H1 2023: In the first half of 2023, the major players in the global Propylene Oxide (PO) market were BASF & Dow, LyondellBasell, DOW Chemicals, and Shell. In March 2023, LyondellBasell, one of the biggest chemical product manufacturers in the world, revealed that its new Propylene Oxide (PO) and Tertiary Butyl Alcohol (TBA) facility in Texas had become operational. The unit has an annual capacity of 470 thousand tonnes of PO and 1000 thousand tonnes of TBA and its derivatives. During H1 2023, Asia Pacific was the prominent consumer of propylene oxide. During the first three months 2023, the propylene oxide price trend in Asia showed a bullish movement. The price of feedstock propylene climbed at the start of 2023 which resulted in accelerated cost of producing PO in the region. The demand by the downstream industries like Polyether Polyols and Propylene Glycol led to the high prices of PO in the region. Due to limited supply and unstable upstream crude oil prices, the cost of propylene oxide climbed considerably starting in the middle of the February 2023 in Asia. PO prices constantly rose in the Asian nations like China and India in March 2023. Although, Europe experienced mixed market segment for propylene oxide. Prices first dropped in January 2023 as a result of a lackluster market for polyol and glycol producers. The availability of feedstock propylene supplies was stressed during February 2023 due to increased sanctions on Russian petroleum products, which had an impact on PO production rates. However, the price trend from mid-February 2023 showed bearish movement, and prices for propylene oxide dropped steadily because of weak offtakes. Additionally, the cost support was made easier by the cut in input costs brought on by the price drop for natural gas.
The global Propylene Oxide (PO) market demand stood at nearly 10 million tonnes in 2023 and is expected to grow at a CAGR of 5.76% during the forecast period until 2034.
Propylene Oxide (PO) is an organic compound with the chemical formula C3H6O. PO can be synthesized by the traditional chlorohydrin of the hydroperoxide process. PO finds application as a solvent to manufacture dipropylene glycol and glycol ethers, which are further used to make lubricants, detergents, and oil demulsifiers as well as herbicides and solvents. Additionally, propylene oxide is also used in the fumigation of foodstuffs like cocoa, starch, processed nutmeats, and some spices. PO is used as an important feedstock to manufacture Polyether Polyols, Propylene Glycol, Glycol Ethers, etc. The major raw ingredient for unsaturated polyester resins, particularly in the textile and construction industries, is propylene glycol. Additionally, it is utilized in foods, medicine, and cosmetics as an emollient, solvent, and humectant. Its other applications include plasticizers, hydraulic oils, antifreeze, varnishes, heat transfer, and deicing agents for airplanes.
The primary driver of the global Propylene Oxide (PO) market is its usage as a feedstock to manufacture Polyether Polyols which are further used to synthesize polyurethanes. Polyurethane foams are heavily used in the construction sector for various applications such as sealing, covering gaps, and mounting doors and windows in buildings. The sealing enables energy saving and heat losses, thus saving costs on heating. In the upcoming years, the PO market expansion will most likely be supported by the growing usage of polyurethanes in flooring, adhesives, and thermal insulators. Several emerging economies across the globe and expanding automotive industries are also anticipated to swell up the demand for propylene oxide in the forthcoming years. The size of the global Propylene Oxide (PO) market is estimated to reach a volume of 18.5 million tonnes by 2034.
Based on region, the Asia Pacific is the leading consumer of the Propylene Oxide (PO) market. In 2023, Asia Pacific held a demand of approximately 56% of the global Propylene Oxide (PO) market share. It is anticipated that Asia Pacific will remain the biggest consumer in the forecast period owing to robust growth in demand for polyurethane for applications in various industries such as automotive, construction, and electronic goods in countries like India, China, and Japan.
Based on the end-user industry, the global Propylene Oxide (PO) market is segmented into Polyether Polyols, Propylene Glycol, Glycol Ethers, and Others. Among these, Polyether Polyols are dominating the global Propylene Oxide (PO) market and consumed approximately 67% of the market in 2023 and are expected to maintain their position in the forecast period as well.
Major players in the production of Global Propylene Oxide (PO) are LyondellBasell, DOW Chemicals, BASF & Dow, Shell, CNOOC and Shell Petrochemicals Company Limited, Sadara Chemical Company, Jishen Chemical Industry Co. Ltd., Fujian Lianhe Chemica, Zibo Qixiang Tengda Chemical Co., Ltd., Ningbo ZRCC Lyondell Chemical Co., Ltd., SK Chemicals, Blue Planet Eco New Materials, Shandong Befar Group Co., Ltd., Wanhua Chemical Group Co. Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Propylene Oxide (PO) which covers production, demand and supply of Propylene Oxide (PO) market across the globe.
• To analyse and forecast the market size of Propylene Oxide (PO)
• To classify and forecast Global Propylene Oxide (PO) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Propylene Oxide (PO) market in the globe.
To extract data for Global Propylene Oxide (PO) market, primary research surveys were conducted with Propylene Oxide (PO) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Propylene Oxide (PO) market over the coming years.
ChemAnalyst calculated Propylene Oxide (PO) demand in the globe by analyzing the historical data and demand forecast which was carried out considering demand for Propylene Oxide (PO) by the end-use application. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Propylene Oxide (PO) manufacturers and other stakeholders
• Organizations, forums and alliances related to Propylene Oxide (PO) distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Propylene Oxide (PO) manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Propylene Oxide (PO) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
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Attribute
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Details
|
|
Market size Volume in 2023 |
10 million tonnes |
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Market size Volume by 2034 |
18.5 million tonnes |
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Growth Rate |
CAGR of 5.76% from 2024 to 2034 |
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Base year |
2023 |
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Estimated year |
2024 |
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Historical Data |
2015 – 2022 |
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Forecast period |
2025 – 2034 |
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Quantitative units |
Demand in million tonnes and CAGR from 2024 to 2034 |
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Report coverage |
Industry Market Size, Capacity By Company, Capacity by Location, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share, Manufacturing Process. |
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Segments covered |
By End-Use: (Polyether Polyols, Propylene Glycol, Glycol Ethers, and Others)
By Sales Channel: (Direct Sale and Indirect Sale) |
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Regional scope |
North America, Europe, Asia Pacific, Middle East and Africa, and South America. |
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Pricing and purchase options |
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Q1.
What was global market size of Propylene Oxide (PO) in terms of volume in 2023?
Ans:
The global market size of Propylene Oxide (PO) had reached approximately 10 million tonnes in 2023.
Q2.
Which region is leading as a consumer of Propylene Oxide (PO)?
Ans:
Asia Pacific is the leading consumer of Propylene Oxide (PO).
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Do you offer single or multiuser license?
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