Opportunity: Emerging Economies

The global propylene market is witnessing new opportunities emerging from rapidly developing economies across Asia Pacific, Latin America, Middle East and Africa. These economies are experiencing rapid industrialization, urbanization and growth in manufacturing sector. This is translating to rising infrastructure development, construction activities, automotive production, demand for consumer products, etc. which is driving the consumption of various plastic and chemical derivatives manufactured using propylene as an intermediate. Moreover, governments in these nations are also announcing favorable policies and schemes to boost their local petrochemical industries. Therefore, accelerated economic expansion in developing countries will present lucrative opportunities for propylene players looking to tap new markets in the upcoming years.

Major Trend: Shift toward Adoption of Reliable Supply Chain Strategies

One of the key trends being observed in the global propylene market includes major companies shifting their strategies toward securing reliable supply chains. This is mainly due to the previous demand-supply disruptions caused by geopolitical issues, plant shutdowns and natural calamities. Players are now entering long-term supply contracts with feedstock providers, investing in expanding import-export terminals, partnering with logistics companies and pursuing overseas mergers & acquisitions. Some are also looking at integrating petrochemical operations from naphtha cracking to product derivatives. This will allow them to control the whole value chain from supply security to meeting end-user demand. As a result, developing strong supply chains will emerge as a vital Trend to ensure long-term growth prospects despite challenges in capital costs and volatile global trade policies.

💎You Can Purchase Complete Report @ https://www.coherentmarketinsights.com/insight/buy-now/1997

Top Companies Featured in This Report:

★ BASF SE
★ BP Plc.
★ China Petroleum & Chemical Corporation
★ ExxonMobil Corporation
★ IRPC Plc.
★ LyondellB
★ DHALOP CHEMICALS
★ Vizag Chemical
★ Borealis AG
★ Braskem
★ Daelim Co. Ltd
★ TotalEnergies
★ INEOS
★ SABIC
★ SIBUR International GmbH
★ Sumitomo Chemical Co. Ltd
★ INEOS
★ Daelim Co. Ltd
★ Borealis AG

Market Segmentation:

By Product Type:

★ By Derivatives: Polypropylene, Propylene oxide, Cumene, Acrylonitrile, Alcohols, Acrylates, and Others
★ By End-use Industry: Automotive, Construction, Textiles, Packaging, and Others

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Key Insights from the Global Propylene Market Analysis:

Market Size Evaluation: Assessing the value and sales volume of the Propylene market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Propylene market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Propylene market.
Segment Analysis: Examining the market value and sales volume of Propylene by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Propylene market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Propylene sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

💎Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/1997

Author Bio:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

Contact Us

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

About Us

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.