Global Propylene Oxide Market

Propylene Oxide Market Size, Share, Growth Analysis, By Application(Polyether polyols, propylene glycol), By End-use(Automotive, building & construction) - Industry Forecast 2024-2031

Report ID: SQMIG15B2100 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 67 | Figures: 75

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Propylene Oxide Market size was valued at USD 22.5 billion in 2021 and is poised to grow from USD 23.1 billion in 2022 to USD 36.6 billion by 2030, at a CAGR of 5.92% during the forecast period (2023-2030).

The competitive landscape of the propylene oxide market is characterized by the presence of several key players who actively contribute to market growth. These companies emphasize research and development activities to introduce innovative products and improve production processes. Additionally, they prioritize sustainability and environmental considerations in their operations. 'Dow Chemical Company (US)', 'LyondellBasell Industries N.V. (Netherlands)', 'Huntsman Corporation (United States)', 'BASF SE (Germany)', 'Royal Dutch Shell plc (Netherlands)', 'Repsol S.A. (Spain)', 'INEOS Group AG (Switzerland)', 'Asahi Kasei Corporation (Japan)', 'Sumitomo Chemical Co., Ltd. (Japan)', 'Tokuyama Corporation (Japan)', 'Saudi Basic Industries Corporation (Saudi Arabia)', 'China Petrochemical Corporation (Sinopec) (China)', 'Reliance Industries Limited (India)', 'Mitsui Chemicals, Inc. (Japan)', 'LG Chem Ltd. (South Korea)', 'Covestro AG (Germany)', 'Evonik Industries AG (Germany)', 'SKC Co., Ltd. (South Korea)', 'Formosa Plastics Corporation (Taiwan)', 'Arkema SA (France)'

Polyurethane foams, which are produced using propylene oxide, are extensively used in various industries such as automotive, construction, furniture, and bedding. The increasing demand for comfortable seating, insulation materials, and energy-efficient solutions in these sectors drives the need for propylene oxide.

As sustainability and environmental concerns become more prominent, there is a growing emphasis on reducing carbon footprints and utilizing renewable resources. Bio-based propylene oxide, derived from renewable feedstocks such as biomass or plant-based materials, offers a more environmentally friendly alternative to traditional petroleum-based propylene oxide. This trend is driven by stringent environmental regulations and the desire to achieve more sustainable manufacturing processes.

The largest market region in the propylene oxide market is Asia Pacific. The region holds a significant market share due to its rapid industrialization, urbanization, and increasing disposable incomes. Countries such as China, India, and Japan are major contributors to the propylene oxide market in the region. The automotive, construction, textile, and chemical industries in Asia Pacific drive the demand for propylene oxide-based products, particularly polyurethane foams and propylene glycol. Additionally, favorable government initiatives, infrastructural development, and a rising population contribute to the region's dominance in the propylene oxide market.

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Global Propylene Oxide Market

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