The global Propylene Market is estimated to be valued at Us$ 4.37 Bn in 2023 and is expected to exhibit a CAGR Of 5.0% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Propylene is an organic chemical compound that acts as an important industrial chemical raw material that is used to produce a wide range of products. Propylene is utilized as a feedstock to produce polypropylene, which is used to make various plastic products, molded automobile parts, fibers, and films.
Market key trends:
One of the major trends driving the propylene market growth is the rise in demand for 3D printing plastics. 3D printing technology uses thermoplastic materials that are made from propylene. The widespread adoption of 3D printing across various industries such as automotive, healthcare, aerospace, defense, and consumer goods is fueling the demand for 3D printing plastics which in turn is propelling the propylene market growth.
Segment Analysis
The global propylene market is segmented based on end-use industries and derivatives. Based on end-use industries, the petrochemicals segment currently dominates the market. Propylene is a raw material for manufacturing petrochemicals like polypropylene. The increasing demand for polypropylene from various end-use industries like packaging, automotive, construction is augmenting the growth of this segment.
Key Takeaways
The Global Propylene Market Demand is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from the construction and automotive industries.
Regional analysis
North America dominates the global propylene market with a share of over 30% in 2023. The growth of the regional market is driven by the increasing expenditure on infrastructure development and automobile production in the US and Canada. Asia Pacific exhibits the fastest growth in the market, owing to rising construction and automotive activities in major economies like China and India.
Key players
Key players operating in the propylene market are BASF SE, BP Plc., China Petroleum & Chemical Corporation, ExxonMobil Corporation, IRPC Plc., LyondellBasell Industries, National Petrochemical Company, SABIC, The Dow Chemical Company, and Westlake Chemical Corporation. The market is highly competitive and concentrated in nature. The major players are focusing on capacity expansion to meet the growing demand for propylene.
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