Propylene Oxide Market is projected to reach USD 29.5 billion by 2026 Globally, at a CAGR of 5.6%, says MarketsandMarkets™

MarketsandMarkets Research Pvt. Ltd.
MarketsandMarkets Research Pvt. Ltd.

Chicago, Nov. 30, 2022 (GLOBE NEWSWIRE) -- The global propylene oxide market is projected to grow from USD 22.5 billion in 2021 to USD 29.5 billion by 2026, at a CAGR of 5.6% from 2021 to 2026, as per the recent study by MarketsandMarkets™. The propylene oxide market is majorly driven by the rising demand for polyurethanes in various end–use industries, such as automotive, building & construction, textile & furnishing, chemical & pharmaceutical, packaging, and electronics.

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List of Key Players in Propylene Oxide Market:

  1. propylene oxide market. Dow Inc. (US)

  2. LyondellBasell Industries Holdings B.V. (Netherlands)

  3. Royal Dutch Shell PLC (Netherlands)

  4. BASF SE (Germany)

  5. SKC Company (South Korea)

  6. AGC Inc. (Japan)

  7. Repsol (Spain)

  8. Sumitomo Chemical Co. Ltd. (Japan)

  9. Tokuyama Corporation (Japan)

  10. Indorama Ventures Public Company (Thailand)

Drivers, Restraints, Opportunities and Challenges in Propylene Oxide Market:

  1. Drivers: Demand for propylene oxide from end use industries

  2. Opportunity: Emerging applications in healthcare industry

  3. Challenges: Use of bio-based feedstock for polyurethane foam instead of petroleum

Key Findings of the Study:

  1. The automotive industry accounted for the largest share in the propylene oxide market.

  2. The polyether polyols application led the global propylene oxide market during the forecast period.

  3. Asia Pacific accounted for the largest share in the propylene oxide market.

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The automotive industry accounted for the largest share in the propylene oxide market.

Based on end-use industries, the automotive industry accounted for the largest share in the propylene oxide market. In 2020, nearly 77.0 million units of vehicles were produced across the globe. This resulted in high demand for polyurethane foams, ultimately creating an increased demand for propylene oxide across the globe. Building & construction, chemical & pharmaceutical, are other leading application to the adoption of propylene oxide market.

The polyether polyols application led the global propylene oxide market during the forecast period.

Based on application the polyether polyols accounted for the largest market share in the propylene oxide market. This large share is attributed to the fact that polyether polyols are basic raw materials used in the production of polyurethane foam. Globally, polyurethane foam has witnessed increased adoption from multiple end-use industries due to its versatility and utility. This dependency is expected to continue into the forecast period, and hence, the polyether polyols application is projected to account for the largest market share by 2026.

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Asia Pacific accounted for the largest share in the propylene oxide market.

Asia Pacific region accounted for the largest market share of the propylene oxide market in 2020. The market’s growth in the region can be attributed to the consumption of propylene oxide in polyurethane foam applications. The region is a global leader in manufacturing, including automotive, chemicals & pharmaceuticals, building materials, textiles, and electronics. All these industries consume polyurethane foam in one manner or another. As a result, there is always a high demand for intermediates of polyurethane foam, for instance, polyether polyols. Moreover, China has also added to its propylene oxide production capacity to cater to the local demand. This is expected to further boost the market in the Asia Pacific region.

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