Propylene Market Growth, Size, Share, Trends, and Forecast 2032
Propylene Market- By Grade (Polymer Grade, Chemical Grade, and Refinery Grade), By Derivative (Polypropylene, Cumene, Propylene oxide, Alcohols, Acrylonitrile, and Acrylates), By End-User (Packaging, Textiles, Construction, and Automotive), And By Region- Global Industry Perspective, Comprehensive Analysis, and Forecast, 2024 - 2032-
| Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
|---|---|---|---|
| USD 109.78 Billion | USD 187.89 Billion | 5.5% | 2023 |
Global Propylene Market Insights
According to a report from Zion Market Research, the global Propylene Market was valued at USD 109.78 Billion in 2023 and is projected to hit USD 187.89 Billion by 2032, with a compound annual growth rate (CAGR) of 5.5% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Propylene Market industry over the next decade.
Propylene Market: Overview
Propylene is a key raw material for petrochemical firms and is utilized in producing Oxo-alcohols, polygas chemicals, polypropylene, acrylic acid, acrylonitrile, acetone, methyl methacrylate, cumene, propylene glycol, isopropyl alcohol, and propylene oxide. In addition to this, the chemical finds a plethora of applications in solvents, medicine, construction, fabrics, automotive, and construction sectors. Incredible demand for propylene items in production of interior trims, battery cases, trays, instrumental panels, fender liners, and bumpers will spearhead expansion of propylene industry.
Propylene Market: Growth Factors
Increase in use of propylene in commercial vehicles is likely to transcend propylene industry surge in years ahead. Apparently, humungous necessity of sustainable packaging of food products such as nuts, rice, and sauces is set to optimize development of propylene market in upcoming years. A prominent increase in shale gas production in Asia Pacific countries will further contribute towards revenue of propylene market. Moreover, manufacturers are trying to produce green & sustainable products as a part of their corporate social responsibility to protect environment. This, in turn, will culminate in humungous growth of the propylene market in the years ahead.
Furthermore, the product is used for manufacturing polypropylene plastics for fibers and injection molding. Apart from this, it also finds large-scale applications in the plastic & chemical sectors. However, toxicity associated with propylene glycols such as dipropylene glycol, polypropylene glycol, monopropylene glycol, and tripropylene along with strict laws governing its usage is anticipated to truncate propylene industry expansion in upcoming years.
Propylene Market: Regional Landscape
Asia Pacific Propylene Market To Reach Highest Citadel Of Growth By 2032
Regional market growth over assessment period is subject to rise in utilization of the chemical compound in countries such as Japan, China, and India. For the record, China is predicted to contribute nearly over 50% of production capacity in Asia and nearly 47% of global production capacity in upcoming years. The surge in demand for bulk polymers along with demand for propylene in the manufacturing of sweaters, home furnishings, and sportswear fabrics will culminate in humungous growth of the propylene market in Asia Pacific zone.
Propylene Market: Report Scope
| Report Attributes | Report Details |
|---|---|
| Report Name | Propylene Market |
| Market Size in 2023 | USD 109.78 Billion |
| Market Forecast in 2032 | USD 187.89 Billion |
| Growth Rate | CAGR of 5.5% |
| Number of Pages | 157 |
| Key Companies Covered | Exxon Mobil Corporation, The Dow Chemical Company, LyondellBasell Industries, INEOS Group Limited, BASF SE, Sumitomo Chemical Company Limited, Saudi Basic Industries Corporation, Chemical Company, LLC, and Formosa Plastics Group. |
| Segments Covered | By Grade, By Derivative, By End-User, And By Region |
| Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
| Base Year | 2023 |
| Historical Year | 2018 to 2022 |
| Forecast Year | 2024 - 2032 |
| Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Propylene Market: Competitive Landscape
Key players influencing growth of propylene market and profiled in our market research study include-
- Exxon Mobil Corporation
- The Dow Chemical Company
- LyondellBasell Industries
- INEOS Group Limited
- BASF SE
- Sumitomo Chemical Company Limited
- Saudi Basic Industries Corporation
- Chemical Company LLC
- and Formosa Plastics Group.
The global Propylene Market is segmented as follows:
By Grade
- Refinery Grade
- Polymer Grade
- Chemical Grade
By Derivative
- Polypropylene
- Cumene
- Propylene oxide
- Alcohols
- Acrylonitrile
- Acrylates
By End-User
- Packaging
- Automotive
- Textile
- Construction
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Table Of Content
Methodology
FrequentlyAsked Questions
Increase in use of propylene in commercial vehicles is likely to transcend propylene industry surge in years ahead. Apparently, humungous necessity of sustainable packaging of food products such as nuts, rice, and sauces is set to optimize development of propylene market in upcoming years. A prominent increase in shale gas production in Asia Pacific countries will further contribute towards revenue of propylene market. Moreover, manufacturers are trying to produce green & sustainable products as a part of their corporate social responsibility to protect environment. This, in turn, will culminate into humungous growth of propylene market in years ahead. Furthermore, the product is used for manufacturing polypropylene plastics for fibers and injection molding. Apart from this, it also finds large-scale applications in plastic & chemical sectors.
According to Zion market research report, the global Propylene Market accrued earnings worth approximately 109.78 (USD Billion) in 2023 and is predicted to gain revenue of about 187.89(USD Billion) by 2032, is set to record a CAGR of nearly 5.5% over the period from 2024 to 2032.
Asia Pacific will contribute lucratively towards the regional market size over the projected timeline. The regional market surge is subject to rise in utilization of the chemical compound in countries such as Japan, China, and India. For the record, China is predicted to contribute nearly over 50% of production capacity in Asia and nearly 47% of global production capacity in upcoming years. Surge in demand for bulk polymers along with demand for propylene in manufacturing of sweaters, home furnishings, and sportswear fabrics will culminate into humungous growth of propylene market in Asia Pacific zone.
The key market participants include Exxon Mobil Corporation, The Dow Chemical Company, LyondellBasell Industries, INEOS Group Limited, BASF SE, Sumitomo Chemical Company Limited, Saudi Basic Industries Corporation, Chemical Company, LLC, and Formosa Plastics Group.
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