Propylene Market: Introduction
Propylene is also termed as propene is a colorless fuel gas with a naturally pungent smell. Propylene is the second-highest petrochemical used as feedstock after ethylene across the world by volume. Propylene is one of the vital building blocks petrochemical used as feedstock for a variety of intermediates and polymers. Key propylene derivatives include Propylene oxide, Polypropylene, Cumene/phenol, acrylic acid, and other miscellaneous intermediates and derivatives. Such derivatives are used in a wider range of end-use industries such as automotive, consumer durables and non-durables, packaging, and construction among others. Moreover, polypropylene will remain the key propylene derivative produced for the wider range of industrial applications across the globe.
Furthermore, propylene demand is foreseen to grow faster than supply. Fluctuation in the propylene pricing and supply/demand scenario is intensely dependent on the refinery production and the operating rates, supply/demand balance, and feedstock slates in the petrochemical industry.
Propylene Market: Dynamics
In the recent past, the propylene market was registered significant growth in terms of demand across the globe. Sustainable demand for propylene derivatives such as propylene oxide, polypropylene, acrylic acid, among others is expected to lay a strong platform for the robust growth of the global propylene market in the coming years. Polypropylene is estimated to account for dominating share in the global polypropylene market across the globe. Moreover, technological development in the polypropylene derivative is also expected to influence propylene demand worldwide. Growth of various end-use industries associated with propylene derivatives is probably influencing the global propylene consumption in the near future. Moreover, the growing urbanization in the emerging economies has exceeded the ability of steam crackers and refineries to supply propylene. Thus, to fulfill demand, the manufacturer is constantly working to develop an on-purpose production ability to fill the supply gap. Such kind of foreseen trajectory is also played an energetic role in the propylene market growth.
However, high demand growth and limited supplies of propylene at potentially higher prices that might result could hamper growth impact on cross elasticity demand in applications in which substitution is possible that is polypropylene vs polyethylene, Polystyrene, and ABS. Furthermore, with Propylene being highly flammable and toxic hydrocarbon in nature, call for regulated use and preference of alternate feedstock can also affect its consumption rate across stringent regulatory regions to some extent.
Propylene Market: Regional outlook
The global propylene market is expected to register healthy growth in the coming years. The growth is primarily driven by the developing regions such as the Asia Pacific, especially China and India. From the regional perspective, the Asia Pacific propylene market is estimated to account for dominating share in the global market in the coming years. Significant demand for propylene derivative especially polypropylene and acrylic acid for various industrial applications in Asia’s emerging economies are projected to accelerating the market growth in the near future. North America followed by Europe are expected to witness stable growth in the global propylene market in the upcoming years. Shale gas production creates a new gateway for local and small players to propylene feedstock to manufacturer variety of chemicals and derivatives in the North America region. Moreover, increasing investment in construction and infrastructural development activities are directly impact on the demand for propylene derivatives product in that region. Furthermore, the Middle East & Africa and Latin America region is expected to register sustainable growth in the global propylene market in the coming decades.
Propylene Market: Market participants
Some of the key market participants identified in the global propylene market are as follows:
- BASF SE
- The Dow Chemical Company
- ExxonMobil Corporation
- LyondellBasell Industries N.V.
- Saudi Basic Industries Corp. (SABIC)
- BP Plc.
- Sinopec Corp.
- Total S.A.
- Valero Energy Corp.
- Royal Dutch Shell PLC
- Reliance Industries Ltd.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and geographies.
Propylene Market: Segmentation
Global propylene market can be segmented on the basis of derivatives, end-use industry, and region.
On the basis of derivatives, the propylene market is segmented into:
- Propylene Oxide
- Acrylic Acid
On the basis of end-use industry, the propylene market is segmented into:
- Consumer Goods
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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