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Propylene-Petrochemicals Market to Surpass $170.19 Billion by 2029 | Key Trends & Insights
Propylene-Petrochemicals
How Will the Propylene-Petrochemicals Market Grow by 2025 in Terms of Size and Growth?
The size of the propylene-petrochemicals market has seen constant growth in the past years. It is projected to increase from $134.35 billion in 2024 to $138.36 billion in 2025, showing a compound annual growth rate (CAGR) of 3.0%. Factors contributing to this growth throughout the historic period include the rise in availability and pricing of feedstock, worldwide economic growth, manufacturing of consumer goods, environmental regulations, market competition, and industry amalgamation.
What Are the Estimated Growth Rates for the Propylene-Petrochemicals Industry Through 2029?
The propylene-petrochemical industry is projected to witness substantial expansion in the upcoming years, with market size predicted to reach $170.19 billion by 2029, with a 5.3% compound annual growth rate. The anticipated proliferation can be attributed to the following factors: a shift towards more sustainable practices, increase in packaging demand, energy transition and its effects on the petrochemical industry, government intervention and incentives, and impending petrochemical projects. The forecast period will likely see significant trends like advancements in production technology, a heightened focus on bio-based propylene, augmentation of propylene production facilities, the inclusion of sophisticated catalytic technologies, and progress in propylene derivatives.
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What Are the Strategic Drivers Boosting Propylene-Petrochemicals Market Performance?
During the forecast period, the propylene market is projected to be positively influenced by the expansion of the automobile industry. Polypropylene, a polymer derived from the propylene monomer, finds extensive use in this sector. The automotive industry's large-scale production has led to a surge in demand for polypropylene products like battery cases and trays, bumpers, interior trims, instrument panels, fender liners, door trims, and other components. As per a projection by Goldman Sachs, a US-based investment banking firm, sales of new vehicles in emerging markets are expected to rise from 68 million in 2020 to 78 million by 2025. Consequently, the augmented usage of plastic materials in automobile production is anticipated to enhance the demand for propylene-based petrochemicals in the forecast period.
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What Are the 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
What Are the Key Adoption Trends in the Propylene-Petrochemicals Market?
Petrochemical businesses are embracing on-purpose propylene production methods in order to solely manufacture propylene, rather than as a secondary or by-product. This technique is a refined version of the traditional fluid catalytic cracking unit, generating 20% more propylene than usual. Conventional propylene sources such as steam crackers and oil refineries produce less propylene as a by-product due to a shift in feedstocks from naphtha to ethane. To match the escalating demand for propylene, petrochemical firms are opting to invest in on-purpose technologies to redress propylene production deficits. 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) are among the major on-purpose technologies being developed. Among the major corporations adopting this method are BASF, Dow Chemical, ExxonMobil Chemical, and Sidi Kerir Petrochemicals Co (SIDPEC).
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Which Companies Lead the Competitive Landscape of the Propylene-Petrochemicals Industry?
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
Where Are the Key Propylene-Petrochemicals Market Opportunities by Region?
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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