Market Overview:
Propylene Oxide (PO) is a highly reactive, colorless, and highly
flammable, liquid which is a basic component for various industrial
applications. It is used as demulsifier which separates crude oil from water.
Propylene Oxide is mainly used for the production of propylene glycol, but is
also used as an intermediate for the production of polyether polyols for
polyurethane foams. Polyurethane foams are utilized in furniture and car
vehicles, and inflexible foams for machine and building protection. Polyether
polyols likewise go into non-foam applications such as coatings, adhesives
& sealants.
Some of the prominent factors that positively influence the
growth of Propylene Oxide Market are increasing construction activities, rising
demand for oil & gas exploration, and increasing urbanization along with
rising per capita disposable income in the developed and emerging economies.
High adoption rate along with the increasing number of power plants to meet the
energy for the ever-growing population. Moreover, continuous expansion of
automotive industry as well as shifting manufacturers focus towards aviation
industry are estimated to fuel the growth of the market during the review
period, 2017 to 2023.
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Key Players:
Some of the prominent players operating in the Propylene Oxide
Market are The Dow Chemical Company (U.S.), LyondellBasell Industries N.V.
(Netherlands), Royal Dutch Shell plc (Netherlands), Huntsman Corporation
(U.S.), BASF SE (Germany), Repsol S.A. (Spain), Asahi Glass Co., Ltd. (Japan),
INEOS Private Limited Company (U.K.), Sumitomo Group (Japan), Chevron Phillips
Chemical (U.S.).
Market Segmentation:
The Global Propylene Oxide Market is segmented into
application, end use and regions. On the basis of application, the market is
categorized into polyether polyols, propylene glycol, fumigation, adhesives
& sealants, & oil demulsifier. Among these application, oil demulsifier
application is expected to grow with the highest CAGR on account of rising
demand for oil and oil-derivatives, resulting in high production of petroleum
products globally. Moreover, the global production of crude oil is increasing,
as various nations are focusing more on extracting oil from new as well as
unconventional reserves. As of 2016, crude oil segment accounted for the
largest market share and is predicted to continue its dominance over the
assessment period. Additionally, growth of automotive sector, and expansion of
refineries across the globe is estimated to fuel the demand for propylene
oxide. Propylene Oxide is widely used in the manufacture of polyether polyols
for urethanes. These urethane foams are mostly used as thermal insulation
panels and sealant in the construction industry. These factors are responsible
for the growth of Propylene Oxide Market. The major share of market of
polyether is from construction industry. Propylene Oxide is high volatile
compound and it is manufactured to use as an anti-microbial fumigant in food
industry. Although there are some countries like Canada who didn’t register Propylene
Oxide as a fumigant due to its volatility nature.
Regional Analysis:
The Asia Pacific is estimated to be the largest market followed by
North America and Europe due to strong existence of crude oil reserves. In
North America, the U.S. and Mexico are predicted to register a strong growth on
account of tremendous demand for Propylene Oxide in automotive and aviation
manufacturing. In Asia Pacific, countries such as China, India, and South Korea
are the fastest growing market for demulsifier in construction, food, and
paints & coatings. It is estimated to grow with the same pace over the
forecast period. Improving living standards along with the flourishing growth
of adhesives & sealants is predicted to contribute to the regional market
growth. In Latin America, it is anticipated that there will be no future projects in the
field of construction, transport and oil & gas in the forecast period
probably due to the economic instability and unwillingness consumer spending.
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