Propylene Market Shows Steady Growth at 3.4% CAGR Through 2034, Led by Automotive & Healthcare Applications

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Propylene Market Size, Share & Trends Analysis Report By Derivatives (Polypropylene, Propylene Oxide, Cumene/Phenol, Acrylonitrile, Acrylic Acid, Oligomers, Alcohols, Acrylates), By Type (Homopolymer, Copolymer), By Application (Injection Molding, Film & Sheet, Raffia, Fiber, Blow Molding), By End User (Packaging, Electronics, Medical, Consumer Goods, Automotive, Construction, Textile, Agriculture)- Market Outlook And Industry Analysis 2034"

The global propylene market is estimated to reach over USD 154.0 Bn by the year 2034, exhibiting a CAGR of 3.4% during the forecast period.

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Propylene, also known as propene, is a colorless and flammable hydrocarbon gas with the chemical formula C3H6 and a molecular weight of 42.08 g/mol. It is predominantly derived from petroleum refining and serves as a fundamental feedstock in a wide range of industrial processes. Propylene is essential in the production of resins, elastomers, synthetic fibers, and various chemical intermediates. Among its significant derivatives is acrylonitrile, a key component in the manufacturing of polymers and elastomeric fibers.

Acrylonitrile is widely utilized across the textile industry for products such as sweaters, socks, and activewear, as well as in home furnishing applications. Additionally, it plays a vital role in the production of medical devices, including valves, mechanical seals, and pumps. The global surge in demand for medical equipment-particularly in light of the COVID-19 pandemic-has led to a corresponding rise in the demand for acrylonitrile and, consequently, its precursor, propylene.

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

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Market Dynamics
Drivers:
The increasing utilization of propylene in the automotive industry is anticipated to be a primary driver of growth for the global propylene market during the forecast period. Polypropylene, a major polymer produced from propylene monomers, is extensively used in vehicle manufacturing. The continued rise in global automotive production is boosting demand for polypropylene-based components, including bumpers, interior trims, instrument panels, battery casings and trays, fender liners, door panels, and other essential parts.

Challenges:
Strict regulatory frameworks regarding the safe handling, production, and transportation of propylene present a notable challenge to market expansion. Due to its flammable and toxic nature under high temperatures and pressure, propylene requires careful handling and adherence to rigorous safety standards. As a result, manufacturers and suppliers must invest substantially in advanced equipment, safety systems, and compliance technologies. These additional safety-related expenditures increase overall operational costs, potentially limiting investments in product development, innovation, and broader market development initiatives.

Regional Trends:
The Asia-Pacific region is expected to dominate the global propylene market over the coming years. This growth is primarily attributed to strong demand from the packaging and automotive sectors. Countries such as China, India, and Japan are experiencing rising consumption of propylene, particularly in the food and beverage, personal care, and packaging industries, which is propelling regional market expansion.

In Europe, the propylene market is projected to experience steady growth. This is largely due to its growing adoption in the pharmaceutical and healthcare industries, as well as in the electrical and electronics sectors, where propylene-derived materials are widely used in various applications.

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Recent Developments:
• In June 2022, Linde Engineering stated that it had begun work on a large-scale redesign of Slovnaft's polypropylene (PP3) factory in Bratislava, Slovakia, a member of the MOL Group. The overhaul would increase the plant's production capacity by 18% to 300 kilotons of polypropylene per year, and the storage facility will be expanded from 45 to 61 silos in total.

Segmentation of Propylene Market-
By Derivatives-
• Polypropylene
• Propylene Oxide
• Cumene/Phenol
• Acrylonitrile
• Acrylic Acid
• Oligomers
• Alcohols
• Acrylates
• Others
By Type-
• Homopolymer
• Copolymer
• Random
• Block
By Application-
• Injection Molding
• Film & Sheet
• Raffia
• Fiber
• Blow Molding
By End-User-
• Packaging
• Electronics
• Medical
• Consumer Goods
• Automotive
• Construction
• Textile
• Agriculture
• Other
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.