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Global Propylene Oxide Market to Reach US$ 13,328 Mn in 2017
Persistence Market Research (PMR), in its report, projects the global propylene oxide
market to account for revenues worth US$ 13,328 Mn in 2017. This number is
expected to surpass US$ 20,000 Mn by 2025-end. The market is estimated to register
5.4% CAGR in terms of value. Increasing applications of propylene glycol as a
construction chemical on the back of growing construction sector is expected to drive
market growth.
Robust Demand for Propylene Oxide in Production of Various Automotive Products
to Drive Market Growth
Increasing demand for automotive products has driven considerable growth in
automotive sector. Demand for Propylene oxide is on a surge for manufacturing
various automotive products such as sealants, adhesives, flexible foams, and paints.
Soaring urbanisation and surging production of automobiles have led to huge demand
for some continuously adopted products such as carpets, mattresses, car seats and
insulators. Such products utilize polyurethane which in turn requires propylene oxide
as raw material. The aforementioned factors are expected to drive growth of the
market. In addition, increasing application of propylene oxide and its derivatives in
various end-use products including engineering plastics & fibers, brakes & hydraulic
fluids, power cruisers, automotive coolants, and aircraft deicing fluids are expected to
fuel demand for propylene oxide.
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Presence of More Effective Alternatives to Hamper Market Growth of Propylene
Oxide Globally
However, several alternatives of propylene oxide have been introduced in the market
which are more effective. Moreover, propylene oxide poses negative impacts on the
environment and affects humans. Over consumption of propylene oxide may result
into hazardous effects on human respiratory track, and causes irritation to eyes and
skin. These factors are expected to restrain growth of the global propylene oxide
market.
In terms of volume, polyether polyols is expected to be the largest application of
propylene oxide. Demand for propylene oxide in production polyether polyols is
expected to reach nearly 10,000 KT by 2025-end. In addition, demand for propylene
oxide in production of flame retardants is projected to exhibit fastest expansion
through 2025.
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APAC to be the Largest Market for Propylene Oxide by 2025-End
Asia Pacific (APAC) is projected to be the most lucrative region for propylene oxide
market, followed by North America. Sales of propylene oxide in APAC will account
for around 4,600 KT in 2017, and it is further estimated to surpass 7,000 KT by 2025.
In terms of volume, market in this region is expected to register highest CAGR. In
addition, North America is expected to be the second largest market for propylene
oxide, with sales pegged to reach nearly 4,000 KT by 2025. In contrast, sales of
propylene oxide in Latin America will exhibit a sluggish expansion at 3.3% CAGR in
terms of volume.
Key market players identified in PMR’s report include LyondellBasell Industries
Holdings B.V., The Dow Chemicals, SK Chemicals, Royal Dutch Shell, Sumitomo
Chemical Co., Ltd., BASF SE, Huntsman International LLC., AGC Chemicals,
Repsol, CSPC Pharmaceutical Group Limited, Air Liquide, Air Products and
Chemicals, Inc., China Petrochemical Corporation, Eastman Chemical Company,
Mitsui Chemicals, Inc., LOTTE CHEMICAL CORPORATION, PetroChina
International Co., Ltd., Ineos Group Limited, Tokuyama Corporation, Hanwha
Group.
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