The Global Propylene Oxide Market is forecast to reach USD 27.24 Billion by 2028, according to a new report by Reports and Data. Propylene oxide is an organic flammable, volatile, and colorless liquid compound that is soluble in both alcohol and ether. The compound is used as an intermediate for the manufacture of various commercial products.
Increase in demand for the product by various end-use industries such as constructions, packaging, automotive, furnishings, and textiles is anticipated to patronize the growth of the market in the coming years. The market is mainly driven by the growth in demand for polyether polyols, rising demand owing to the increase in its applications, huge investment in infrastructural spending, and an increase in the demand for automotive products.
Propylene oxide finds its application in tub-shower, gasoline tanks, and boat hulls. Rise in the consumption of products that include polyalkylene glycols, popylene glycols, and propylene glycol ethers will propel market expansion. High consumption in lubricants, defoamers, greases, oil-field chemicals, latex paints, wetting agents, and water scavengers will increase the revenue generated by the market.
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Key participants include: Raytheon Company, Lockheed Martin Corporation, Boeing, Israel Aerospace Industries, BAE Systems Plc., MBDA, Kongsberg Group, Rafael Advanced Defense Systems Ltd., L-3 Technologies Inc., and FN Herstal S.A among others.
Further key findings from the report suggest
- Polyether polyols are among the major components used to produce polyurethanes that are in turn applied in building and construction, apparels and automotive.
- Polyether polyols are forecasted to have the highest CAGR of 6.6% during the forecast period owing to its high demand in cushioning and insulation foams in automotive.
- Glycol Ethers is forecasted to hold the market share of 22% in the year 2028. They are used in cleaners, degreasers, adhesives, and aerosol paints.
- Glycol Ethers growth in the market is mainly due to the switch of solvent-based coatings to water-based coatings. Water-based coatings use glycol ethers as their coalescing agent.
- Chlorohydrin Process is forecasted to have a CAGR of 6.6% during the forecast period. It involves the reaction of propylene and chlorine in the presence of water to produce the two isomers of propylene chlorohydrin.
- The Dow Chemical Company is the sole manufacturer to use the chlorohydrin process in the U.S. Across the globe; it is used by several more companies in various countries.
- Chemical and pharmaceutical held the largest market share of 21% in the year 2020.
- North America is forecasted to have a CAGR of 6.4% during the forecast period. The region consumes propylene glycol in its automotive sector as hydraulic fluids and also finds its application as a de-icing agent in airplanes and aerospace.
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Process Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Chlorohydrin Process
- Styrene Monomer Process
- Hydrogen Peroxide Process
- TBA Co-Product Process
- Cumene-based Process
- Others
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2020-2028)
- Polyether Polyols
- Propylene Glycol
- Glycol Ethers
- Others
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Significant Features that are under Offering and Key Highlights of the Reports:
– Detailed overview of the Propylene Oxide Market
– Changes in industry market dynamics
– Detailed market segmentation by type, application, etc.
– Historical, current and projected market size in terms of quantity and value
– Recent industry trends and developments
– Competition situation of Propylene Oxide Market
– Key companies and product strategies
– Potential niche segment/region showing promising growth.
Finally, the Propylene Oxide Market Report is the authoritative source for market research that can dramatically accelerate your business. The report shows economic conditions such as major locales, item values, profits, limits, generation, supply, requirements, market development rates, and numbers.
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