PUBLISHER: The Business Research Company | PRODUCT CODE: 1435510
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435510
Propylene-Petrochemicals Global Market Report 2024
Propylene petrochemical is a fundamental and versatile chemical, akin to ethylene, utilized in the manufacturing of everyday household items. Propylene serves as a constituent in the addition polymer poly(propene) and plays a role in the production of epoxy propane and propanol.
The primary categories of propylene petrochemicals include homopolymers and copolymers. A homopolymer, similar to polyethylene, is a polymer comprising identical monomer units. These find various applications in injection molding, fiber and raffia production, film and sheet manufacturing, and blow molding. The end-user industries encompass automotive, construction, packaging, textiles, and other sectors.
The propylene-petrochemical market research report is one of a series of new reports from The Business Research Company that provides propylene-petrochemical market statistics, including propylene-petrochemical industry global market size, regional shares, competitors with a propylene-petrochemical market share, detailed propylene-petrochemical market segments, market trends and opportunities, and any further data you may need to thrive in the propylene-petrochemical industry. This propylene-petrochemical market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The propylene-petrochemicals market size has grown strongly in recent years. It will grow from $107.2 billion in 2023 to $113.14 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The expansion observed in the historical period can be ascribed to the increase in feedstock availability and pricing, global economic growth, the manufacturing of consumer goods, environmental regulations, market competition, and industry consolidation.
The propylene-petrochemicals market size is expected to see strong growth in the next few years. It will grow to $140.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated expansion in the forecast period can be linked to a shift towards sustainable practices, an increase in packaging demand, the impact of energy transition and the petrochemical industry, government policies and incentives, and planned petrochemical projects. Key trends expected in the forecast period encompass technological advancements in production, a heightened focus on bio-based propylene, the expansion of propylene production capacity, the integration of advanced catalytic technologies, and technological advancements in propylene derivatives.
The propylene market is poised to experience growth during the forecast period, driven by the expansion of the automobile industry. Polypropylene, a polymer derived from the propylene monomer, plays a crucial role in the automobile sector. The substantial production of automobiles has led to an upsurge in the demand for polypropylene products, utilized in various components such as battery cases, trays, bumpers, interior trim, instrument panels, fender liners, door trims, among others. For instance, Goldman Sachs estimates that global sales of new cars in emerging markets will increase from 68 million in 2020 to 78 million by 2025. Consequently, the heightened use of plastics in the automotive sector is anticipated to drive the demand for propylene in the forecast period.
The propylene-petrochemicals market is expected to witness growth due to the expanding chemical industry. The chemical sector, encompassing the production, development, and sale of chemicals and chemical products, relies on propylene-derived petrochemicals as essential feedstock. Propylene, derived from the refining of crude oil and the processing of natural gas, serves a crucial role in the production of various chemicals and materials. According to BASF SE, a German chemical company, the global growth in the chemical industry reached 6.1% in 2021, nearly on par with the industry's overall growth. This growth in the chemical industry contributes to the expansion of the propylene-petrochemicals market.
Stringent safety regulations associated with the manufacturing and transportation of propylene pose a significant restraint. Propylene is highly flammable, toxic, and hazardous under extreme temperatures and pressures. Suppliers of propylene need to invest in equipment, technologies, and processes to control toxic levels and chemical concentrations. These regulations increase operating costs for propylene industry companies, limiting opportunities for investment in new products and expansion into new markets, thereby impacting market growth.
Petrochemical companies are increasingly embracing on-purpose propylene production technologies, focusing on generating propylene as a primary product rather than an alternative or co-product. On-purpose propylene technology involves a modified version of the traditional fluid catalytic cracking unit, enhancing propylene yield by 20% compared to the standard output. Traditional propylene sources, such as steam crackers and oil refineries, yield less propylene as a derivative or co-product due to a shift in feedstocks from naphtha to ethane. To address the growing demand for propylene, petrochemical companies are investing in the development of on-purpose technologies to overcome the shortfall in propylene production. Prominent on-purpose technologies include propane dehydrogenation, methanol-to-olefins/methanol-to-propylene (MTO/MTP), high-severity fluidized catalytic cracking (HS-FCC), coal-to-olefins/coal-to-propylene (CTO/CTP), and gas-to-olefins (GTO). Companies adopting this technology include BASF, Dow Chemical, ExxonMobil Chemical, and Sidi Kerir Petrochemicals Co (SIDPEC).
Major players in the propylene-petrochemicals market are diversifying their product portfolios, exemplified by innovations such as the Novolen PPure polypropylene (PP), aimed at enhancing their market profitability. The Novolen PPure PP portfolio offers a range of polymers facilitating the production of high-quality goods for automotive, medical, and food packaging components. In November 2022, Lummus Technology LLC, a US-based petrochemical technology company, launched the Novolen PPure PP portfolio. It represents a more environmentally friendly product grade, reducing CO2 emissions and delivering significant energy savings. The Novolen portfolio includes the Lummus O3S operator training simulator, PPConnect digital data analysis platform, and NPM advanced process controls system.
In January 2022, Invista, a US-based company specializing in fiber, resin, and intermediates, acquired the propylene business of Flint Hills Resources for an undisclosed amount. The acquisition encompasses chemical facilities in Houston and Longview, Texas, ownership of pipelines supplying facilities, and support employees. This strategic move expanded Invista's portfolio and positioned the company for future growth. Flint Hills Resources is an American refining company.
Major companies operating in the propylene-petrochemicals market report are Sinopec Corp., China Petrochemical Corporation, Exxon Mobil Corporation, China National Petroleum Corp., Royal Dutch Shell PLC, Total S.A., Valero Energy Corp., Eni S.p.A., Indian Oil Corporation Ltd., Reliance Industries Ltd., Archer Daniels Midland Company, BASF SE, Repsol S.A, Idemitsu Kosan Co., Enterprise Products Partners L.P., The Dow Chemical Company, Saudi Basic Industries Corp., LyondellBasell Industries Holdings B.V., Honeywell International Inc., Linde PLC, Shanghai Secco Petrochemical Company Limited, Sumitomo Chemical Co., Asahi Kasei Corporation, Ineos Group Ltd., Chevron Phillips Chemical Company, Huntsman International LLC, Formosa Plastics Corporation, Dangote Industries Ltd., Manali Petrochemical Ltd., Haldia Petrochemicals Ltd., Polioles S.A. de CV, AGC Chemicals Americas Inc., Solventis Ltd., Oleon NV, SKC Chemie Pvt. Ltd
Asia-Pacific was the largest region in the propylene-petrochemical market in 2023. Middle East was the second-largest region in the global propylene-petrochemicals market. The regions covered in the propylene-petrochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the propylene-petrochemicals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The propylene petrochemical market consists of the sales of propylene petrochemicals used in the production of acrylics, rubbing alcohol, epoxy glue, and carpets. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
Reasons to Purchase
Scope
Markets Covered:
Table of Contents
1. Executive Summary
2. Propylene-Petrochemicals Market Characteristics
3. Propylene-Petrochemicals Market Trends And Strategies
4. Propylene-Petrochemicals Market - Macro Economic Scenario
- 4.1. Impact Of High Inflation On The Market
- 4.2. Ukraine-Russia War Impact On The Market
- 4.3. COVID-19 Impact On The Market
5. Global Propylene-Petrochemicals Market Size and Growth
- 5.1. Global Propylene-Petrochemicals Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
6. Propylene-Petrochemicals Market Segmentation
7. Propylene-Petrochemicals Market Regional And Country Analysis
8. Asia-Pacific Propylene-Petrochemicals Market
9. China Propylene-Petrochemicals Market
10. India Propylene-Petrochemicals Market
11. Japan Propylene-Petrochemicals Market
12. Australia Propylene-Petrochemicals Market
13. Indonesia Propylene-Petrochemicals Market
14. South Korea Propylene-Petrochemicals Market
15. Western Europe Propylene-Petrochemicals Market
16. UK Propylene-Petrochemicals Market
17. Germany Propylene-Petrochemicals Market
18. France Propylene-Petrochemicals Market
19. Italy Propylene-Petrochemicals Market
20. Spain Propylene-Petrochemicals Market
21. Eastern Europe Propylene-Petrochemicals Market
22. Russia Propylene-Petrochemicals Market
23. North America Propylene-Petrochemicals Market
24. USA Propylene-Petrochemicals Market
25. Canada Propylene-Petrochemicals Market
26. South America Propylene-Petrochemicals Market
27. Brazil Propylene-Petrochemicals Market
28. Middle East Propylene-Petrochemicals Market
29. Africa Propylene-Petrochemicals Market
30. Propylene-Petrochemicals Market Competitive Landscape And Company Profiles
31. Propylene-Petrochemicals Market Other Major And Innovative Companies
32. Global Propylene-Petrochemicals Market Competitive Benchmarking
33. Global Propylene-Petrochemicals Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Propylene-Petrochemicals Market
35. Propylene-Petrochemicals Market Future Outlook and Potential Analysis
36. Appendix
