The propylene market effectively consists of sales of propylene gas and its connected services used in several industry verticals such as automotive, construction, and packaging industries. The Propylene is a building block for the addition polymer, poly (propene) and is also consumed in the engineering of epoxy propane and propanol.
According to the report analysis, ‘Propylene Global Market Report 2020’ states that in the propylene international market there are numerous corporates which currently operational more effectively for leading the highest market growth and dominating the handsome value of market share around the globe during the short span of time while decreasing the linked prices, employing the young work force, implementing the profitable strategies, analyzing and monitoring the strategies and policies of the competitors and government, spreading the awareness related to the applications of such, establishing the several research and development programs and advancing the applications of such includes AGC Chemicals, Archer Daniels Midland Company, Asahi Kasei Corporation, BASF SE, Chevron Phillips Chemical Company, China National Petroleum Corp. (CNPC), China Petrochemical Corporation, Dangote Industries Ltd, Eni SpA and Enterprise Products Partners L.P.
The international propylene market reached a value of around USD 83.7 billion during 2019, having full-grown at a compound annual growth rate (CAGR) of 2.95% since 2015, and is credible to augment at a CAGR of -1.81% to nearly USD 77.8 billion by 2023. The propylene market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the greatest region in the propylene market during 2019.
The propylene market is projected to advantage from growth in the automobile industry throughout the forecast duration. The polypropylene is a polymer introduced from the propylene monomer which is optimized in the automobile industry. Large scale introduction of automobiles is leading to an augment in requirement for polypropylene products which are optimized in the manufacturing of battery cases and trays, bumpers, interior trim, instrumental panels, fender liners, door trims, and several other components. For instance, the worldwide motor vehicle market augmented from USD 1,477.2 billion in 2014 to USD 2,085.1 billion during 2018, at a CAGR of 9%, thus augmented use of plastics in automobiles is projected to increase the ultimatum for propylene during the review period.
Petrochemical enterprises are applying on-purpose propylene production technologies to announce propylene as a sole product but not as an alternate or co-product. In addition, the On-purpose propylene technology denotes to a modified version of the traditional fluid catalytic cracking unit which augments propylene yield to 20% more than the definite output. Traditional sources for propylene which involve steam crackers and oil refineries yield less propylene as a plagiaristic or co-product owing to shift in feedstocks from naphtha to ethane. To meet the augmented requirement for propylene, petrochemical companies are underwriting to advance on-purpose technologies to quicken the shortfall of propylene production. Foremost on-purpose technologies involve propane dehydrogenation, methanol-to-olefins/methanol-to-propylene (MTO/MTP), high-severity fluidized catalytic cracking (HS-FCC), coal-to-olefins/coal-to-propylene (CTO/CTP) and gas-to-olefins (GTO). For Instance, effective companies implementing this technology involve, BASF, Dow Chemical, ExxonMobil Chemical and Sidi Kerir Petrochemicals Co (SIDPEC). Therefore, in the near years, it is predicted that the market of propylene will increase around the globe more significantly over the upcoming years.
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Ankur Gupta, Head Marketing & Communications