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Propylene oxide is a volatile and colorless, organic compound, which can be miscible in organic solvents and water. Processes such as chlorohydrin, cumene hydroperoxide, epoxidation with hydrogen peroxide, ethylbenzene hydroperoxide with tert-butyl alcohol co-product, or ethylbenzene hydroperoxide with styrene co-product are used in the production of propylene oxide. Furthermore, the product is primary adopted as a chemical intermediate to induce & accelerate the stable reaction in the manufacturing of polyether resins and propylene glycol. The high product consumption can be seen in the automotive, construction, food and beverages, intermediates, and functional fluids applications.
The rising demand for propylene oxide from the construction and food industries will fuel market growth. The propylene oxide is used as a construction chemical in the grouts, paints, waterproofing materials, coatings, and adhesives. Moreover, the product is also used in the manufacturing of propylene glycol, which is further utilized in various food products such as dressings, drink mixes, cake mix, dried soups, popcorn, soft drinks, fast foods, bread, and dairy products. The increasing demand for packaged food coupled with the rapidly growing construction industry will surge the product demand. Hence, this is anticipated to show sustainable propylene oxide market growth during the forecast period.
However, the availability of substitute products including alkylene carbonate is restricting the adoption of propylene oxide in various applications. Hence, this is anticipated to hamper the market growth.
Key Market Driver -
The rising demand for propylene oxide from construction and food industries to drive the market growth.
Key Market Restraint -
Availability of substitute product to hamper the market growth
Based on application, the propylene oxide market is segmented into polyether polyols, propylene glycol, fumigation, oil demulsifier, adhesives & sealants, and others. Based on end-use industry, the market is segmented into automotive, construction/infrastructure, food and beverages, intermediates, functional fluids, and other. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the propylene oxide market include Royal Dutch Shell Plc., Manali Petrochemical Limited, LyondellBasell Industries N.V., Balchem, Huntsman, Ineos Group Limited, The Dow Chemical Company, BASF SE, and Saudi Arabia Basic Industries Corporation.
Asia Pacific is anticipated to witness the highest growth in the propylene market. The growth is attributed to the rising demand for propylene glycol in the food industry, thereby boosting the consumption of propylene oxide. The increasing product adoption in the construction industry will fuel the market growth in North America. Also, increasing the production of adhesive & sealants will surge the product consumption in this region. In Europe, the growth is due to, increasing use of the product in the automotive industry. The Middle East & Africa is anticipated to witness significant growth, owing to the adoption of the product in the functional fluid and intermediates.
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