Global propylene market is estimated to be valued at US$ 3.9 Billion in 2021, according to the Global Propylene Market Report, by Derivative (Polypropylene, Propylene oxide, Cumene, Acrylonitrile, Alcohols, Acrylates, and Others), by End-use Industry (Automotive, Construction, Textiles, Packaging, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
Global propylene market was valued at US$ 3.9 Billion in 2021. Propylene market is expected to register a CAGR of 5.9% over the forecast period (2022–2030) to reach US$ 6.5 Billion by 2030. Key factors such as increasing demand for propylene in the packaging industry, growth of automotive industry across the world, and rise in sales of passenger & commercial vehicles are driving the growth of the global propylene market. Increasing concern over environmental impact and disposal of plastics may restrain global propylene market growth. For instance, in May 2018, the European Union proposed to ban plastic products such as cotton buds, straws, stirs, and balloon sticks in order to reduce the pollution when the alternatives are easily available.
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Browse 50 market data tables* and 40 figures* on "Global Propylene Market” - Forecast to 2030.
Key Trends and Analysis of the Global Propylene Market:
Among derivatives, polypropylene segment is projected to gain major traction in the market over other derivatives throughout the forecast period, owing to increasing demand from end-use industries.
Among end-use industries, automotive and packaging segments held the dominant position in the global propylene market in 2021. The segment is projected to retain its dominance over the forecast period due to substantial growth of automotive and packaging industry across the world.
Key Takeaways of the Global Propylene Market:
- The Asia Pacific held the largest market share in the global propylene market in 2021. This is attributed to increasing demand from the end-use polypropylene and its alloys are extensively used in the 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. Alcohol derivative of propylene- isopropyl alcohol is mainly used as a solvent in personal care products, cosmetics, paints, coatings, and resins.
- Europe market is expected to exhibit significant growth throughout the forecast period. This is owing to the favorable growth of the automotive industry in the region. Germany is a leading Original Equipment Manufacturers (OEM) in automotive industry in Europe. Around 21 of the world, the top 100 automotive suppliers are headquartered in Germany. Moreover, Germany offers a competitive tax system under which corporate companies have an overall tax burden of less than 30%. Such favorable conditions for the automotive industry are expected to propel demand for propylene in this region.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities are key strategies adopted by players in the global propylene market
