What is the Historic and Current Scenario of the Propylene-Petrochemicals Market?
The propylene-petrochemicals market has seen considerable growth due to a variety of factors.
• The market size for propylene-petrochemicals has seen significant growth in recent years. The market is projected to expand from a worth of $113.13 billion in 2024 to $119.42 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%.
This growth during the previous period can be linked to factors such as feedstock availability and its pricing, global economic progression, production of consumer goods, environmental policies, competition within the market, and consolidation within the industry.
What Can Be Expected from the Propylene-Petrochemicals Market in the Coming Years?
The propylene-petrochemicals market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the propylene-petrochemicals market is projected to experience robust growth, predicted to reach $147.88 billion by 2029, with a 5.5% compound annual growth rate. The expansion during the forecast timeframe can be accounted for by the escalation towards eco-friendly operations, amplified requirements for packaging, energy conversion, the knock-on effect of the petrochemical field, and government regulations and supports, as well as future petrochemical plans. Key trends anticipated during this timeline are advances in production technology, a heightened focus on bio-based propylene, propylene production capacity broadening, the incorporation of sophisticated catalytic technologies, and technological enhancements in propylene by-products.
What Are The Essential Drivers Behind The Growth Of The Propylene-Petrochemicals Market?
The propylene market is anticipated to gain traction from the expansion of the automobile industry throughout the prediction timeframe. Propylene monomer is utilized to create polypropylene, a polymer that finds wide application in the automobile sector. The escalated production of automobiles contributes to a growing requirement for polypropylene-based products, which are integral to the fabrication of battery cases and trays, bumpers, interior detailing, instrument panels, fender liners, door trims, and other elements. For example, the global sales of new automobiles in emerging markets are projected to rise from 68 million in 2020 to 78 million by 2025, as per the estimations by Goldman Sachs, a United States-based investment banking firm. Therefore, the intensifying utilization of plastics in motor vehicles is forecasted to augment the demand for petrochemicals derived from propylene in the predicted timeframe.
How Are The Segments Defined Within The Global Propylene-Petrochemicals Market?
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
Subsegments:
1) By Homopolymer: Isotactic Polypropylene (iPP), Atactic Polypropylene (aPP), Syndiotactic Polypropylene (sPP)
2) By Copolymer: Random Copolymer, Block Copolymer
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How Are New Trends Expected To Influence The Growth Of The Propylene-Petrochemicals Market Landscape?
Petrochemical corporations are leveraging on-purpose propylene manufacturing techniques to create propylene as a primary product, rather than an alternative or co-product. On-purpose propylene technology is an advanced version of the conventional fluid catalytic cracking unit, augmenting the propylene yield by 20% beyond the original output. Traditional propylene sources, like steam crackers and oil refineries, produce less propylene as a by-product or co-product due to the feedstock shift from naphtha to ethane. To fulfill the escalating demand for propylene, petrochemical firms are investing in the advancement of on-purpose technologies to bridge the gap in propylene production. Key on-purpose technologies comprise 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). Companies such as BASF, Dow Chemical, ExxonMobil Chemical, and Sidi Kerir Petrochemicals Co (SIDPEC), are prime examples of those adopting this innovative technology.
Who Are the Key Players in the Propylene-Petrochemicals Market?
Major companies operating in the propylene-petrochemicals market include:
• 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.
• 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.
• SKC Chemie Pvt. Ltd
What Is The Most Dominant Region In The Propylene-Petrochemicals Market?
Asia-Pacific was the largest region in the propylene-petrochemical market in 2024. Middle East was the second-largest region in the global propylene-petrochemicals market. The regions covered in the propylene-petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
