The global propylene oxide market size was US$ 16.5 billion in 2021. The global propylene oxide market is forecast to grow to US$ 26.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
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Propylene oxide (PO) is an organic chemical which is highly reactive in nature. The chemical is widely used in the production of various commercial materials. The chemical finds a wide range of applications across automotive, building & construction, chemical and pharmaceuticals, packaging, electronics, and various other industries.
Factors Influencing the Market
The wide applications of propylene glycol will primarily drive the growth of the propylene oxide market. Further, the booming construction and automotive industry will offer several growth opportunities for the propylene oxide market during the study period.
The rising demand for polyurethanes due to their beneficial properties, such as high density, hardness, stiffness, etc., will escalate the growth of the propylene oxide market. Further, the growing range of technological advancements in the medical sector will benefit the propylene oxide market during the analysis period. On the contrary, fluctuating raw material prices may limit the growth of the propylene oxide market during the forecast period.
COVID-19 Impact Analysis
The COVID-19 pandemic affected various end-use industries of propylene oxide, such as automotive, electronics, construction, etc. As a result, it also affected the growth of the propylene oxide market. Post-pandemic, the propylene oxide market is forecast to witness new opportunities due to growing healthcare expenditure and significantly rising automotive industry. As various governments have already lifted lockdown restrictions, the demand for propylene oxide is forecast to grow at the same pace.
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Regional Analysis
Europe is forecast to hold the highest share in the global propylene oxide market. The growth of the market is majorly attributed to the presence of various prominent end-use industries in the region. Further, the Asia-Pacific propylene oxide market is forecast to register a substantial growth rate, owing to the rising automotive industry and large population of the country. North America will have a significant contribution to the growth of the propylene oxide market due to rising technological advancements, increasing construction industry, growing disposable income, and advanced living standards of the people in the region.
Competitors in the Market
? The Dow Chemical Company
? LyondellBasell Industries Holdings B.V.
? SK Chemicals
? BASF SE
? Huntsman International LLC.
? AGC Chemicals
? Sumitomo Chemicals Co.
? Royal Dutch Shell Plc.
? Huntsman Corporation
? Other Prominent Players
Market Segmentation
The global propylene oxide market segmentation focuses on Application, Production Process, End-Use Industries, and Region.
By Application
? Polyether Polyols
? Propylene Glycol
? Glycol Ethers
? Others
By Type of Production Process
? Chlorohydrin Process
? Styrene Monomer Process
? Hydrogen Peroxide Process
? TBA Co-Product Process
? Cumene-based Process
? Automotive
? Building & Construction
? Textile & Furnishing
? Chemical & Pharmaceutical
? Packaging
? Electronics
? Others
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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