Jersey City, NJ, April 19, 2023 (GLOBE NEWSWIRE) -- The global propylene market is estimated to reach over USD 137.81 billion by 2031, exhibiting a CAGR of 3.12% during the forecast period. 

Propylene is an organic chemical that exists in the form of a gas and has no color. It is a flammable hydrocarbon that is commonly used as fuel. The majority of propylene is extracted during the petroleum refining process. Propylene has a molecular weight of 42.08 g/mol and the chemical formula C3H6. Propylene, also known as propene, is derived from petroleum; significant amounts of propylene are used in the production of elastomers, resins, fibres, and many other chemical products. Acrylonitrile is a propylene derivative that is utilized in polymers and elastomeric fiber.


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Acrylonitrile is widely used in sweaters, socks, athletics, and home furnishings, accounting for the majority of its market share. Acrylonitrile is also utilized in medical equipment such as valves, mechanical seals, and pumps as the global coronavirus epidemic increases demand for medical equipment, which in turn increases demand for acrylonitrile and propylene in the market.

Recent Developments:

List of Prominent Players in the Propylene Market:


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Propylene Market Report Scope:

Report AttributeSpecifications
Market size value in 2022USD 105.74 Bn
Revenue forecast in 2031USD 137.81 Bn
Growth rate CAGRCAGR of 3.12 % from 2023 to 2031
Quantitative unitsRepresentation of revenue in US$ Billion, Volume (Tons) and CAGR from 2023 to 2031
Historic Year2019 to 2022
Forecast Year2023-2031
Report coverageThe forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends
Segments coveredType, Material, And Application
Regional scopeNorth America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scopeU.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Market Dynamics:

Drivers:

Propylene consumption is quickly increasing in the vehicle industry, which is projected to drive the growth of the propylene market during the forecast period. Polypropylene is a propylene polymer made from propylene monomer, used in the vehicle industry. Automobile manufacture on a large scale increases demand for polypropylene items like bumpers, interior trim, instrument panels, battery cases and trays, fender liners, door trims, and other machinery.

Challenges:

Stringent safety rules linked with propylene transportation and manufacture were major limitations on the propylene market. When subjected to high pressures and temperatures, propylene becomes poisonous, highly flammable, and dangerous. Propylene distributors should invest in methods, equipment, and technology to reduce hazardous and chemical levels. These limitations raised manufacturing costs in the propylene industry, limiting the potential for expenditures in product expansion, new product launches, and expansion into new markets, consequently impacting market growth.

Regional Trends:

In the near future, the Asia-Pacific Propylene Market is anticipated to record the maximum market revenue share. This regional growth can be attributed to increased demand for the packaging and automobile manufacturing industries. The expanding use of propylene in China, Japan, and India's food and beverage, packaging, and care industries are significant contributors to the regional market's expansion.

The global propylene market is anticipated to expand steadily in Europe in the following years. Significant factor driving the development of the Propylene market in Europe is the use of items in healthcare and pharmaceutical, electrical and electronic, and other industries.


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Segmentation of Propylene Market-

By Derivatives-

By Type-

By Application-

By End-User-

By Region-

North America-

Europe-

Asia-Pacific-

Latin America-

 Middle East & Africa-

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