The Propylene-Petrochemicals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Propylene-Petrochemicals Global Market Report 2024, The propylene-petrochemicals market size has grown strongly in recent years. It will grow from $107.2 billion in 2023 to $113.14 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to growth in feedstock availability and pricing, global economic growth, consumer goods manufacturing, environmental regulations, market competition and industry consolidation.
The propylene-petrochemicals market size is expected to see strong growth in the next few years. It will grow to $140.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to shift towards sustainable practices, rise in packaging demand, energy transition and petrochemical industry impact, government policies and incentives, planned petrochemical projects. Major trends in the forecast period include technological advancements in production, increased focus on bio-based propylene, expansion of propylene production capacity, integration of advanced catalytic technologies, technological advancements in propylene derivatives.
The propylene market is expected to benefit from growth in the automobile industry during the forecast period. Polypropylene is a polymer produced from the propylene monomer which is used in the automobile industry. Large-scale production of automobiles is leading to an increase in demand for polypropylene products, which are used in the manufacturing of battery cases and trays, bumpers, interior trim, instrument panels, fender liners, door trims, and other components. For instance, according to an estimation by Goldman Sachs, a US-based investment banking company, the global sales of new cars in emerging markets are expected to increase from 68 million in 2020 to 78 million by 2025. Thus, increased use of plastics in automobiles is expected to increase the demand for propylene during the forecast period.
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The propylene-petrochemicals market covered in this report is segmented –
1) By Type: Homopolymer, Copolymer
2) By Application: Injection Molding, Fiber & Raffia, Film & Sheet, Blow Molding
3) By End User Industry: Automotive, Construction, Packaging, Textile, Other End-Use Industries
Petrochemical companies are adopting on-purpose propylene production technologies to produce propylene as a sole product but not as an alternate or co-product. On-purpose propylene technology refers to a modified version of the traditional fluid catalytic cracking unit which increases propylene yield by 20% more than the actual output. Traditional sources for propylene, which include steam crackers and oil refineries, yield fewer propylene as a derivative or co-product due to a shift in feedstocks from naphtha to ethane. To meet the increased demand for propylene, petrochemical companies are investing in developing on-purpose technologies to accelerate the shortfall in propylene production. Major on-purpose technologies include 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, major companies adopting this technology include, BASF, Dow Chemical, ExxonMobil Chemical, and Sidi Kerir Petrochemicals Co (SIDPEC).
The propylene-petrochemicals market report table of contents includes:
1. Executive Summary
2. Propylene-Petrochemicals Market Characteristics
3. Propylene-Petrochemicals Market Trends And Strategies
4. Propylene-Petrochemicals Market – Macro Economic Scenario
5. Global Propylene-Petrochemicals Market Size and Growth
…..
31. Global Propylene-Petrochemicals Market Competitive Benchmarking
32. Global Propylene-Petrochemicals Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Propylene-Petrochemicals Market
34. Propylene-Petrochemicals Market Future Outlook and Potential Analysis
36. Appendix
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