Published Date : 17 Apr 2023
The global propylene market has garnered revenue of USD 104.05 billion in 2022, and it is projected to rise at the rate of 3.76% between 2023 and 2032, to capture USD 150.54 billion by 2032.
The global propylene market growth is driven by the increasing requirement for effective plastic packaging materials, rising demand for propylene derivatives, and rapid growth in the petrochemical industries.
Propylene, also known as propene, is a colorless, flammable, gaseous hydrocarbon derived from petroleum; vast amounts of propylene are used to manufacture resins, fibers, elastomers, and several other chemical products. Propylene has a molecular weight of 42.08 g/mol and the chemical formula C3H6. Propylene is primarily used to make polypropylene plastics for injection molding and fibers, as well as in the manufacture of cumene, which is utilized in the production of phenol. Propylene also plays a vital role in the production of propylene oxide, acrylic acid, oxo alcohols, and isopropanol. Propylene (C3H6) is a colorless fuel gas with a pungent aroma. While it is similar to propane, it contains a double bond that provides it with a combustion benefit, meaning it burns hotter.
This fuel is very flammable and non-toxic. Propylene is produced as a by-product of petrol refining. Because of its higher combustion performance, propylene is an appealing alternative to propane for heating and cutting. It's also a common fuel gas in high-velocity oxygen fuel (HVOF) procedures. Moreover, propylene is used as a fuel gas in the chemical and plastics sectors. Propylene can also be polymerized to make polypropylene material. It can also be used as a refrigerant, in calibration mixes, and as a chemical intermediary. Additionally, it is utilized to measure the efficiency of gas engines and burners.
The propylene is stored in vast underground bunkers and transported through the propylene pipeline system, which measures nearly 150 miles. Propylene is transported worldwide through vessels and locally by railroads, trucks, and pipelines. Propylene is employed in a variety of sectors, including the petrochemical industry, where it is used as a raw material throughout the manufacturing process. Propylene is used in the production of several chemicals. These chemicals are then utilized in the production of a wide range of consumer and industrial goods.
Additionally, the market has grown as a result of the rising demand for lightweight polymers from the automotive, consumer goods, and electronics sectors. Furthermore, the increasing demand for propylene from the construction industry, and automotive industries is expected to boost the growth of the propylene market during the forecast period.
Propylene Market Report Scope:
|Market Size in 2022||USD 104.05 Billion|
|Projected Forecast Value in 2032||USD 150.54 Billion|
|Growth Rate||3.76% from 2023 to 2032|
|Largest Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Asia Pacific accounted for the larger market share in 2022, due to the increasing demand for propylene, rapid growth in the automobile industries, and growing use of propylene in the packaging sector. Due to the increasing expansion of sectors such as petrochemicals, textiles, and construction in nations such as India, Japan, and China, the Asia Pacific region is a major consumer of propylene. On the other hand, the North America market is expected to grow at a rapid CAGR during the forecast period due to the technological advancement in the manufacture of propylene from shale gas, increasing demand for food and beverage packaging, and the expansion of the medical, electrical, and electronics manufacturing industries.
Rising demand for propylene derivatives
Propylene derivatives are growing at a rapid CAGR owing to the increase in the rising crude oil price trend. The ongoing conflict between Ukraine and Russia is fueling crude oil prices, which is resulting in the increase of Naphtha prices. Due to their diverse properties, Propylene derivatives are in high demand in a variety of sectors. The construction industry is in a growth period, and the usage of propylene derivatives in construction is increasing.
Moreover, the automobile, textile, and packaging sectors use Propylene products. Furthermore, higher freight rates at various ports are having a significant impact on market pricing for a variety of commodities, including propylene and its derivatives. Acrylonitrile is used to make carpet fibers, vehicle components, consumer electronics, and clothing. It is also used to treat wastewater.
Growing petrochemical industry
The rapid growth in the petrochemical industry is projected to propel the global propylene market during the forecast period. Propylene is a crucial chemical in the petrochemical industry as ethylene. Propylene is mainly generated as a byproduct of petroleum refining and the manufacture of ethylene by steam cracking of hydrocarbon feedstocks. Propylene is formed as a byproduct of catalytic cracking (and to a lesser degree thermal cracking) of gas oils in refineries. Petrochemical companies are investing in on-purpose technology growth to close the gap in propylene output and meet increased propylene demand.
Stringent safety regulations
The implementation of stringent safety regulations associated with the manufacture and transportation of propylene is projected to hamper the growth of the market and it is likely to limit the expansion of the global propylene market during the forecast period.
Rapid growth in the automobile industry
Polypropylene is a polymer derived from propylene monomer that is widely utilized in the automotive sector. Automobile production on a large scale is increasing demand for polypropylene materials, which are used in the production of battery cases and trays, interior trim, bumpers, wing liners, door trims, instrument panels, and others. The propylene market is projected to gain from the automotive industry growth during the forecast period.
Major Key Players:
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