The global propylene oxide market size is anticipated to grow due to the rising demand for propylene oxide from the food and construction industries. Fortune Business Insights™ publishes this information in an upcoming report titled, “Propylene Oxide Market, 2023-2030″.
Lack of Product Demand Amid Pandemic Restricted The Market Growth
Due to the spread of coronavirus and the lockdown imposed by the government, there was uncertainty in demand for propylene oxide. It caused severe loss for the industries operating in this sector. The lack of product demand from the furniture, automotive, and construction industries affected the propylene oxide market growth during the pandemic period. The manufacturing and production operations were halted to maintain social distancing norms and restrict the virus’s spread. These factors hampered the market growth during the pandemic period.
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By application, the market is segmented into polyether polyols, propylene glycol, fumigation, oil demulsifier, adhesives & sealants, and others.
Based on the end-use industries, the market is segregated into automotive, construction/infrastructure, food & beverages, intermediates, functional fluids, and others.
Geographically, the market share is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report provides factual information and statistical data regarding recent trends and developments in the industry. Drivers and restraints affecting market growth and expansion are highlighted further in this report. Furthermore, the report sheds light on the impact of COVID-19 pandemic on the market growth and business strategies adopted by the key players to overcome the losses faced during the pandemic. Also, regional market insights are given further along with the new launches introduced by the key market players. A list of prominent players operating in the industry is discussed further, along with the key industry developments and competitive landscape.
Drivers & Restraints:
Rising Product Demand in Construction Chemical Sector To Propel Growth
The market is expected to witness prominent growth due to the rising product demand in the food and construction industries. Also, increasing the use of the product in chemicals such as grouts, paints, waterproofing materials, coatings, and adhesives is expected to bolster the market growth during the forecast period.
However, the high availability of substitute products that are alkylene carbonate may restrict the market growth in the coming years.
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Asia Pacific Dominates The Market Share Due To Rising Product Demand in Food Sector
Asia Pacific is expected to hold the dominant propylene oxide market share during the forecast period owing to the rising demand for propylene glycol in the food industry. Also, increasing product adoption by the construction industry is expected to bolster regional market growth.
North America is anticipated to stand at the second-highest global market position during the projected period. Increasing utilization of propylene oxide in the construction sector is expected to boost the product demand.
Collaborations & Partnerships Allow Key Players To Expand Their Business Reach
The prominent market players consider expanding their business by forming strategic alliances and partnerships with the supporting organizations. Also, the companies focus on implementing innovative product development and differentiation strategies to enhance their product portfolio. Adoption of recent technologies helps the key players to develop high-end products and attract global customers.
Key Industry Development:
- January 2021: LyondellBasell Industries Holdings B.V. has extended its present relationship with Sinopec by forming a 50/50 joint venture to construct a brand new propylene oxide and styrene monomer (SM) unit below the call Ningbo ZRCC LyondellBasell New Material Company Limited. Both joint ventures will cater to the hastily developing Chinese market.
- January 2020: Indorama Ventures Public Company Ltd. received Integrated Oxides and Derivatives businesses/assets from Huntsman Corporation U.S. The acquired enterprise manufactures the subsequent key products: Methyl Tertiary–butyl Ether (MTBE), surfactants, ethanolamines, glycols, Linear Alkylbenzene (LAB), propylene oxide, and ethylene oxide. The acquisition of Huntsman Corporation additionally consists of positive R&D Centers and patents & technology, as consistent with the Equity & Asset Purchase Agreement.
List of Key Players Profiled in the Report:
- Royal Dutch Shell Plc. (U.K.)
- Manali Petrochemical Limited (India)
- LyondellBasell Industries N.V. (Netherlands)
- Balchem (U.S.)
- Huntsman (U.S.)
- Ineos Group Limited (U.K.)
- The Dow Chemical Company (U.S.)
- BASF SE (Germany)
- Saudi Arabia Basic Industries Corporation. (Saudi Arabia)
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