Propylene Market to Perceive an Aggrandizing Growth by 2026: Prognosticates CMI

The purpose of the report is to illustrate the state of the market of Propylene, to present actual information about the volumes of production, exports, imports, consumption and the state of the market, the changes that took place in 2018, and also, to build a forecast for the growth of the industry in the medium term until 2026.

This report is the result of an extensive survey drawn from Coherent Market Insight’s exclusive panel of leading global market industry executives, it provides data and analysis on buyer investment, acquisition, and developments within the global market research. It includes key topics such as global Propylene buyer expenditure and procurement behaviors and strategies and recognizes the threats and possibilities within the industry, economic outlook trends, and business confidence within global industry executives.

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What is the current market landscape and what is changing?
Executives from the global industry anticipate an increase in levels of consolidation, with 55% of respondents projecting an increase in merger and acquisition (M&A) activities in 2018.

Research methodology devised for this study:
Our methodology comprises a blend of primary and secondary research for engineering the market size, shares and estimations for global “Propylene” market specific to key segments, and regional segmentation.

Primary Research
The extensive secondary research carried out was complemented by extensive primary research to validate data and analysis. Primary research involved telephonic interviews, e-mail interactions as well as face-to-face interviews with the leading industry experts.

Secondary Research:
Some of the basic, but most important sources referred during the study included company annual reports, press releases, and relevant documents throwing light upon the recent developments in the global “Propylene” market . Reliable sources such as scientific journals, university research papers and government websites were equally referred for recognizing business opportunities in various geographical market s and market penetration of various products/services. In addition, paid databases were referred to collect information useful for extensive commercial study of the key players operating in “Propylene” market . In case where no data was available on the public domain, we used modeling and estimates to arrive at comprehensive data sets. Secondary research helped to prepare a base for “Propylene” market study.

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The report on the market of Propylene contains:

  • Analysis and forecast of Propylene market dynamics;
  • Analysis of domestic production, market shares of the main market players;
  • Analysis of exports and imports;
  • Analysis of factors, leading the development of the Propylene market;
  • Assessment and forecast of Propylene market development;
  • Financial and business profiles of the leading companies in the Propylene industry.

The participants tracked for primary interviews include:
-Vice President/ CEOs
-Marketing/product managers
-Market intelligence managers
-National sales managers
-Purchasing managers
-Distributors
-Other stakeholders

Scope:

– Up to date working Propylene data by major regions in the world, the forecast of planned capacity additions by 2026

– The annual breakdown of capital expenditure spending on proposed Propylene for the period 2018 to 2026

– Planned Propylene additions and capital expenditure spending by key countries and companies across the world

– Planned capital expenditure spending on new Propylene projects by region, key countries, and companies

– Details of major planned Propylene projects in the world up to 2026

How this report is useful?
The “Propylene” report will facilitate strategic decision-making with reliable and authentic market data. It also maps the key competitors and their strategies and positioning in the “Propylene” market . The study also deals with innovative and upcoming technological trends that basically aims to give you an edge over competitors. Various industry models, market dynamics and data covered in the report offers clarity on various market s across the value chain. The report also provides decisive strategieswith an objective to support the decision making regarding market entry and exit. The study also highlights the revenue pockets and investment opportunities present in the market.

Propylene Market Segment, Demand & Forecast to 2026

Propylene belongs to the alkene class with three double bonded carbon atoms. It is the second highest used petrochemical after ethylene. Propylene or Propene is a byproduct of oil refining and natural gas processing. During oil refining, ethylene, propene, and other compounds are produced as a result of cracking larger hydrocarbons. A major source of propylene is naphtha cracking, which is intended to produce ethylene and results from refinery cracking producing other products. Propane dehydrogenation converts propane into propylene with byproduct hydrogen. Fluid Catalytic Cracking splitters and On-Purpose Technology (OPT) are most widely used propylene production technologies worldwide.

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Its end-uses include films, fibers, containers, packaging, and caps and closures. Propylene is considered as an important building block for various chemicals such as polypropylene, propylene oxide, acrylonitrile, cumene, oxoalcohols, isopropylalcohol, acrylic acid, acrylated, isobutyl benzene, and EPDM rubbers. These derivatives of propylene are used in various end-use industries such as automotive, construction, textiles, and packaging.

Growth of the propylene market is fueled by increasing demand for its derivatives especially by polypropylene. Moreover, increasing demand from various industries such as automotive and packaging has further propelled the global propylene market growth. Propylene oxide is used for mattresses, insulators, carpets, car seats, and construction chemicals.

According to Coherent Market Insights analysis, global propylene market was pegged at 100 million metric tons in 2016 and is expected to grow at a CAGR of 3.9% during the forecast period. Increasing demand for derivatives, especially polypropylene and propylene oxide is expected to drive market growth. Polypropylene and its alloys are extensively used in 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.

To meet the global demand there are some planned and upcoming capacity additions with major capacity expansions planned in China during the forecast period. China has also been the largest importer of propylene and its derivatives and a need to reduce its reliance on imports many investments are being proposed by 2025. This include Fujian Meide Petrochemical Fuzhou Propylene Plant, Oriental Energy Ningbo Propylene Plant, and Oriental Energy Ningbo Propylene Plant. In 2016, global polypropylene production capacity was around 120 million metric tons grown from 107 million metric tons in 2014.

Asia Pacific dominated the propylene market in 2017, and is expected to continue its dominance over the forecast period. This is attributed to growth of automotive and construction industries in the region. According to International Trade Administration (ITA), China is the world’s largest construction market and it was valued at US$ 717.71 billion in 2016, and is estimated to reach US$ 1,042.17 billion in 2021. The major regions in propylene market are China, US, and Western Europe, which account for over 70% of the total market demand.

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The major players operating in the global propylene market include China Petroleum & Chemical Corporation, BASF SE, ExxonMobil Corporation, The DOW Chemical Company, LyondellBasell Industries N.V., SABIC, BP Plc., and IRPC Plc.

Propylene Market is Estimated to Grow Incredible CAGR till 2026

Propylene belongs to the alkene class with three double bonded carbon atoms. It is the second highest used petrochemical after ethylene. Propylene or Propene is a byproduct of oil refining and natural gas processing. During oil refining, ethylene, propene, and other compounds are produced as a result of cracking larger hydrocarbons. A major source of propylene is naphtha cracking, which is intended to produce ethylene and results from refinery cracking producing other products. Propane dehydrogenation converts propane into propylene with byproduct hydrogen. Fluid Catalytic Cracking splitters and On-Purpose Technology (OPT) are most widely used propylene production technologies worldwide. Its end-uses include films, fibers, containers, packaging, and caps and closures. Propylene is considered as an important building block for various chemicals such as polypropylene, propylene oxide, acrylonitrile, cumene, oxoalcohols, isopropylalcohol, acrylic acid, acrylated, isobutyl benzene, and EPDM rubbers. These derivatives of propylene are used in various end-use industries such as automotive, construction, textiles, and packaging.

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The major players operating in the global propylene market include China Petroleum & Chemical Corporation, BASF SE, ExxonMobil Corporation, The DOW Chemical Company, LyondellBasell Industries N.V., SABIC, BP Plc., and IRPC Plc.

Growth of the propylene market is fueled by increasing demand for its derivatives especially by polypropylene. Moreover, increasing demand from various industries such as automotive and packaging has further propelled the global propylene market growth. Propylene oxide is used for mattresses, insulators, carpets, car seats, and construction chemicals.

According to Coherent Market Insights analysis, global propylene market was pegged at 100 million metric tons in 2016 and is expected to grow at a CAGR of 3.9% during the forecast period. Increasing demand for derivatives, especially polypropylene and propylene oxide is expected to drive market growth. Polypropylene and its alloys are extensively used in 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.

To meet the global demand there are some planned and upcoming capacity additions with major capacity expansions planned in China during the forecast period. China has also been the largest importer of propylene and its derivatives and a need to reduce its reliance on imports many investments are being proposed by 2025. This include Fujian Meide Petrochemical Fuzhou Propylene Plant, Oriental Energy Ningbo Propylene Plant, and Oriental Energy Ningbo Propylene Plant. In 2016, global polypropylene production capacity was around 120 million metric tons grown from 107 million metric tons in 2014.

Asia Pacific dominated the propylene market in 2017, and is expected to continue its dominance over the forecast period. This is attributed to growth of automotive and construction industries in the region. According to International Trade Administration (ITA), China is the world’s largest construction market and it was valued at US$ 717.71 billion in 2016, and is estimated to reach US$ 1,042.17 billion in 2021. The major regions in propylene market are China, US, and Western Europe, which account for over 70% of the total market demand.

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