The report “Propylene Oxide Market by Application (Polyether Polyols, Propylene Glycols),Production Process (Chlorohydrin, Styrene Monomer, Cumene Based), End-Use Industry (Automotive, Building & Construction), and Geography – Global Forecast to 2026” The propylene oxide market is projected to grow from USD 22.5 billion in 2021 to USD 29.5 billion by 2026, at a CAGR of 5.6% from 2021 to 2026. The propylene oxide market is majorly driven by the rising demand for polyurethanes in various end-use industries, such as automotive, building & construction, textile & furnishing, chemical & pharmaceutical, packaging, and electronics. The increasing usage of polyurethane is in thermal insulators, sealants, and flooring materials is also expected to propel market growth in the near future
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• 112 Market data Tables
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• 197 Pages and in-depth TOC on “ Propylene Oxide Market – Global Forecast to 2026″
Some of the prominent key players are:
· Dow Inc. (US)
· LyondellBasell Industries Holdings (The Netherlands)
· Royal Dutch Shell (The Netherlands)
· Indorama Ventures (US)
· BASF SE (Germany)
· Repsol (Spain)
· Sumitomo Chemical Co., (Japan)
Opportunities: Emerging applications in healthcare industry
Increasing human life expectancy, along with the rise in spending and innovation in the healthcare sector, have fueled the growth of the polyurethane market in the medical devices industry. Over the last few decades, the use of polyurethane in the healthcare industry has increased due to the rise in the adoption of new technologies. Polyurethane-containing devices, such as pacemakers, non- allergic gloves, medical garments, hospital bedding, hip replacements, and wound dressings are widely used in the healthcare industry. Polyurethane is also used in short-term implants. The growing healthcare industry is expected to provide high-growth opportunities for the polyurethane segment of the propylene oxide market
The automotive industry accounted for the largest share in the propylene oxide market.
Based on end-use industries, the automotive industry accounted for the largest share in the propylene oxide market. In 2020, nearly 77.0 million units of vehicles were produced across the globe. This resulted in high demand for polyurethane foams, ultimately creating an increased demand for propylene oxide across the globe. Building & construction, chemical & pharmaceutical, are other leading application to the adoption of propylene oxide market.
Asia Pacific accounted for the largest share in the propylene oxide market.
Asia Pacific region accounted for the largest market share of the propylene oxide market in 2020. The market’s growth in the region can be attributed to the consumption of propylene oxide in polyurethane foam applications. The region is a global leader in manufacturing, including automotive, chemicals & pharmaceuticals, building materials, textiles, and electronics. All these industries consume polyurethane foam in one manner or another. As a result, there is always a high demand for intermediates of polyurethane foam, for instance, polyether polyols. Moreover, China has also added to its propylene oxide production capacity to cater to the local demand. This is expected to further boost the market in the Asia Pacific region.
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