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Propylene Oxide Market Growth, Manufacturing Output, Business Opportunities, Size, Share, Forecast
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 emulsifier which separates crude oil from water. Propylene Oxide is mainly used to produce propylene glycol but is also used as an intermediate to produce 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
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The demand for Propylene Oxide is growing at higher CAGR every year globally. Asia Pacific is dominated in the global market share in Propylene Oxide because of huge investments in metropolitan city expansion projects where Polyether Polyols and Propylene Glycol is used as coatings in the field of construction and housing has dramatically increased to due to rise in middle class population who are willing to invest in real estate.
This is a major driver for Propylene Oxide Market growth in the forecast period. In oil & gas exploration sector, Propylene Oxide is used as a demulsified which is the primary step to separate oil from water in refining the crude oil. It is anticipated that the usage of Propylene Oxide and its market will be growing as the oil and gas should meet the global energy requirements.
The global propylene oxide market is segmented into application, end use and regions. Based on application, the market is categorized into polyether polyols, propylene glycol, fumigation, adhesives & sealants, & oil emulsifier.
Among these applications, oil emulsifier 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.
Asia Pacific region has the largest market of Propylene Oxide and the major share is coming from the construction and housing industry. The key factors are, public investment in the housing industry and the burgeoning population and seeking for a change in their lifestyle.
Additionally, the middle-class population are majorly targeted by the industrialists from different sectors because as the population of the global middle class was recorded to be more than 1.5 billion in 2010 and is expected to grow at higher rate, which will help them to increase their market in the forecast period.
Asia Pacific is currently in the second position in the global middle-class population and it is anticipated to cross the Europe by 2025. North American audience of Propylene Glycol Market are more in the transportation sector. Since this industry uses Propylene Glycol as hydraulic fluids in the automotive industry and as well as de-icing agent in airplanes and other aerospace vehicles therefore factors will drive the market in the forecast period.
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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.)
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