[Online Quarterly Update]Propylene market witnessed a demand of 95 million tons in 2020 and anticipated to grow at a healthy CAGR of 5.41% through 2030. Propylene also known as propene with a chemical formula C3H6, is an unsaturated organic compound. It is a colorless, highly combustible, and low toxic fuel gas with a naturally pungent smell reminiscent of Petroleum odor and becomes liquid under pressure. Propylene is produced commonly by three main processes including Steam cracking, fluid catalytic cracking (FCC) and Olefin conversion technology by using liquid petroleum as feedstock such as LPG, naphtha, propane etc.
Propylene is a versatile commodity in chemicals and petrochemicals industry as it a key raw material to several other chemicals. On the basis of its purity, Propylene is segmented into three grades- - polymer grade (>=99.5 per cent pure), chemical grade ((>=93.4 purity), and refinery grade (with a purity of around 60-70 per cent). It is widely used as fuel gas and in the manufacturing of fibers, elastomers, and various other chemicals such as Polypropylene, Acrylonitrile, Acetone, Isopropyl Alcohol, Propylene Glycol, propylene oxide, cumene etc. through various processes like polymerization, esterification, oxidation, hydration, alkylation, and others. Majority of the total Propylene produced globally is consumed in the production of Polypropylene through polymerization process. Owing to the applications of Propylene and its derivatives plastics, and chemical industries are extensively dependent on it, and it is one of the world’s most largely produced commodity after ethylene. Polypropylene most widely used thermoplastic polymer and a key material for plastic parts and used in several industries including packaging, electronics and electrical, automotive, textile, living hinges and others. Whereas other derivatives of Propylene find application in various industries including Cosmetics and Personal Care, Food & Beverage, Pharmaceuticals, Building & Construction, Automotive, and Others (textile, paper and pulp, electronics, consumer goods, chemicals). Hence, depending on the utility of Propylene and its derivatives, the major end use industries are Automotive, Packaging, Construction, Textiles and Others. Hence, the growth in these sectors would augment the demand for Propylene in the forecast period. However, the factors like health and environmental hazards related to Propylene along with strict safety guidelines related to its production and transportation are anticipated to be the major restraints in market growth of Propylene.
In the first half of 2020, the outbreak of Covid-19 pandemic impacted several industries due to the imposition of nationwide lockdowns by the global economies that resulted into the hinderance in industrial operations and trade. Despite one of the widely used chemical, a slum in the demand for Propylene was observed, as its end use industries such as Automotive, Textile and Construction sector were drastically affected amid first wave of Covid-19. Although demand for Propylene has been surged from Packaging industry due to the acceleration in e commerce during pandemics. Moreover, in the latter half of 2020, after the relaxations in lockdown there was a speedy recovery in the Automobile as well as Construction sectors which consequently improved the demand for Propylene in market. It is anticipated that the market for Propylene is likely to propel at a promising rate in the forecast period owing to its wide range applications.
Region wise, Asia-Pacific dominates the market for Propylene globally and is projected to grow significantly over the forecast period owing to the booming Automobile, Construction, Packaging and Textile sectors in the region. Additionally, China is the leading producer of textile, plastics, electronics among others therefore, expected to lead the propylene industry over the forthcoming years. In Asia Pacific region, China, India, Japan, and South Korea are among the world’s leading consumers of Propylene and are likely to bolster the market growth of Propylene in Asia Pacific over the forecast period.
Key players in the Propylene industry include LyondellBasell Industries N.V., The Dow chemical Company, SABIC, BASF SE, Sinopec Corp., BP plc., ExxonMobil Corporation, Shell Plc., Total S.A., Huntsman Corporation, Valero Energy Corp. China Petroleum & Chemical Corporation, IRPC plc. and Reliance Industries Limited among others.
Years Considered for this Report:
Historical Years: 2015 – 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022 – 2030
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Objective of the Study:
• The primary objective of the study was to evaluate and forecast the Propylene capacity, production, demand, inventory, and demand– supply gap globally.
• To categorize Propylene demand based on End Use, Grades, region and distribution channel
• To identify major customers of Propylene globally.
• To evaluate and forecast Propylene pricing globally.
• To identify and profile major companies operating globally Propylene Market.
• To identify major news, deals and expansion plans globally Propylene Market.
To extract data for Propylene Market, primary research surveys were conducted with Propylene manufacturers, suppliers, distributors, wholesalers and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global Propylene Market over the coming years.
ChemAnalyst calculated Propylene Demand globally by analyzing the historical data and demand forecast which was carried out considering the Application industries growth. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience
• Propylene manufacturers and other stakeholders
• Organizations, forums and alliances related to Propylene distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as Propylene manufacturers, distributors and policymakers. The report also provides useful insights about which market segments should be targeted over the coming years to strategize investments and capitalize on growth opportunities.
In this report, the Global Propylene Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, by End Use
Packaging, Construction, Automotive, Textile and Others
Market, by Grade
Polymer Grade (>=99.5%), Chemical Grade (>=93.4%), Refinery Grade (60 - 70%)
Market, by Distribution Channel
Direct/Institutional Sales, Other Channel Sales
Market, by Region
North America, APAC, Europe, MEA, South America
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.
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