The propylene market consists of sales of propylene gas and its related services used in various industry verticals such as automotive, construction, and packaging industries. Propylene is a building block for the addition polymer, poly (propene) and is also used in the manufacturing of epoxy propane and propanol.
Global Propylene-Petrochemicals Market Size And Drivers:
The global propylene-petrochemicals market is expected to grow from $63.1 billion in 2020 to $71.87 billion in 2021 at a compound annual growth rate (CAGR) of 13.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $66.8 billion in 2025 at a CAGR of -2%. The propylene market is expected to benefit from growth in the automobile industry during the forecast period.
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Trends In The Global Propylene-Petrochemicals Market
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 to 20% more than the actual output. Traditional sources for propylene which include steam crackers and oil refineries yield less propylene as a derivative or co-product due to shift in feedstocks from naphtha to ethane. To meet the increased demand for propylene, petrochemical companies are investing to develop on-purpose technologies to accelerate the shortfall of 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).
Global Propylene-Petrochemicals Market Segments:
The global propylene-petrochemicals market is further segmented –
By End-Use Industry: Automotive, Construction, Packaging, Textile, Others
By Type: Homopolymer, Copolymer,
By Application: Injection Molding, Fiber & Raffia, Film & Sheet, and Blow Molding
By Geography: The global propylene-petrochemicals market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Propylene-Petrochemicals Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides propylene-petrochemicals market overviews, analyzes and forecasts market size and growth for the global propylene-petrochemicals market, propylene-petrochemicals market share, propylene-petrochemicals market players, propylene-petrochemicals market segments and geographies, propylene-petrochemicals market’s leading competitors’ revenues, profiles and market shares. The propylene-petrochemicals market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
