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Propylene-Petrochemicals Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Propylene-Petrochemicals Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6072044
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the propylene-petrochemicals market are AGC Chemicals, Archer Daniels Midland Company, Asahi Kasei Corporation, BASF SE, Chevron Phillips Chemical Company, China National Petroleum Corp. (CNPC), China Petrochemical Corporation, Dangote Industries Ltd, Eni SpA and Enterprise Products Partners L.P.

The global propylene-petrochemicals market is expected to grow from $63.1 billion in 2020 to $71.87 billion in 2021 at a compound annual growth rate (CAGR) of 13.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $66.8 billion in 2025 at a CAGR of -2%.

The Propylene-Petrochemicals market consists of sales of propylene gas and its related services used in various industry verticals such as automotive, construction, and packaging industries. Propylene is a building block for the addition polymer, poly (propene) and is also used in the manufacturing of epoxy propane and propanol.

The propylene market is expected to benefit from growth in the automobile industry during the forecast period.The polypropylene is a polymer produced from the propylene monomer which is used in the automobile industry.

Large scale production of automobiles is leading to an increase in demand for polypropylene products which are used in the manufacturing of battery cases and trays, bumpers, interior trim, instrumental panels, fender liners, door trims, and other components. For instance, in 2019, India became the fourth largest auto market, replacing Germany with around 3.99 million units sold in the passenger and commercial vehicles categories , thus increased use of plastics in automobiles is expected to increase the demand for propylene during the forecast period.

Stringent safety regulations associated with the manufacturing and transportation of propylene was a major restraint on the market.Propylene is highly inflammable, toxic and hazardous when exposed to extreme temperatures and pressures.

Propylene suppliers should invest in equipment, technologies and processes to limit the toxic levels and chemical concentrations. These regulations increased the operating costs of companies in the propylene industry, thus limiting the scope for investments relating to the launch of new products and expansion into new markets, thereby affecting the market growth.

The propylene market covered in this report is segmented by end-use industry into automotive, construction, packaging, textile, others.

Petrochemical companies are adopting on-purpose propylene production technologies to produce propylene as a sole product but not as an alternate or co-product.On-purpose propylene technology refers to a modified version of the traditional fluid catalytic cracking unit which increases propylene yield to 20% more than the actual output.

Traditional sources for propylene which include steam crackers and oil refineries yield less propylene as a derivative or co-product due to shift in feedstocks from naphtha to ethane.To meet the increased demand for propylene, petrochemical companies are investing to develop on-purpose technologies to accelerate the shortfall of propylene production.

Major on-purpose technologies include propane dehydrogenation, methanol-to-olefins/methanol-to-propylene (MTO/MTP), high-severity fluidized catalytic cracking (HS-FCC), coal-to-olefins/coal-to-propylene (CTO/CTP) and gas-to-olefins (GTO). For Instance, major companies adopting this technology include, BASF, Dow Chemical, ExxonMobil Chemical and Sidi Kerir Petrochemicals Co (SIDPEC).

In October 2019, Saudi Basic Industries Corp (SABIC) completed a merger of its wholly-owned affiliates Saudi Petrochemical Company (Sadaf) and Arabian Petrochemical Company (Petrokemya).This deal will transfer Sadaf’s assets, rights, liabilities, and obligations to Petrokemya.

Petrokemya produces feedstock chemicals including propylene, ethylene, butene, benzene, and butadiene. The merger is expected to increase the efficiency and competitiveness of SABIC’s operations.

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