Propylene Market Trends and Forecast
The future of the global propylene market looks promising with opportunities in the automotive, construction, consumer goods, electronics, packaging, and textile markets. The global propylene market is expected to reach an estimated $130.3 billion by 2030 with a CAGR of 3.5% from 2024 to 2030. The major drivers for this market are increasing demand from the automotive industry and rising demand for packaging materials.
• Lucintel forecasts that propylene oxide is expected to witness the highest growth over the forecast period.
• Within this market, automotive is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Propylene Market
• United States: In the United States, companies like Dow Inc. and ExxonMobil Chemical have been focusing on sustainability initiatives in propylene production. Dow Inc. has committed to increasing the use of bio-based feedstocks for propylene, aiming to reduce carbon emissions and improve environmental footprint. ExxonMobil Chemical has been investing in advanced technologies to enhance propylene production efficiency and reduce energy consumption.
• India: In India, Reliance Industries has announced plans to expand its propylene production capacity to meet growing domestic demand and reduce import dependence. The company aims to enhance its petrochemical portfolio and support IndiaÄX%$%Xs self-reliance goals in chemical manufacturing. Government targets include promoting investment in the petrochemical sector to achieve greater self-sufficiency in key chemicals like propylene.
• China: In China, companies, such as Sinopec and PetroChina are expanding their propylene production capacities to support industrial growth and meet rising demand from sectors like automotive and packaging. These expansions are part of ChinaÄX%$%Xs broader industrial strategy to strengthen its position in the global petrochemical market. Government targets include improving production efficiency and reducing environmental impact through stricter emission regulations in the petrochemical sector.
• Germany: In Germany, BASF and Linde Group are collaborating on innovative technologies for sustainable propylene production. BASF aims to achieve carbon neutrality in its propylene production processes by integrating renewable energy sources and advanced catalytic technologies. The German government has set ambitious targets to promote the use of renewable feedstocks and increase energy efficiency in the chemical industry, including propylene manufacturing.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Propylene Market by Segment
The study includes a forecast for the global propylene market by derivative, end use, and region.
Propylene Market by Derivative [Value from 2018 to 2030]:
• Propylene Oxide
• Polypropylene
• Acrylonitrile
• Acrylic Acid
• Cumene/Phenol
• Oligomer
• Alcohol
• Acrylate
Propylene Market by End Use [Value from 2018 to 2030]:
• Automotive
• Construction
• Consumer Goods
• Electronics
• Packaging
• Textile
• Others
Propylene Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Propylene Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies propylene companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the propylene companies profiled in this report include-
• BASF
• The Dow Chemical Company
• ExxonMobil Corporation
• LyondellBasell Industries
• Saudi Basic Industries
• BP
• Sinopec
Recent Development in the Propylene Market
• Dow Inc.: Dow Inc. has been actively developing technologies for the production of bio-based propylene. The company aims to reduce its reliance on fossil fuels and lower carbon emissions by integrating renewable feedstocks into its production processes. This initiative aligns with DowÄX%$%Xs sustainability goals and enhances its position as a leader in the global petrochemical industry.
• ExxonMobil Chemical: ExxonMobil Chemical has been investing in advanced technologies for propylene production, focusing on efficiency improvements and environmental sustainability. The companyÄX%$%Xs initiatives include the development of new catalysts and process optimizations to increase yield and reduce energy consumption in propylene manufacturing.
• SABIC: SABIC has announced plans to expand its propylene production capacities globally. The company aims to meet the growing demand for propylene derivatives used in various industries, including automotive, packaging, and construction. This expansion initiative underscores SABICÄX%$%Xs commitment to supporting its customersÄX%$%X evolving needs and strengthening its market position.
• INEOS: INEOS has been focusing on innovation in propylene derivatives, aiming to develop new products and applications. The companyÄX%$%Xs research and development efforts are directed towards enhancing the performance and sustainability of propylene-based materials in sectors, such as healthcare, consumer goods, and industrial applications. This initiative reflects INEOSÄX%$%Xs strategy to drive growth through innovation and differentiation in the competitive propylene market.
Features of the Global Propylene Market
Market Size Estimates: Propylene market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Propylene market size by derivative, end use, and region in terms of value ($B).
Regional Analysis: Propylene market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different derivatives, end uses, and regions for the propylene market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the propylene market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the propylene market size?
Answer: The global propylene market is expected to reach an estimated $130.3 billion by 2030.
Q2. What is the growth forecast for propylene market?
Answer: The global propylene market is expected to grow with a CAGR of 3.5% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the propylene market?
Answer: The major drivers for this market are increasing demand from the automotive industry and rising demand for packaging materials.
Q4. What are the major segments for propylene market?
Answer: The future of the propylene market looks promising with opportunities in the automotive, construction, consumer goods, electronics, packaging, and textile markets.
Q5. Who are the key propylene market companies?
Answer: Some of the key propylene companies are as follows:
• BASF
• The Dow Chemical Company
• ExxonMobil Corporation
• LyondellBasell Industries
• Saudi Basic Industries
• BP
• Sinopec
Q6. Which propylene market segment will be the largest in future?
Answer: Lucintel forecasts that propylene oxide is expected to witness the highest growth over the forecast period.
Q7. In propylene market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the propylene market by derivative (propylene oxide, polypropylene, acrylonitrile, acrylic acid, cumene/phenol, oligomer, alcohol, and acrylate), end use (automotive, construction, consumer goods, electronics, packaging, textile, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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