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Propylene-Petrochemicals Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
Propylene-Petrochemicals Market Share
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Petrochemical companies are adopting on-purpose propylene production technologies to produce propylene as a sole product but not as an alternate or co-product. On-purpose propylene technology refers to a modified version of the traditional fluid catalytic cracking unit which increases propylene yield by 20% more than the actual output. Traditional sources for propylene, which include steam crackers and oil refineries, yield fewer propylene as a derivative or co-product due to a shift in feedstocks from naphtha to ethane. To meet the increased demand for propylene, petrochemical companies are investing in developing on-purpose technologies to accelerate the shortfall in propylene production. Major on-purpose technologies include propane dehydrogenation, methanol-to-olefins/methanol-to-propylene (MTO/MTP), high-severity fluidized catalytic cracking (HS-FCC), coal-to-olefins/coal-to-propylene (CTO/CTP), and gas-to-olefins (GTO). For Instance, major companies adopting this technology include, BASF, Dow Chemical, ExxonMobil Chemical, and Sidi Kerir Petrochemicals Co (SIDPEC).
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Major Key Players of the Market:
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
Propylene-Petrochemicals Market 2024 Key Insights:
• 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%.
• Automobile Industry Growth Fuels Demand For Propylene Products
• Petrochemical Companies Embrace On-Purpose Propylene Production Technologies
• Asia-Pacific was the largest region in the propylene-petrochemical market in 2023
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