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Technavio’s propylene market research analyst predicts that the global propylene market will grow moderately during the forecast period, posting a CAGR of almost 6%. Propylene is the second most-produced derivative in the petrochemical industry, after ethylene, and is expected to have significant demand across diverse industries over the next four years. One of the primary drivers for this propylene market growth is the rising demand for polyurethane. Polyurethanes are manufactured from propylene oxide and have extensive applications in sealants, thermal insulators, and flooring materials that are used in industries like packaging, automotive, footwear, furniture, and construction. With the growing demand for polyurethanes in the automotive sector, especially in the manufacture of automobile seating, headrests, armrests, dashboards, and headliners, the market for propylene will subsequently experience high growth by 2020.
In terms of geographical segmentation, APAC dominated the global market for propylene in 2015 and the demand for propylene is expected to increase significantly in the region throughout the forecast period. Much of the region’s growth can be attributed to the increased use of propylene in industries like construction, furniture, and automotive. Moreover, the growing use of acrylonitrile in electronics and electrical gadgets, home appliances, and automobiles in countries like China and India, will positively influence the growth of this propylene market size in the coming years.
The global propylene market is dominated by some established vendors such as BASF, ExxonMobil Chemical, Dow Chemical, LyondellBasell Industries, and INEOS. To gain competitive edge over other vendors, these leading players pull back-integration into existing feedstock chains to maintain an efficient manufacturing base and steady product supply. A major portion of the manufactured propylene is used by the manufacturers to produce derivatives such as polypropylene, propylene oxide, cumene, acrylonitrile, acrylic acid, and others. The major propylene markets are China, the US, and Western Europe, which account over 75% of the total propylene market demand. Several vendors in the market are developing and promoting environment-friendly technologies with less by-product generation. These companies have planned to extend their production capacities to regions like China, Malaysia, Russia, and the US.
Leading vendors in the market are -
Other prominent vendors in the propylene market include DuPont, Sumitomo Chemical, Saudi Basic Industries (SABIC), and Chevron Phillips Chemical.
The steam cracking segment dominated the market and accounted for the largest share of the global market during 2015. However, the global propylene production is anticipated to be driven primarily by on-purpose technologies over the forecast period. One of the major reasons for the growing preference for propylene through on-purpose production processes is because of the inclusion of other production processes like propane dehydrogenation, high severity catalytic cracking, and metathesis processes.
The polypropylene industry dominates the global propylene market and occupied the majority of the shares of the market in 2015. Polypropylene is one of the major propylene derivatives that is used as raw material for producing a wide range of specialized products like cumene, epoxies, propylene oxide, phenol formaldehyde resins, isopropyl alcohol, acrylonitrile, n-butyl alcohol, and 2-ethylhexanol. Polypropylene has massive usage across various industries like textiles, labeling, and packaging. The growing applications in the packaging sector, such as cigarette packaging, cotton swab sticks, drinking straws, flexible packaging films, food packaging, will further augment the growth of this segment over the next four years.
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Propylene or propene is the second most important product of the olefin market. This compound is primarily used in the production of plastics and the chemical industry. It is consumed as acrylic acid, polypropylene, acrylonitrile, cumene, propylene oxide, oxo-alcohols, and epichlorohydrin. Polypropylene is the largest end use for the growing propylene demand. It has extensive usage in films and packaging. It is a commodity polymer and has a wide range of end-use segments such as packaging, films, construction, and, and automotive applications. BASF, ExxonMobil, and INEOS have been identified as some of the most prominent vendors in this market space.
The report, global propylene market, is part of Technavio’s chemicals and materials research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as additives, adhesives and sealants, agrochemicals and fertilizers, bio-chemicals and bio-materials, chemical engineering equipment, glass and ceramics, industrial gases, metals and minerals, olefins, paints, coatings, and pigments, personal protective equipment, plastics, polymers, and elastomers, and specialty chemicals. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.
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