CHICAGO, July 30, 2021 /PRNewswire/ -- According to the new market research report " Propylene Oxide Market by Application (Polyether Polyols, Propylene Glycols),Production Process (Chlorohydrin, Styrene Monomer, Cumene Based), End-Use Industry (Automotive, Building & Construction), and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the Propylene Oxide Market is projected to grow from USD 22.5 billion in 2021 to USD 29.5 billion by 2026, at a CAGR of 5.6% from 2021 to 2026.
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The propylene oxide market is majorly driven by the rising demand for polyurethanes in various end-use industries, such as automotive, building & construction, textile & furnishing, chemical & pharmaceutical, packaging, and electronics. The increasing usage of polyurethane is in thermal insulators, sealants, and flooring materials is also expected to propel market growth in the near future.
The automotive industry accounted for the largest share in the propylene oxide market.
Based on end-use industries, the automotive industry accounted for the largest share in the propylene oxide market. In 2020, nearly 77.0 million units of vehicles were produced across the globe. This resulted in high demand for polyurethane foams, ultimately creating an increased demand for propylene oxide across the globe. Building & construction, chemical & pharmaceutical, are other leading application to the adoption of propylene oxide market.
The polyether polyols application led the global propylene oxide market during the forecast period.
Based on application the polyether polyols accounted for the largest market share in the propylene oxide market. This large share is attributed to the fact that polyether polyols are basic raw materials used in the production of polyurethane foam. Globally, polyurethane foam has witnessed increased adoption from multiple end-use industries due to its versatility and utility. This dependency is expected to continue into the forecast period, and hence, the polyether polyols application is projected to account for the largest market share by 2026.
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Asia Pacific accounted for the largest share in the propylene oxide market.
Asia Pacific region accounted for the largest market share of the propylene oxide market in 2020. The market's growth in the region can be attributed to the consumption of propylene oxide in polyurethane foam applications. The region is a global leader in manufacturing, including automotive, chemicals & pharmaceuticals, building materials, textiles, and electronics. All these industries consume polyurethane foam in one manner or another. As a result, there is always a high demand for intermediates of polyurethane foam, for instance, polyether polyols. Moreover, China has also added to its propylene oxide production capacity to cater to the local demand. This is expected to further boost the market in the Asia Pacific region.
Dow Inc. (US), LyondellBasell Industries Holdings ( The Netherlands), Royal Dutch Shell ( The Netherlands), Indorama Ventures (US), BASF SE ( Germany), Repsol ( Spain), Sumitomo Chemical Co., ( Japan), INEOS Oxide ( Switzerland), and SKC ( South Korea), S-OIL CORPORATION ( South Korea), Befar Group ( China), Tokyo Chemical Industry Co. ( Japan), Wanhua Chemical Group Co., ( China), Wudi XINYUE Chemical Co., ( China), Manali Petrochemicals ( India), and Jishen Chemical Industry Co., ( China), Oltchim ( Romania), PCC Rokita ( Poland), PJSC Nizhnekamskneftekhim ( Russia), and Tianjin Dagu Chemical Co., ( China) are some of the players operating in the propylene oxide market.
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