A Market Overview of Propylene
A colourless fuel gas with a strong aroma, propylene is also known as propene. The second-highest petrochemical used as a feedstock globally, behind ethylene, is propylene. One of the essential petrochemical building blocks, propylene is used as feedstock for many different intermediates and polymers.
Propylene oxide, Polypropylene, Cumene/phenol, Acrylic Acid, as well as other various intermediates and derivatives, are important derivatives of propylene. A wider range of end-use industries, including the automobile, consumer durable and non-durable goods, packaging, and construction, among others, use these derivatives. Additionally, polypropylene will continue to be the primary propylene derivative produced for the broadest possible range of industrial applications worldwide.
Furthermore, a quicker increase in demand than supply is predicted for propylene. The petrochemical industry’s feedstock slates, refinery production and operating rates, supply/demand balance, and supply/demand scenario all have a significant impact on the pricing of propylene and the supply/demand situation.
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Market Dynamics for Propylene
The need for propylene has increased significantly recently, and this is true all throughout the world. In the upcoming years, it is anticipated that sustained demand for propylene derivatives including acrylic acid, polypropylene, and propylene oxide would create a solid foundation for the market’s rapid expansion.
According to estimates, polypropylene holds the lion’s share of the global polypropylene market. Additionally, it is anticipated that technological advancements in polypropylene derivatives would have an impact on propylene consumption globally. The expansion of numerous end-use sectors connected to propylene derivatives is likely to have an impact on the world’s consumption of propylene in the near future.
Furthermore, the capacity of refineries and steam crackers to supply propylene has been exceeded by the rising urbanisation in emerging economies. The company is therefore continually attempting to create an on-purpose production capability to close the supply gap in order to meet demand. Such a predicted trend also actively contributed to the expansion of the propylene market.
Market for propylene: A regional view
In the upcoming years, the propylene market is anticipated to rise strongly. The growing nations, particularly China and India in the Asia Pacific area, are the main drivers of the expansion. From a regional standpoint, it is predicted that in the upcoming years, the Asia Pacific propylene market will hold a dominant position of the global market.
In the near future, it is anticipated that significant demand for propylene derivatives, particularly polypropylene and acrylic acid for various industrial applications, will accelerate market expansion. In the future years, the propylene market is anticipated to rise steadily in North America and Europe, in that order.
For regional and small players in North America, the production of shale gas opens a new door to propylene feedstock, which is used to manufacture a variety of chemicals and derivatives.
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Propylene Market: Industry players
The following list includes some of the major players in the worldwide propylene market:
- Exxon Mobil Corporation
- The Dow Chemical Company
- LyondellBasell Industries
- INEOS Group Limited
- BASF SE
- Sumitomo Chemical Company Limited
- Saudi Basic Industries Corporation
- Chemical Company LLC
- Formosa Plastics Group.
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa