Propylene Oxide Industry: Share, Growth and Size by 2023

07/set/2020 13:02:39 Tejas Amale Contatta l'autore

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Propylene Oxide (PO) is a highly reactive, colorless, and highly flammable, liquid which is a basic component for various industrial applications. It is used as demulsifier which separates crude oil from water. Propylene Oxide is mainly used for the production of propylene glycol, but is also used as an intermediate for the production of polyether polyols for polyurethane foams. Polyurethane foams are utilized in furniture and car vehicles, and inflexible foams for machine and building protection. Polyether polyols likewise go into non-foam applications such as coatings, adhesives & sealants.

Some of the prominent factors that positively influence the growth of Propylene Oxide Market are increasing construction activities, rising demand for oil & gas exploration, and increasing urbanization along with rising per capita disposable income in the developed and emerging economies. High adoption rate along with the increasing number of power plants to meet the energy for the ever-growing population. Moreover, continuous expansion of automotive industry as well as shifting manufacturers focus towards aviation industry are estimated to fuel the growth of the market during the review period, 2017 to 2023.

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Key Players:

Some of the prominent players operating in the Propylene Oxide Market are The Dow Chemical Company (U.S.), LyondellBasell Industries N.V. (Netherlands), Royal Dutch Shell plc (Netherlands), Huntsman Corporation (U.S.), BASF SE (Germany), Repsol S.A. (Spain), Asahi Glass Co., Ltd. (Japan), INEOS Private Limited Company (U.K.), Sumitomo Group (Japan), Chevron Phillips Chemical (U.S.).

Market Segmentation:

The Global Propylene Oxide Market is segmented into application, end use and regions. On the basis of application, the market is categorized into polyether polyols, propylene glycol, fumigation, adhesives & sealants, & oil demulsifier. Among these application, oil demulsifier application is expected to grow with the highest CAGR on account of rising demand for oil and oil-derivatives, resulting in high production of petroleum products globally. Moreover, the global production of crude oil is increasing, as various nations are focusing more on extracting oil from new as well as unconventional reserves. As of 2016, crude oil segment accounted for the largest market share and is predicted to continue its dominance over the assessment period. Additionally, growth of automotive sector, and expansion of refineries across the globe is estimated to fuel the demand for propylene oxide. Propylene Oxide is widely used in the manufacture of polyether polyols for urethanes. These urethane foams are mostly used as thermal insulation panels and sealant in the construction industry. These factors are responsible for the growth of Propylene Oxide Market. The major share of market of polyether is from construction industry. Propylene Oxide is high volatile compound and it is manufactured to use as an anti-microbial fumigant in food industry. Although there are some countries like Canada who didn’t register Propylene Oxide as a fumigant due to its volatility nature.

Regional Analysis:

The Asia Pacific is estimated to be the largest market followed by North America and Europe due to strong existence of crude oil reserves. In North America, the U.S. and Mexico are predicted to register a strong growth on account of tremendous demand for Propylene Oxide in automotive and aviation manufacturing. In Asia Pacific, countries such as China, India, and South Korea are the fastest growing market for demulsifier in construction, food, and paints & coatings. It is estimated to grow with the same pace over the forecast period. Improving living standards along with the flourishing growth of adhesives & sealants is predicted to contribute to the regional market growth. In Latin America, it is anticipated that there will be no future projects in the field of construction, transport and oil & gas in the forecast period probably due to the economic instability and unwillingness consumer spending.

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