Propylene Oxide Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI4072
Propylene Oxide Market size is likely to witness steady gains in the forecast period owing to increasing demand for polyurethanes in footwear, automotive, construction, and packaging industries. Rise in renovation & construction activities owing to increase in disposable income and changing consumer perceptions towards amenities such as aesthetically pleasing paint and for various architectural styles such as neoclassical, victorian, and modern in emerging economies such as Singapore, India and China are likely to boost the propylene oxide market demand.
It is a colorless, volatile, & highly flammable organic compound that is miscible in organic solvents and water. It is primary used as a chemical intermediate to accelerate & induce stable reaction in the production of propylene glycol and polyether resins which are utilized in various industries such as medical, manufacturing, and textiles. The product is used to manufacture raw material for polyurethane resins utilized in fabricating interiors & cabins for aviation industry owing to its low weight, sturdy characteristics, and textured minimalistic look which may trigger propylene oxide market share.
Growing demand for polyurethane plastics in various end use industries such as automobiles & construction owing to its versatility and flexible physical properties are estimated to fuel overall market growth. Polyether polyols are widely used in manufacturing high quality polyurethane plastics such as PU acrylate oligomers and TPU. Global demand for polyurethane was valued at over 20 million tonnes in 2018 owing to increased demand for high quality, fine grained, flexible, and sturdy plastics. Increasing use of innovative manufacturing technologies for polyurethane plastics with advanced characteristics such as vibration control & high impact resistance for utilization in medical, automobile, and packaging industry will have a positive impact on overall propylene oxide market. Shifting consumer perceptions towards replacement of conventional heavy metals with high performance & light weight plastics may foster market share.
Increasing demand for automobiles owing to easy availability of automobile loans with low interest rates and rising inclination to own personal vehicles by middle class population may accelerate market share. In China, sale of passenger & commercial vehicles was valued at over USD 25 million in 2018 owing to rise in young population and increasing inclination in millennials to own personal vehicles. The product is widely utilized in manufacturing car seats, carpets, insulators, and mattresses owing to high tensile strength characteristics which prevents wear & tear in high pressure and heat environment which may fuel market share.
North America propylene oxide market size led by U.S., and Canada should witness a significant growth during forecasted period owing to rising popularity of quick service restaurants and increasing demand for packaged food & beverages. The product is widely as food additive as it is colorless, odorless, possesses no taste of its own, easily dissolves in water and retains moisture. In U.S., the market for packaged food was valued at over USD 390 billion in 2018 owing to their economical nature, easy availability, vast variety of cuisine choices, and less preparation time. Rise in sedentary lifestyles, geriatric population, and single parent households is increasing the demand for various types of packaged food such as noodles, pasta, ready to eat curries, meat products, pies, and sausages which may accelerate regional market growth.
Europe driven by UK, Germany, Italy, and France propylene oxide market demand may witness substantiate growth during forecasted period. Increasing trends in smoking among millennial population and liberal marijuana regulations in Germany, Switzerland, Italy and Netherlands may foster market share. Propylene glycol is widely as nicotine solvent in manufacturing electronic cigarettes and vaporizer pens. Europe market for e-cigarettes and vaporizer devices was valued at over USD 120 billion in 2017 owing to increasing smoking trends among youths, and easy availability of electronic smoking devices which may further boost regional market share.
Asia Pacific propylene oxide market demand led by China, India, and Japan may see significant growth during forecasted period. Rising construction and renovation trends in emerging economies such as India, China, Singapore, and Indonesia may foster market share. In China, expansion of yearly real estate construction in China was over USD 1.75 trillion square meters in 2017 owing to rapid globalization, rise in per capital income, and increasing inclination to purchase private property. Rapid urbanization, easy availability of housing loans, and supportive government initiatives such as tax reduction to modernize architectural standings will trigger market share.
Global propylene oxide market share is fragmented & highly competitive as market consist of limited players. Companies such as BASF SE, Sumitomo Chemical, Huntsman, DowDuPont, and LyondellBasell are key players in this market.
Propylene Oxide Market, By End-use, 2014-2025 (Tons) (USD Million)
- Food & Beverages
- Oil & Gas
Propylene Oxide Market, By Application, 2014-2025 (Tons) (USD Million)
- Polyether Polyols
- Propylene Glycol
- Oil Demulsifier
- Adhesives & sealants
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- BASF SE
- Sumitomo Chemical
- Huntsman International
- Royal Dutch Shell plc
- Repsol S.A
- Chevron Phillips Chemical
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