The Global Propylene Market is estimated to be valued at US$ 4.37 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Propylene is a colorless flammable gas which serves as an important chemical building block with widespread industrial uses. It is primarily used in the production of polypropylene resins which have applications in consumer products for their strength, durability and heat resistance. These resins are used to make plastic parts for vehicles, reusable containers and packages, various industrial components and more.
Market key trends:
One of the major trends driving growth in the propylene market is the increasing consumer demand for rigid insulation foams. Rigid polyurethane foams made from propylene are extensively used in construction applications such as roof insulation, wall insulation, panels for refrigeration and pipe insulation. Their excellent insulation properties help improve energy efficiency of buildings. Growing awareness about green buildings and stringent regulations regarding energy conservation are fueling the demand for propylene-based rigid insulation foams across regions.
Segment Analysis
The global propylene market is segmented by end use industry and derivative. Based on end use industry, the market is classified into chemicals & plastics, transportation, textiles, packaging, construction, and others. The chemicals & plastics segment dominated the market in 2023 and is expected to remain dominant over the forecast period. This is due to increasing demand for polypropylene and propylene oxide in various industrial applications such as automobiles and construction.
Based on derivative, the market is divided into polypropylene, propylene oxide, cumene, acrylonitrile, acrylic acid & acrylates, and others. The polypropylene segment held the largest share in 2023 and is projected to register steady growth during the forecast period. This growth can be attributed to extensive usage of polypropylene in the automotive, textiles, packaging, consumer goods, and construction industries.
Key Takeaways
The Global Propylene Market size was valued at US$ 4.37 billion in 2023 and is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period. This growth can be attributed to increasing demand from the chemicals and plastics end use industry.
Regional analysis: Asia Pacific dominated the global propylene market in 2023 and is likely to continue its dominance over the forecast period. This is attributed to growth of the chemicals industry, expanding automotive sector, and rapid urbanization in countries such as China and India.
Key players: Key players operating in the propylene market are BASF SE, BP Plc., China Petroleum & Chemical Corporation, ExxonMobil Corporation, IRPC Plc., LyondellBasell Industries Holdings B.V., Reliance Industries Limited, Saudi Basic Industries Corporation (SABIC), The Dow Chemical Company, and Westlake Chemical Corporation. With increase in demand, new players are expected to enter the market during the forecast period.
