July 18, 2022 18:41 ET | Source: Data Bridge Market Research Data Bridge Market Research
OTTAWA, July 18, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market research has recently published comprehensive business research on “Global Propylene Market” including historic data, present market trends, future product environment, marketing strategies, emerging trends or opportunities, and the technical progress in the related industry. By utilizing a few steps or a number of steps, the process of formulating the Propylene Market research report is commenced with expert advice. This industry report contains a chapter on the global Propylene Market and all its linked companies with their profiles, which presents valuable data pertaining to their outlook in terms of finances, product portfolios, investment plans, and marketing and business strategies. This market report makes organizations armed with data and information generated by sound research methods. The propylene Market document contains a complete background analysis of the industry, which includes an assessment of the parental market. The world-class Propylene Market report all-inclusively estimates general market conditions, the growth prospects in the market, possible restrictions, significant industry trends, market size, market share, sales volume, and future trends. Analysis of major challenges faced currently by the business and the possible future challenges that the business may have to face while operating in this market are also taken into account. Gaining valuable market insights with the new skills, latest tools and innovative programs is sure to help businesses achieve business goals. Propylene Market research report encompasses a comprehensive study of the product specifications, revenue, cost, price, gross capacity and production.
Data Bridge Market Research analyses that the propylene market was valued at USD 96.47 billion in 2021 and is expected to reach USD 135.21 billion by 2029, registering a CAGR of 4.31 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
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Propylene is an organic compound which is present in the form of gas and it has no colour. It is a hydrocarbon, flammable and is frequently used as fuel. Most of the propylene is extracted during the process of petroleum refining. Propylene molecular weight is 42.08 g/mol and its molecular formula C3H6 and its. Propylene is also called propene which has obtained from petroleum; large amount of propylene are used in the manufacture of elastomers, resins and fibres and many other chemical products.
Propylene is second most essential starting product in the petrochemical sector after ethylene. Propylene is a by-product of natural gas and oil refining processing. Propylene belongs to the alkene group and in this chemical structure present three double bonded carbon atoms. It is the raw material for an extensive variety of products. Polypropylene which is the polymer of propylene are consume nearly two thirds of global production. Propylene end user include packaging, films, fibers, containers, and caps and closures. Propylene is also used for the production of important chemicals like cumene, propylene oxide, acrylonitrile, butyraldehyde, and acrylic acid.
Some of the major players operating in the propylene market are:
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Market Report Offerings in a Gist:
The report is designed to offer remarkable breakthroughs pertaining to distribution and supplychain operations, besides also showcasing logistics angle. The report is designed to highlight crucial details on key competition trends, popular sales channels as well as other growth instigating parameters, crucial for growth. The report also identifies the segment with most promising growth potential and revenue boosting capabilities.
In February 2022, Braskem which is one of the major polyolefins manufacturers company, as well as also a market leader of biopolymers has declared the enlargement of its circular polymer portfolio and include two new polypropylene (PP) grades with post-consumer recycled (PCR) content. Braskem's new PCR polypropylene grades would be used in a extensive array of U.S based Food and Drug Administration (FDA) food contact applications where polypropylene is used today, like in housewares, caps and closures, consumer packaging, and others.
In January 2022: INVISTA is a Koch company and this company is associate eith Flint Hills Resources which has attained the Flint Hills Resources propylene business efficiently from Jan. 1, 2022. This includes the chemical facilities in Texas, Longview and Houston, along with the employees support. The possession of the pipelines which deliver these facilities also moved their business to INVISTA but will continue to be worked by Flint Hills Resources under an agreement.
Acrylonitrile is the derivative of propylene which is used in polymers and elastomeric fiber. Acrylonitrile are used in sweaters, socks and sportswear and home furnishings which contributes their maximum share in the market. Acrylonitrile also used in medical equipment such as valves, mechanical seals, and pumps due to the global coronavirus epidemic growing the demand for medical equipment which increase the demand of acrylonitrile as well increase the demand of propylene in the market.
The demand of propylene is rapidly increase in the in the automobile industry which are expected to drive the growth of propylene market during the forecast period. Polypropylene is a polymer of propylene which is produced from the monomer of propylene and this monomer is used in the automobile industry. Due to the Large-scale production of automobiles increase the demand for polypropylene products which are used in the manufacturing of bumpers, interior trim, instrumental panels, battery cases and trays, fender liners, door trims, and other machineries.
Petrochemical companies are now adopting on-purpose propylene production technologies to increase the quantity of propylene as a sole product in the market but not as an alternate or co-product. On-purpose propylene technology is a modified version of the traditional fluid catalytic cracking unit which upsurges the propylene yield to 20% or more than this output. The traditional sources for propylene include oil refineries and steam crackers yield less propylene as a derivative. To meet the augmented demand for propylene the petrochemical companies are investing to grow on-purpose technologies to maintain the shortfall of propylene production. These factors will create the opportunities and boost the growth rate of the propylene market.
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Propylene Market Regional Analysis/Insights
The propylene market is analysed and market size insights and trends are provided by country, derivatives, types, production process technology, industrial vertical and application as referenced above.
The countries covered in the propylene market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the propylene market in terms of revenue during the forecast period. This is due to the increasing demand for propylene in this region. The Asia-Pacific region leads the propylene market due to the high production and rapid pace of shale gas production in this region.
During the projected period, North America is anticipated to be the fastest developing region high production and consumption of propylene products in this region.
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