Propylene Oxide Market by Application (Polyether Polyols, Propylene Glycols, and Others), End-Use Industry (Automotive, Building & Construction, Paint & Coating, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026231 | Pages: 100 | Industry: Chemicals and Materials | Date: Sep 2022 | Type: Global

The market crossed US$ 22.5 billion mark in 2022 and is expected to hit US$ 38 billion by 2030, recording a CAGR of 6% during the forecast period.

Propylene oxide market has been significantly growing due to increasing its demand from various end-use industries

The demand for propylene oxide is increasing from various end-use industries, such as building & construction, paint and coating, and automotive. There is a growing focus on constructing energy-efficient buildings in the building & construction industry. This is creating the demand for polyurethane materials. The polyether polyols segment is expected to pace up with growing its demand from the polyurethane industry. Further, other segment propylene glycols is also expected to gain traction during the forecasted year.

Within the report, the market is segmented into application, end-use industry, and geography. By application, the market is further segmented into polyether polyols, propylene glycols, and others. On the basis of end-use industry, the market is segmented into automotive, building & construction, paint & coating, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa

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High growth of the propylene oxide market in Asia Pacific region

Asia Pacific region is one of the major consumers of propylene oxide due to the large manufacturing base in the region. Asia Pacific region has a strong presence of the automotive, building & construction, and paint and coating industry and these industries utilize polyurethane foam as a raw material. As a result, there is a high demand for polyurethane foam in the region.  Further, the automotive sector has witnessed tremendous growth in the last decade. In China, the automotive industry has been growing rapidly, and the country is playing an increasingly important role in the global automotive market. The growing automotive industry in the region further fuels the market growth.

Strong growth of the construction industry in different countries across the globe

India is one of the largest construction markets globally. In India, the growth in the construction activities is driven by continuing industrialization, urbanization, increasing population, growth in middle-class income, and the increase in infrastructural developments. The construction industry is a best prospect industry sector for Mexico. Mexican construction industry is growing due to the economic growth and public investment in infrastructure projects. In addition, the growth in population and increase in government spending on infrastructure are major drivers for the construction market in Indonesia. Hence, the strong growth of the construction industry in these countries is mainly driving the propylene oxide market growth.

Recent strategic developments in propylene oxide market

The propylene oxide market has undergone several significant developments, and a few of these have been mentioned below:

  • In 2021, LyondellBasell and the China Petroleum & Chemical Corporation (Sinopec) announced the signing of an agreement to form a 50:50 joint venture (JV) which will produce propylene oxide (PO) and styrene monomer (SM) in China's domestic market.
  • In January 2020, Indorama Ventures Public Company Limited (IVL) completed its acquisition of Huntsman’s world-class integrated oxides and derivative businesses.

The propylene oxide market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Dow; LyondellBasell Industries Holdings B.V.; Shell Plc.; BASF SE; and Sumitomo Chemical Co., Ltd. are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Propylene oxide related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Application industries of propylene oxide
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Application
  • Polyether Polyols
  • Propylene Glycols
  • Others
  • End-Use Industry
  • Automotive
  • Building & Construction
  • Paint & Coating
  • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
  • Dow
  • LyondellBasell Industries Holdings B.V.
  • Shell Plc.
  • Sumitomo Chemical Co., Ltd.

Companies profiled

- Dow
- LyondellBasell Industries Holdings B.V.
- Shell Plc.
- Sumitomo Chemical Co., Ltd.

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