Global Propylene Oxide Market – Future Demand and Growth Analysis with Forecast 2025
Propylene oxide (CH3CHCH2O) is a colorless volatile liquid. It is an organic compound used in the production of polyether polyols, which in turn is used in the production of polyurethane plastics. Propylene oxide can be produced by hydrochorination or oxidation. Propylene oxide has various applications in automotive and construction industries. Flexible foams, paints, sealants, coolants, car seats brakes, and hydraulic fuels are components which propylene oxide in the automotive industry Also, it is used as a chemical for paints, waterproofing, coatings, adhesives, grouts, and materials. However, availability of substitutes for propylene oxide are restraining growth of the market.
TBA-co product process is a new process for manufacturing propylene oxide. It is ecofriendly and generate low amount of waste product.
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Propylene Oxide Market outlook:
Propylene oxide market in Asia Pacific region is gaining significant traction, owing to the high demand for propylene oxide from end-use industries. The demand for propylene has substantially increased due to new developments in infrastructure, construction, and automotive industry. China, India, Japan, and South Korea are the economies majorly contributing to growth of propylene oxide. The reduction in taxes for the small engine car section in China has resulted in the increased sale of cars, in turn fueling growth of the market for propylene oxide. According to China Association of Automobile Manufacturers (CAAM), China witnessed a year on year growth of 6.2% during 2016 – 2017.
Production of automobiles is expected to grow over the forecast period, owing to presence of leading automotive companies in North America such as Ford, General motors, and Fiat. Moreover, New Building Canada Fund has targeted an investment of US$ 10 billion over a 10 year period i.e. 2014-24 to build public infrastructure.
Propylene is the major raw material for production of propylene oxide, which is produced from crude oil. Demand for propylene oxide in the Middle East is growing, owing to rampant growth of the construction and oil and gas industries. Moreover, new investments in Qatar and Saudi Arabia for the FIFA world cup 2022 is expected to substantially increase construction of hotels, stadiums, malls, and public infrastructure. This in turn, is expected to boost growth of the propylene oxide market.
Major players are adopting both organic and inorganic growth strategies. For instance, Clariant (SIX: CLN) and Huntsman Corporation (NYSE: HUN) are planning to complete their merger, by December 2018.
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Major player operating in propylene oxide market include SK Chemicals, The Dow Chemicals Royal Dutch Shell, Tokuyama Corporation, Co., Ltd., BASF S.E., Huntsman International LLC., AGC Chemicals, CSPC Pharmaceutical Group Limited, Air Products and Chemicals, Inc., China Petrochemical Corporation, Eastman Chemical Company, Inc., PetroChina International Co., Ltd., Ineos Group Limited, Tokuyama, Hanwha Group, The Dow Chemical Company, Sumitomo Chemical, Repsol, Air Liquide, and Mitsui Chemicals.
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