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According to the latest report by IMARC Group, titled "Propylene Oxide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global propylene oxide market size reached US$ 18.8 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 5.7% during 2022-2027.
Market Summary:
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