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Global Propylene Oxide Market
Propylene Oxide: Revolutionizing industry with Innovation and Versatility Dive into the future of this essential chemical!
Propylene Oxide Market: Expected to grow significantly with increasing demand across industries. Key drivers include industrial expansion and technological advancements.” - Exactitude Consultancy
LUTON, BEDFORDSHIRE, UNITED KINGDOM, August 22, 2024 /EINPresswire / -- The propylene oxide market is expected to grow at 5.1% CAGR from 2024 to 2030. It is expected to reach above USD 33.98 billion by 2030 from USD 21.7 billion in 2023. The increasing interest of the individuals in this industry is that the major reason for the expansion of this market".
Exactitude Consultancy has published a new research report on "Propylene Oxide Market Size 2024". Propylene oxide (C3H6O), is a synthetic cyclic ether that is mostly made by either dehydrochlorinating propylene chlorohydrin or indirectly oxidizing propylene. Propylene Oxide is commonly used as a precursor in the manufacturing of numerous chemicals as well as in the automotive, electronics, textile, and furniture industries.
To get rid of bacterial and insect infestations in soil and packaged foods, use propylene oxide as a fumigant. Additionally, very little propylene oxide is used in the sterilization of medical equipment. Due to its widespread use in the automotive industry, propylene oxide is in high demand as the sector grows quickly. The need for automobiles with stronger, more robust structures is driving up the use of propylene oxide.
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Growing demand from various end-use industries creates sufficient space for propylene oxide.
Propylene oxide is a chemical with significant commercial value that finds use as an intermediate for a broad range of products in different industries. Propylene oxide's growth is mostly due to the expansion of its end-use industries, which include the building, automotive, textile, and aerospace sectors. Propylene oxide, for example, is widely used in the production of adhesives, waterproofing materials, paints, grouts, coatings, and construction chemicals. Propylene oxide involves in the manufacturing of propylene glycol, which is further used in several food products, such as cake mix, drink mix, dried soups, dressings, soft drinks, bread, fast foods, and dairy products. Surging demand for packaged food products is anticipated to boost the consumption of propylene glycol across the globe.
The availability of alternatives and worries about propylene oxide's toxicity are impeding the market's expansion.
Exposure to propylene oxide causes eye and respiratory irritation in both humans and animals. Human skin contact can cause necrosis and irritation even with weak solutions. Additionally, the central nervous system is slightly depressed by the properties of propylene oxide. Long-term inhalation exposure to propylene oxide has caused inflammatory lesions and neurological effects in the lungs, trachea, and nasal passages of exposed animals. The EPA lists propylene oxide as a Group B2 probable carcinogen. Hence, the toxic nature of propylene oxide is anticipated to hamper the growth of the global propylene oxide market during the forecast period. The growing adoption of substitute products, such as alkylene carbonate as a viable alternative to synthesizing liquid polyols is also expected to be the key factor restraining the market growth.
Robust demand from the construction and automotive industries will present prospects for producers of propylene oxide
The use of propylene oxide is growing across a number of industries, including the automotive and construction sectors. The demand for polyurethane materials has increased as a result of the construction industry's growing focus on the construction of energy-efficient buildings. Whether a rigid foam is used as a sandwich element for new structural and insulating blocks or spray foam for energy retrofitting, polyurethane foam is at the heart of modern energy management. The growing automotive sector in various emerging economies promises to improve profitability for propylene oxide suppliers over the coming years.
Key Players Covered
Dow Chemical Company
BASF SE
Royal Dutch Shell PLC
Huntsman Corporation
LyondellBasell Industries Holdings B.V.
Asahi Kasei Corporation
SKC Co., Ltd.
Sumitomo Chemical Co., Ltd.
Repsol S.A.
PCC Rokita SA
others...
Recent Developments
In May 2024, KBR and Sumitomo Chemical announced a technology licensing agreement for a low-carbon propylene oxide production technique. This demonstrates the industry's growing trend toward more sustainable operations.
May 16, 2024 -- Dow announced today the start-up of its propylene glycol (PG) capacity expansion at its integrated manufacturing facility in Map Ta Phut, Rayong, Thailand. The low capital intensity, higher-return, incremental investment increases propylene glycol capacity by 80,000 tons per year, which brings the total output to 250,000 tons per year, making the Dow Map Ta Phut PG manufacturing facility the largest of its kind in Asia Pacific.
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Geographically, the detailed analysis of consumption, revenue, market share, and growth rate of the following regions:
Asia-Pacific
Throughout the projected period, the propylene oxide market is expected to be dominated by Asia Pacific. Asia-Pacific is rapidly industrializing and urbanizing, mostly due to China and India. The market in the area grows as a result of this expansion, which increases demand for products like polyurethane foams used in the construction and automotive industries, both of which need a lot of propylene oxide. Large chemical companies are making significant investments in the Asia-Pacific region in order to benefit from lower production costs and proximity to expanding markets. The creation of new production facilities and the expansion of current plants are among the investments that will significantly boost the area's capacity to produce propylene oxide. The building and automotive industries in Asia-Pacific are expanding swiftly along with the region's economies and population.
Europe
The Europe region is anticipated to grow significantly over the projected period. Modern manufacturing techniques, like the HPPO method, which produces propylene oxide more effectively and sustainably than conventional methods, are being adopted by European nations first. This technical leadership benefits the local market by increasing manufacturing efficiency and reducing environmental effects. Europe is home to a thriving automotive and furniture manufacturing industries, both of which use a lot of propylene oxide-based polyurethane. The persistent demand from these industries is driving the growth of the propylene oxide market in the region. Furthermore, demand for propylene oxide-based polyurethane foam insulation is rising due to Europe's increased focus on energy-efficient building practices.
North America
When it comes to chemical engineering innovation, North America is leading the way. This includes developing safer and more effective methods for producing propylene oxide. By reducing byproducts and raising yields, these enhancements draw investment and expand the region's market potential. Propylene oxide demand is driven by North America's robust housing market and rising remodeling activity, especially in sealants and insulation foams. The sustained growth of the propylene oxide market is facilitated by the ongoing demand from the construction sector. Moreover, the expansion of multiple end-use industries in North America, such as textiles, furniture, and automotive, contributes to the rising demand for polyurethane products, the majority of which are made from propylene oxide. Demand is also being increased by the region's industrial expansion and economic recovery.
Market Segmentation 2024 to 2030
Propylene Oxide Market By Application, 2020-2030, (USD Billion), (Kilotons)
Polyether Polyols
Propylene Glycols
Propylene Oxide Market By Production Process, 2020-2030, (USD Billion), (Kilotons)
Chlorohydrin
Styrene Monomer
Cumene Based
Propylene Oxide Market By End-Use Industry, 2020-2030, (USD Billion), (Kilotons)
Automotive
Building & Construction
Propylene Oxide Market By Region, 2020-2029, (USD Billion), (Kilotons)
North America
Asia Pacific
Europe
South America
Middle East And Africa
Index (TOC): Propylene Oxide Market
Executive Summary: A concise overview of the market's size, growth potential, and key trends.
Market Scope: A clear definition of the market's boundaries and the products or services it encompasses.
Market Landscape: A detailed analysis of the market's current state, including major players, competitive landscape, and market dynamics.
Market Sizing: A breakdown of the market's size by revenue, volume, or other relevant metrics, with historical data and future projections.
Market Segmentation: A categorization of the market based on various factors like customer type, product category, and geographical location.
Five Forces Analysis: An evaluation of the competitive landscape using Porter's Five Forces framework, identifying bargaining power of buyers and suppliers, threats of new entrants and substitutes, and competitive rivalry.
Customer Landscape: An in-depth exploration of the market's customer base, their needs, buying behavior, and decision-making processes.
Geographic Landscape: An analysis of the market's geographic distribution, highlighting key regions and growth opportunities.
Decision Framework: A practical guide to help you make strategic decisions based on the market insights presented.
Market Drivers and Challenges: An examination of the key factors that propel the market forward and the potential obstacles that might hinder its growth.
Market Trends: An exploration of the current and emerging trends that will shape the future of the market.
Vendor Analysis: A detailed assessment of the strengths, weaknesses, opportunities, and threats (SWOT analysis) of key vendors.
This comprehensive guide empowers you to gain a strategic advantage in the Propylene Oxide market. Utilize the insights within to navigate the competitive landscape, identify growth opportunities, and make informed business decisions.
We can help! Our analysts can customize this market research report to meet your requirements.
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