IMARC Group, a leading market research company, has recently released a report titled “Propylene Oxide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global propylene oxide market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Propylene Oxide Industry?
According to the report, The global propylene oxide market size reached US$ 19.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.3% during 2023-2028.
What is Propylene Oxide?
Propylene oxide (C3H6O) is a flammable cyclic ether manufactured by chlorinating propylene to chlorohydrin and then adding alkali. It is employed for the synthesis of various chemical compounds, such as polyether polyols and propylene glycol, which are used for absorbing excess moisture in medicines, cosmetics, and food products. It also assists in producing polyether that is the primary component of polyurethane foams and used as a border molding material. C3H6O is incorporated in adhesives that are designed for gluing wooden surfaces together. It is also used for manufacturing home maintenance degreasers required for removing grease and other hydrophobic materials from hard surfaces.
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What are the growth prospects and trends in the Propylene Oxide industry?
At present, the increasing demand for C3H6O as a food fumigant and sterilant to control bacterial and mold contamination and microbial spoilage of food products represents one of the primary factors influencing the market positively. Besides this, the rising employment of C3H6O as a transition fluid in transmission electron microscopy (TEM) is propelling the growth of the market. In addition, the growing adoption of C3H6O in insulation applications to reduce energy loss is offering a favorable market outlook. Apart from this, the increasing demand for C3H6O in producing unsaturated polyester resins (UPR) is contributing to the growth of the market. Furthermore, the rising incorporation of polyurethane in various medical devices, such as pacemakers, non-allergic gloves, and medical garments, is bolstering the growth of the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- AGC Chemicals Americas Inc.
- Air Liquide S.A.
- BASF SE
- Dow Inc.
- Eastman Chemical Company
- Huntsman International LLC
- Ineos Chemicals Company
- LyondellBasell Industries Holdings B.V.
- Mitsui Chemicals
- Repsol S.A.
- Royal Dutch Shell PLC
- Saudi Arabia Basic Industries Corporation (Saudi Aramco)
- SK Chemicals Co. Ltd.
- Sumitomo Chemical Co. Ltd.
- Tokuyama Corporation.
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The report has segmented the market on the basis of Product Type, End-User and Region.
Breakup by Production Process:
- Chlorohydrin Process (CHPO)
- Styrene Monomer Process
- Hydrogen Peroxide Process
- TBA Co-Product Process
- Cumene-based Process
Breakup by Application:
- Polyether Polyols
- Propylene Glycols
- Propylene Glycol Ethers (PGE)
- Polyalkylene Glycols
Breakup by End Use Industry:
- Chemicals and Pharmaceuticals
- Textile and Furnishing
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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