Propylene Oxide Market size worth $ 32.56 Billion, Globally, by 2028 at 5.32% CAGR: Verified Market Research®

JERSEY CITY, N.J., Jan. 13, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Propylene Oxide Market" By Type (Polyols, Glycol Ethers, Propylene Glycol), By Application (Electronics, Packaging, Chemical and Pharmaceutical), and By Geography. According to Verified Market Research, the Global Propylene Oxide Market size was valued at USD 21.6 Billion in 2020 and is projected to reach USD 32.56 Billion by 2028, growing at a CAGR of 5.32% from 2021 to 2028.


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Global Propylene Oxide Market Overview

The growth of the propylene oxide (PO) market is largely dependent on their use in polyether polyols. Currently, around two-thirds of PO output is utilized to make polyether polyols, with the remaining 17 percent going to propylene glycols (PG) and 17 percent going to propylene glycol ether solvents and other uses. The demand for polyether polyols is dominated by flexible and semi-rigid foams. In addition, flexible foam formulations utilize a larger amount of polyol than rigid foam formulations. Due to their increased use in insulation and structural applications, the demand for foams is growing at a faster rate, ultimately supporting the growth of the Global Propylene Oxide Market.

Furthermore, the rising demand for mono-propylene glycol is further propelling the growth of the market. MPG is primarily used to create unsaturated polyester resins (UPR), approximately three-quarters of which are reinforced with fibreglass or mineral fillers to form fibreglass reinforced polymers (FRPs). FRPs are generally utilised in residential and commercial construction to create building panels, bathroom components, fixtures, corrosion-resistant tanks, tubes, and ducts. Pleasure boats, recreational vehicles, passenger automobiles, and trucks are among the other uses. MPG is also used in coolants and antifreeze, aircraft de-icing fluids and heat transfer fluids. Moreover, the rise in disposable income and the growing automotive sector in various emerging economies is expected to increase market penetration during the forecasted period as well.

Key Developments

  • In January 2021, LyondellBasell Industries Holdings B.V. has strengthened its partnership with Sinopec by forming a 50/50 joint venture called Ningbo ZRCC LyondellBasell New Material Company Limited, which will construct a new propylene oxide and styrene monomer (SM) facility. Both combined companies will serve China's rapidly expanding market.
  • In January 2020, Indorama Ventures Public Company Ltd. acquired Integrated Oxides and Derivatives businesses/assets from Huntsman Corporation US. Ethylene oxide, propylene oxide, glycols, ethanolamines, surfactants, Linear Alkylbenzene (LAB), and Methyl Tertiary–butyl Ether are among the major products manufactured by the acquired company. According to the Equity & Asset Purchase Agreement, Huntsman Corporation's acquisition also includes various R&D Centres as well as patents and technologies.

Key Players

The major players in the market are SKC, Sumitomo Chemicals, Tokuyama, Repsol, AGC Chemicals, BASF, Huntsman, Shell, Lyondellbasell, and DowDuPont.

Verified Market Research has segmented the Global Propylene Oxide Market On the basis of Type, Application, and Geography.

  • Propylene Oxide Market, By Type
    • Polyether Polyols
    • Glycol Ethers
    • Propylene Glycol
    • Others
  • Propylene Oxide Market, By Application
    • Electronics
    • Packaging
    • Chemical and Pharmaceutical
    • Building and Construction
    • Automotive
    • Others
  • Propylene Oxide Market by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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