Regional Propylene Market Analysis and Forecast by 2032
The Global Propylene Market has recently been analyzed and explored by Fortune Business Insights™ in their latest market research report. The team of dedicated analysts and researchers has gone to great lengths to provide a comprehensive overview of both current and future scenarios pertaining to the Propylene Market. As a result, this report is packed with valuable insights that will be highly advantageous for industry players looking to maintain a competitive edge.Propylene is a flammable, colorless gas used in the production of several chemical compounds. The product records a high demand from the packaging sector, which is set to drive industry growth over the forthcoming years. The market recorded a mixed impact during the COVID-19 pandemic. This was due to the reduced plastics demand on account of reduced manufacturing activity and the vitality of the product for medical supplies.
Fortune Business Insights™ provides this information in its research report, titled “Propylene Market, 2025-2032”.
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Forecast Growth Projected:
The global propylene market size was valued at USD 121.34 billion in 2023 and is projected to grow from USD 127.85 billion in 2024 to USD 194.62 billion by 2032 at a CAGR of 5.4% during the forecast period.
List of the Key Players in the Propylene Market:
- China Petrochemical Corporation. (China)
- LyondellBasell Industries Holdings B.V. (U.S)
- Braskem (Brazil)
- PetroChina Company Limited (China)
- SABIC (Saudi Arabia)
- BASF SE (Germany)
- Reliance Industries Limited. (India)
- Mitsui Chemicals, Inc. (Japan)
- Exxon Mobil Corporation (U.S.)
- Shell plc (U.K.)
Segmentation:
Polypropylene Segment Held a Prominent Share Owing to Lightweight Nature
By derivative, the market is subdivided into polypropylene, acrylonitrile, propylene oxide, cumene, acrylic acid, and others. In 2023, the polypropylene segment recorded a dominating share of the market due to the various properties of the derivative, including versatility, durability, and lightweight nature.
Packaging Segment Recorded Major Share Impelled by Rising Convenience Foods Demand
On the basis of application, the market is categorized into packaging, consumer goods, automotive, electrical & electronics, construction, and others. The packaging segment accounted for a leading market share driven by the escalating demand for convenience foods and beverages.
Based on geography, the market has been studied across Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Report Coverage:
The report gives an account of the latest industry trends. It further provides an analysis of the market on the basis of derivative, application, and geography. The key factors driving the industry growth have also been enlisted in the report. Furthermore, it gives an account of the pivotal strategies adopted by industry players to outpace their competitors.
Drivers and Restraints:
Industry Value to Surge Due to Escalating Product Deployment for Packaging Applications
The rising demand for flexible packaging solutions is set to drive industry expansion. The convenience and lightweight nature of polypropylene-based films, bags, and pouches are the major factors driving their popularity across various packaging applications. Besides, it is easy to reuse the compound from packaging waste considering the advancements in recycling technologies.
Regional Insights:
Asia Pacific Accounted for the Largest Share Due to Rising Product Demand across Various Industries
In 2023, Asia Pacific market size hit USD 76.28 billion with a dominating position in the global market. This can be attributed to the escalating product demand across the construction, electronics, packaging, and automotive industries.
North America records a steady growth driven by the growing product demand across an extensive range of end-use industries and the presence of robust industrial infrastructure. In addition, the region has vast reserves of shale gas, which offers an array of opportunities for industry players.
Key Industry Development:
October 2023: LyondellBasell acquired a 50% stake in Rodepa Vastgoed B.V., the holding company of De Paauw Sustainable Resources. This company is a major recycler in the BENELUX region, converting plastic waste into Low-Density Polyethylene (LDPE) and Polypropylene (PP).
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