The propylene-petrochemicals market grew from $107.2 billion in 2023 to $113.14 billion in 2024, with a CAGR of 5.5%. This growth is supported by feedstock availability, global economic conditions, and industry consolidation. The market is expected to reach $140.74 billion by 2028 at a CAGR of 5.6%. Key trends include the shift towards sustainable practices, bio-based propylene production, and technological advancements in propylene derivatives.
Major Driver In The Propylene Petrochemicals Market
The propylene market stands to gain from the automotive industry's growth trajectory. Polypropylene, derived from propylene, finds extensive use in automotive manufacturing, contributing to components like battery cases, bumpers, and interior trim. With the projected surge in global car sales from 68 million in 2020 to 78 million by 2025, as estimated by Goldman Sachs, the demand for polypropylene products is expected to rise in tandem. Hence, the increased utilization of plastics in automobiles is anticipated to drive propylene demand during the forecast period. Market analysis indicates significant growth in 2023, with continued expansion anticipated in 2024 and 2028.
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Propylene Petrochemicals Market Competitive Landscape
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., Archer Daniels Midland Company, 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., Solventis Ltd., Oleon NV, SKC Chemie Pvt. Ltd
Key Propylene Petrochemicals Market Trend
Petrochemical companies are adopting on-purpose propylene production technologies to produce propylene as a sole product but not as an alternate or co-product. On-purpose propylene technology refers to a modified version of the traditional fluid catalytic cracking unit which increases propylene yield by 20% more than the actual output. Traditional sources for propylene, which include steam crackers and oil refineries, yield fewer propylene as a derivative or co-product due to a shift in feedstocks from naphtha to ethane. To meet the increased demand for propylene, petrochemical companies are investing in developing on-purpose technologies to accelerate the shortfall in propylene production. Major on-purpose technologies include 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). For Instance, major companies adopting this technology include, BASF, Dow Chemical, ExxonMobil Chemical, and Sidi Kerir Petrochemicals Co (SIDPEC).
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Propylene Petrochemicals Market Segmentation
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
By Geography:The regions covered in the propylene-petrochemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the propylene-petrochemical market in 2023.
The Propylene Petrochemicals Global Market Report 2024 furnishes information about the global propylene petrochemicals market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
