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Propylene Market

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The research report Propylene Market is segmented by Derivative, by End-Use Industry - Size, Share, trends and Forecast to 2025
Propylene Market - Size, Share, trends
and Forecast to 2025
Propylene belongs to the alkene class with three double bonded carbon atoms. It is the
second highest used petrochemical after ethylene. Propylene or Propene is a byproduct
of oil refining and natural gas processing. During oil refining, ethylene, propene, and
other compounds are produced as a result of cracking larger hydrocarbons. A major
source of propylene is naphtha cracking, which is intended to produce ethylene and
results from refinery cracking producing other products. Propane dehydrogenation
converts propane into propylene with byproduct hydrogen. Fluid Catalytic Cracking
splitters and On-Purpose Technology (OPT) are most widely used propylene production
technologies worldwide. Its end-uses include films, fibers, containers, packaging, and
caps and closures. Propylene is considered as an important building block for various
chemicals such as polypropylene, propylene oxide, acrylonitrile, cumene, oxoalcohols,
isopropylalcohol, acrylic acid, acrylated, isobutyl benzene, and EPDM rubbers. These
derivatives of propylene are used in various end-use industries such as automotive,
construction, textiles, and packaging.
Growth of the propylene market is fueled by increasing demand for its derivatives
especially by polypropylene. Moreover, increasing demand from various industries such
as automotive and packaging has further propelled the global propylene market growth.
Propylene oxide is used for mattresses, insulators, carpets, car seats, and construction
chemicals.
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According to Coherent Market Insights analysis, global propylene market was pegged at
100 million metric tons in 2016 and is expected to grow at a CAGR of 3.9% during the
forecast period. Increasing demand for derivatives, especially polypropylene and
propylene oxide is expected to drive market growth. Polypropylene and its alloys are
extensively used in automotive industry. Another derivative acrylonitrile is used in a
variety of elastomeric fibers and polymers. It is used for acrylic fibers in clothes such as
sweaters, socks, beddings, carpets, sportswear, cushions, and blankets.
To meet the global demand there are some planned and upcoming capacity additions
with major capacity expansions planned in China during the forecast period. China has
also been the largest importer of propylene and its derivatives and a need to reduce its
reliance on imports many investments are being proposed by 2025. This include Fujian
Meide Petrochemical Fuzhou Propylene Plant, Oriental Energy Ningbo Propylene Plant,
and Oriental Energy Ningbo Propylene Plant. In 2016, global polypropylene production
capacity was around 120 million metric tons grown from 107 million metric tons in 2014.
Asia Pacific dominated the propylene market in 2017, and is expected to continue its
dominance over the forecast period. This is attributed to growth of automotive and
construction industries in the region. According to International Trade Administration
(ITA), China is the world’s largest construction market and it was valued at US$ 717.71
billion in 2016, and is estimated to reach US$ 1,042.17 billion in 2021. The major
regions in propylene market are China, US, and Western Europe, which account for
over 70% of the total market demand.
Polypropylene was the largest market segment for propylene with a market share of
around 64% in 2017. It is expected to retain dominant position in market, which in turn is
propelling demand for propylene from end use industries. There are certain upcoming
polypropylene projects to serve the demand from various end-use applications. For
instance, a 700 kilo tons polypropylene plant, based on propylene recovered from
cracked Liquefied Natural Gas (LPG) generated from INDMAX Plant, is under
implementation is scheduled for completion by the end of 2018.
The major players operating in the global propylene market include China Petroleum &
Chemical Corporation, BASF SE, ExxonMobil Corporation, The DOW Chemical
Company, LyondellBasell Industries N.V., SABIC, BP Plc., and IRPC Plc.
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