Propylene Market Competitive Analysis, Upcoming Demand And Growth Forecast 2019Posted by rohit on February 11th, 2022 Market Overview Propylene belongs to the alkene class with three double bonded carbon atoms. It is the second highest used petrochemical after ethylene. Propylene or Propene is a byproduct of oil refining and natural gas processing. During oil refining, ethylene, propene, and other compounds are produced as a result of cracking larger hydrocarbons. A major source of propylene is naphtha cracking, which is intended to produce ethylene and results from refinery cracking producing other products. Propane dehydrogenation converts propane into propylene with byproduct hydrogen. Fluid Catalytic Cracking splitters and On-Purpose Technology (OPT) are most widely used propylene production technologies worldwide. Its end-uses include films, fibers, containers, packaging, and caps and closures. Propylene is considered as an important building block for various chemicals such as polypropylene, propylene oxide, acrylonitrile, cumene, oxoalcohols, isopropylalcohol, acrylic acid, acrylated, isobutyl benzene, and EPDM rubbers. These derivatives of propylene are used in various end-use industries such as automotive, construction, textiles, and packaging. Request Copy Of This Business Report:https://www.coherentmarketinsights.com/market-insight/propylene-market-1997 Market Dynamics Polypropylene segment accounted for highest revenue share in the propylene market in 2016, and the segment is projected to retain its position over the forecast period due to high demand for polypropylene and its alloys in automotive industry. In packaging, polypropylene has a variety of application such as bottles, food packaging, and biaxially oriented polypropylene. Therefore, packaging segment is the major segment in end-use Industry. Asia Pacific dominated the market in 2016, and the region is projected to be the fastest growing in the global propylene market over the forecast period. The growth of Asia Pacific propylene market is attributed to increasing demand from end-use industries along with strategic investment by market players such as IRPC Plc., Fujian Meide Petrochemical in the region to tap potential market in China, India, and South Korea. For instance, in December 2016, Thai IRPC announced to expand its local production capacity of propylene by 63% to boost its long-term earnings growth. Detailed Segmentation:
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