Press release
Emerging Propylene-Petrochemicals Market Trends: Petrochemical Companies Embrace On-Purpose Propylene Production Technologies Shaping the Future of the Industry
Propylene-Petrochemicals
What Is the Expected CAGR for the Propylene-Petrochemicals Market Through 2025?
The market size of propylene-petrochemicals has seen robust growth recently. The market, valued at $113.13 billion in 2024, is projected to reach $119.42 billion in 2025, growing at a compound annual rate (CAGR) of 5.6%. Factors that contributed to the growth during the historical period include increased availability and pricing of feedstock, global economic expansion, the manufacturing sector of consumer goods, environmental regulations, competition in the market and industry consolidation.
What's the Projected Size of the Global Propylene-Petrochemicals Market by 2029?
The market size of propylene-petrochemicals is predicted to experience a significant increase in the forthcoming years. By 2029, it is expected to reach $147.88 billion with a compound annual growth rate (CAGR) of 5.5%. The projected growth during this period can be associated with a shift towards sustainable practices, escalated packaging demand, ongoing energy transition, and the influence of the petrochemical industry, as well as government policies and incentives, and upcoming petrochemical ventures. The notable trends during the forecast period encompass technological enhancements in production, a heightened focus on bio-based propylene, an expansion in propylene production capacity, the integration of innovative catalytic technologies, and advancements in propylene derivatives technology.
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Top Growth Drivers in the Propylene-Petrochemicals Industry: What's Accelerating the Market?
Anticipated growth in the automobile industry during the projected period is predicted to positively impact the propylene market. The automobile industry uses polypropylene, a polymer manufactured from the propylene monomer, to a great extent. The escalating production of automobiles contributes to a rise in demand for polypropylene-based products used in the production of various components like battery cases and trays, bumpers, internal trim, dashboard, fender liners, door trims, etc. Goldman Sachs, an American investment bank, estimates that global sales of new cars in emerging markets will rise from 68 million in 2020 to 78 million by 2025. Therefore, the increased integration of plastics in car production is projected to boost the demand for propylene-derived petrochemicals throughout the forecast period.
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What Trends Will Shape the Propylene-Petrochemicals Market Through 2029 and Beyond?
Petrochemical organizations are transitioning towards on-purpose propylene production methodologies, enabling them to generate propylene as a primary product rather than a secondary or conjoint product. The core concept behind on-purpose propylene technology is an advanced iteration of the conventional fluid catalytic cracking unit, escalating the propylene yield by a staggering 20% more than the common output. Legacy propylene production methods, such as steam crackers and oil refineries, don't generate as much propylene because they have moved away from naphtha to ethane as feedstocks. Given the surge in propylene demand, petrochemical firms are allocating resources to cultivate on-purpose technologies to address the lag in propylene production. Key on-purpose technologies adopted are 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). Major companies like BASF, Dow Chemical, ExxonMobil Chemical, and Sidi Kerir Petrochemicals Co (SIDPEC) are examples of those utilizing this modern technology.
What Are the Main Segments in the Propylene-Petrochemicals Market?
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
Subsegments:
1) By Homopolymer: Isotactic Polypropylene (iPP), Atactic Polypropylene (aPP), Syndiotactic Polypropylene (sPP)
2) By Copolymer: Random Copolymer, Block Copolymer
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Which Top Companies are Driving Growth in the Propylene-Petrochemicals Market?
Major companies operating in the propylene-petrochemicals market include 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., 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., SKC Chemie Pvt. Ltd
Which Regions Will Dominate the Propylene-Petrochemicals Market Through 2029?
Asia-Pacific was the largest region in the propylene-petrochemical market in 2024. Middle East was the second-largest region in the global propylene-petrochemicals market. The regions covered in the propylene-petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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