Propylene Market Size Worth USD 150.83 Billion in 2032 | Emergen Research

Increasing use of propylene in commercial vehicles and rising demand for propylene from automotive and packaging industries are key factors driving propylene market revenue growth.

Vancouver, Jan. 08, 2024 (GLOBE NEWSWIRE) — The global propylene market size was USD 104.50 Billion in 2022 and is expected to register a rapid revenue CAGR of 3.8% during the forecast period. Increasing use of propylene in commercial vehicles and rising demand for propylene from automotive and packaging industries are key factors driving market revenue growth.

A rising demand for derivatives of propylene is a key factor driving revenue growth of the market. Propylene derivatives have a wide range of industrial uses. Acrylic acid, isopropyl alcohol, oligomers, cumene, polypropylene, acrylonitrile, and propylene oxide are among the most widely used derivatives of propylene. Made up of around two-thirds propylene, PP is a plastic compound that is used to make various products, including outdoor furniture, clothes, and squeeze bottles.

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Propylene oxide finds numerous applications, such as foams used in car and furniture seats, artificial sports tracks, insulation in buildings, waterproof clothing, and de-icers for airplanes. The most popular application for isopropyl alcohol is as a disinfectant to clean the surfaces of operating room’s furnishings and shelves. Isopropyl alcohol is also used to remove blood or bodily fluids from the surface of surgical instruments or furnishings, as it is efficient against Hepatitis B Virus (HBV).

The risks to human health and environment posed by propylene is a key factor, which could restrain market growth. Nearly everyone uses plastic products, whether in bottles, bags, home items or various other applications. Consequently, almost all other products are being substituted with plastic ones, thereby increasing environmental hazards. Polypropylene (PP) is a popular plastic used to create consumer goods, which accounts for 16% of the production of the plastics industry.

According to the Gulf Petrochemicals and Chemicals Association (GPCA), the global post-consumer recycling rate of PP is approximately 1%. This implies that a significant portion of PP ends up in landfills, which increases the problem of plastic pollution. PP has numerous unidentified detrimental effects on the environment and can take up to 30 years to naturally decay.

Market Segment Insights

Propylene Grade Insights:

On the basis of grade, the global propylene market is segmented into refinery grade, polymer grade, and chemical grade. The chemical grade segment accounted for largest market share in the global propylene market over the forecast period due to rising demand for chemical grade propylene in versatile petrochemical applications. Most chemical derivatives, including oxo-alcohols, are made of chemical grade propylene. The gas that results from upgrading refinery grade propane or propylene is called chemical grade propylene, and its purity ranges from 92.0 to 95.5%.

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Propylene Derivative Insights:

On the basis of derivative, the global propylene market is segmented into PP, propylene oxide, cumene, acrylonitrile, acrylic acid and acrylates, alcohols, and others. The PP segment is expected to account for significantly large market share in the global propylene market during the forecast period attributed to increasing applications of PP in various industries. PP is one thermoplastic that is strong, stiff, and crystalline manufactured using Propene (or propylene) monomer. Out of all the commercial plastics, this linear hydrocarbon resin is the lightest polymer.

Regional Highlights:

Asia Pacific accounted for largest market share in the global propylene market in 2022 due to increasing usage of propylene in the packaging industry in developing nations such as China, South Korea, India, and Japan. For instance, PrimePac, an Australian company that offers packaging solutions to a range of industries, announced that it will be expanding its line of polypropylene woven bags in 2020. The company provides woven polypropylene bags in a variety of sizes that are a great way to package 30 to 50 kg of dry stuff.

Europe is expected to register fastest market growth in the global propylene market during the forecast period due to increasing innovation and technological developments in the manufacture of propylene and PP. For instance, on 8 September 2020, LyondellBasell, one of the largest producers of plastics, chemicals, and refineries in the world, announced the successful opening of its MoReTec molecular recycling facility at its Ferrara, Italy, location. By restoring post-consumer plastic trash to its molecular state, LyondellBasell’s patented MoReTec advanced recycling process hopes to create new plastic materials such as PP and polyethylene.

North America is expected to account for considerably large market share in the global propylene market over the forecast period due to rising need for ecologically friendly and sustainable materials across a range of industries. For instance, Braskem, the biggest producer of polyolefins in the Americas, announced a project to assess the feasibility of investing in the production of carbon-negative bio-based PP in the U.S. The project would use Braskem’s established, proprietary method to convert bioethanol into physically separated bio-based PP.

Scope of Research

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Major Companies and Competitive Landscape

The global propylene market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective propylene solutions in the market.

Some major players included in the global propylene market report are:

• Exxon Mobil Corporation
• Dow
• LyondellBasell Industries Holdings B.V.
• INEOS Group Limited
• BASF SE
• Sumitomo Chemical Co., Ltd.
• SABIC
• ADM
• Formosa Plastics Group
• Asahi Kasei Corporation
• Borealis AG
• Chevron Phillips Chemical Company LLC
• Manali Petrochemicals Limited
• AGC Chemicals Americas
• Shell Global
• Oleon NV
• BP p.l.c.
• Sinopec Corp
• IRPC Public Company Limited
• Reliance Industries Limited

Strategic Development

• On 15 July 2023, Abu Dhabi National Oil Company prompted formal talks with Austrian energy company OMV on the establishment of a new joint petrochemicals holding company. The companies will combine their separate ownership stakes in Borouge and Borealis. With a combined annual production capacity of over 10 million tonnes, the planned merger would establish a global leader in propylene, PP, and other petrochemical products.

• On 26 June 2023, Grupa Azoty Group announced the launch of PP production under the Gryfilen brand at Polimery Police, the biggest propylene and PP plant in Central and Eastern Europe. The new manufacturing facility of Grupa Azoty Group was expected to generate 429,000 tonnes of propylene and 437,000 tonnes of polypropylene per year. The European market was set to sell Gryfilen PP in August 2023. The budget for the Polimery Police project was USD 1.58 billion.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global propylene market on the basis of grade, derivative, application, end-use industry, and region:

• Grade Outlook (Revenue, USD Billion; 2019-2032)
  • Refinery Grade
  • Polymer Grade
  • Chemical Grade
• Derivative Outlook (Revenue, USD Billion; 2019-2032)
  • Polypropylene
  • Propylene oxide
  • Cumene
  • Acrylonitrile
  • Acrylic acid and Acrylates
  • Alcohols
  • Others
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Organic Chemical Raw Materials
  • Synthetic Resins
  • Fine Chemicals
  • Others
• End-use Industry Outlook (Revenue, USD Billion; 2019-2032)
  • Packaging
  • Automotive
  • Textile
  • Construction
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America

• • • U.S.
    • Canada
    • Mexico

• • Europe

• • • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Rest of Europe

• • Asia Pacific

• • • China
    • India
    • Japan
    • South Korea
    • Rest of APAC

• • Latin America

• • • Brazil
    • Rest of LATAM

• • Middle East & Africa

• • • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

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