Global Propylene Oxide Market to Grow at 5.3% During 2023-2028, Impelled by Considerable Growth in Construction Sector

According to the latest report by IMARC Group, titled "Propylene Oxide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global propylene oxide market size reached US$ 19.9 Billion in 2022. Propylene oxide is a colorless synthetic cyclic ether with the chemical formula C₃H₆O. It is a highly flammable and volatile liquid that is easily soluble in water as well as miscible with organic solvents. It is commonly obtained by the indirect oxidation of propylene or the dehydrochlorination of propylene chlorohydrin. It is synthetic in nature and is non-corrosive to metals. It is widely utilized as a chemical intermediate for producing polyethers and propylene glycol. Apart from this, it is also utilized as a fumigant for controlling insect infestations and bacterial contamination in soil and packaged food products. Consequently, it finds extensive application across the electronics, automotive, textile and chemicals sectors.
 

Global Propylene Oxide Market Trends:

The global market is majorly driven by significant growth in the construction sector. Since propylene oxide is widely utilized in numerous building applications, such as adhesives, sealants, coatings, thermal insulators and flooring materials, this is providing an impetus to the market growth.Moreover, the increasing utilization of this ether in the manufacturing of numerous packaged food products is creating a positive outlook for the market. This is also supported by the changing lifestyle preferences of the masses and their inflating per capita income levels. Furthermore, the rising product utilization in numerous end use industries, such as textile, automotive and aerospace sectors, is contributing to the market growth. On account of these factors, the market is expected to grow at a CAGR of 5.3% during 2023-2028.
 

Market Summary:

• On the basis of the production process, the market has been divided into chlorohydrin process (CHPO), styrene monomer process, hydrogen peroxide process, TBA co-product process and cumene-based process.
• Based on the application, the market has been classified into polyether polyols, propylene glycols, propylene glycol ethers (PGE), polyalkylene glycols, and others.
• On the basis of the end use industry, the market has been categorized into automotive, construction, chemicals and pharmaceuticals, packaging, textile and furnishing, and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include AGC Chemicals Americas Inc., Air Liquide S.A., BASF SE, Dow Inc., Eastman Chemical Company, Huntsman International LLC, Ineos Chemicals Company, LyondellBasell Industries Holdings B.V., Mitsui Chemicals, Repsol S.A., Royal Dutch Shell PLC, Saudi Arabia Basic Industries Corporation (Saudi Aramco), SK Chemicals Co. Ltd., Sumitomo Chemical Co. Ltd. and Tokuyama Corporation.

Report Scope: