Propylene Oxide Market
The global propylene oxide market, in value terms, is anticipated to expand at a CAGR of 5.4% and attain a valuation of close to US$ 27.9 Bn by 2031. Significant growth in the automotive and construction industry is boosting demand for propylene oxide, with a large chunk of the demand coming from Asia Pacific. With usage in various applications across industries, propylene oxide is anticipated to witness substantial growth, particularly in high-growth markets such as Asia Pacific. Growing construction and automotive industries are significantly impacting the market in a positive way
Substantial vehicle production across the globe is bolstering consumption of propylene oxide. Increasing applications in the automotive sector is expected to propel market growth over the coming years.
Reducing risk and developing products that comply with the strict regulations of various government agencies is a primary concern of propylene oxide manufacturers. Main players are focused on introducing product formulations that meet growing standards and stringent environmental regulations.
In Feb 2017, LyondellBasell industries launched a new polypropylene (PP) random copolymer that can improve the properties of medical plastic products. This will help the company increase its business and revenue.
Key Takeaways from Market Study
The Asia Pacific market is estimated to witness a significant growth rate of 5.7% over the forecast period.
The polyether polyols segment is anticipated to remain a key end use of propylene oxide, and witness year-over-year growth of 5.5% in 2021.
China is anticipated to remain a key country in the global market owing to the strong presence of end-use industries.
The global market for propylene oxide has been identified as a moderately fragmented space owing to significant presence key market participants. Some of the key market players included in the study are LyondellBasell Industries, The Dow Chemicals, SK Chemicals, Royal Dutch Shell, Sumitomo Chemical Co Ltd, BASF SE, Huntsman International LLC, AGC Chemicals, Repsol, Eastman Chemical Company, Mitsui Chemicals, Air Liquide, China Petrochemical Corporation, and Hanwha Group.
Key manufacturers are anticipated to maintain a competitive. Key players are focusing on investing a fair share of their revenue in product development to launch water-based lubricants to sustain in the long run in this competitive environment.
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