DUBLIN--(BUSINESS WIRE)--ResearchAndMarkets.com has added the "Propylene Oxide Market-Global Forecast to 2026" report to the products of ResearchAndMarkets.com.
The propylene oxide market is expected to grow from US$22.5 billion in 2021 to US$29.5 billion in 2026, with a compound annual growth rate of 5.6% from 2021 to 2026.
The demand for polyether polyols for the production of polyurethane is increasing, and the demand for propylene oxide is expected to increase in the next few years.
Increasing demand for polyurethane in the healthcare industry is expected to open up a new source of revenue for the propylene oxide market. However, the impact of COVID-19 on the automotive and construction industries may inhibit market growth.
"It is expected that during the forecast period, polyether polyol applications will lead the propylene oxide market."
According to the application, the polyether polyol part is expected to grow at the highest compound annual growth rate during the forecast period. Polyether polyols are produced by the catalytic addition of epoxides to propylene oxide or ethylene oxide. They are mainly used to make polyurethane (flexible foam).
Polyether polyols are organic chemicals that contain multiple ether bonds and multiple hydroxyl groups. Most polyether polyols are used in the manufacture of polyurethanes and other products such as surfactants, functional fluids and synthetic lubricants.
"Building and construction is the second largest end-use industry segment of the propylene oxide market."
Based on the end-use industry, the building and construction sector accounts for the second largest share of the propylene oxide market. The construction industry is one of the main end industries of propylene oxide. In this end-use industry, fiber reinforced plastics (FRP) are mainly used in the manufacture of building panels, bathroom components, fixtures, corrosion-resistant tanks, and pipes and pipes. These FRPs are made by reinforcing nearly three-quarters of unsaturated polyester resin (UPR) with glass fibers or mineral fillers. UPR is made from monopropylene glycol (MPG), and MPG is extracted from propylene glycol.
"It is expected that the propylene oxide market in the Asia-Pacific region will have the highest compound annual growth rate during the forecast period."
It is estimated that from 2021 to 2026, the Asia-Pacific propylene oxide market will have the highest compound annual growth rate. The increasing demand for propylene oxide in polyether polyol and propylene glycol applications is the main factor driving the Asia-Pacific propylene oxide market. During the forecast period, China is expected to become the world's largest consumer of propylene oxide.
The country has recently witnessed capacity expansion projects by companies such as Royal Dutch Shell (Netherlands). This capacity expansion will add 300 kilotons of propylene oxide and 600 kilotons of polyols to the country.
In addition, as part of the qualitative analysis of the propylene oxide market, the study conducted a comprehensive review of the driving factors, constraints, opportunities and challenges affecting the growth of the global market.
It also discussed the competitive strategies adopted by leading market players such as Dow (USA), LyondellBasell Industries Holdings BV (Netherlands), Royal Dutch Shell (Netherlands), BASF SE (Germany), SKC (South Korea), AGC Inc. (Japan), Repsol (Spain), Sumitomo Chemical Co., Ltd. (Japan), Tokuyama Corporation (Japan), Indorama Ventures Public Company (Thailand).
For more information about this report, please visit https://www.researchandmarkets.com/r/j4bica
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call 353-1-416-8900
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call 353-1-416-8900