Research And Markets - Global Propylene Market Growth At CAGR Of 5.65%, 2016-2020: Chellenges, Drivers & Trends - Key Vendors Are BASF, Dow Chemical, ExxonMobil Chemical, INEOS & LyondellBasell Industries
DUBLIN, November 7, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Propylene Market 2016-2020" report to their offering.
The global propylene market to grow at a CAGR of 5.65% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global propylene market for 2016-2020. To calculate the market size, the report considers the sales volume of downstream propylene derivatives like polypropylene, propylene oxide, acrylonitrile, cumene, acrylic acid, and others. The report also includes a discussion of the key vendors operating in this market. Propylene is produced through traditional processes like steam cracking and fluid catalytic cracking (FCC). It is obtained as a byproduct of the steam cracking process of natural gas liquids and naphtha that is used for the production ethylene and from gasoline-producing refinery through the FCC process. Propylene and its derivatives are used in industries such as construction, automotive, furniture, decorative molding, and others. Growing preference for sustainable products will be a key trend for market growth. According to a European Commission survey, 80% of the consumers in Europe prefer buying products that have minimal impact on the environment. Bio-polypropylene is already used extensively as a packaging material for making beverage bottle closures. Due to the growing consumer inclination toward bio-based products, food and beverage manufacturers are increasingly focusing on using bio-polypropylene as a packaging material. It is lightweight and has less wall-thickness capabilities, which helps in producing more finished goods using less raw materials. According to the report, increase in demand for polyurethane will be a key driver for market growth. Polyurethanes are made from propylene oxide and are used in sealants, thermal insulators, and flooring materials that are used in industries like packaging, automotive, footwear, furniture, and construction.