The Global Propylene Oxide Market is projected to expand at a high CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the rising use of propylene oxide in various industries. Propylene oxide is an organic, highly reactive, colorless, and odorless chemical. It has a molecular formula CH3CHCH2O. It is used for the production of a variety of derivatives and end-use products. Propylene oxide is used in the production of polyether (the primary component of polyurethane foams) and propylene glycol. Short-term contact of propylene oxide to humans and animals causes eye and respiratory tract irritation. Propylene oxide acts as a mild central nervous system (CNS) depressant in humans. It releases flammable vapors below normal ambient temperatures. When mixed with air and exposed to a source of ignition, it can burn in the open or explode if confined. Increase in the applications of propylene oxide and its derivatives is projected to boost the sale of propylene oxide during the forecast period.
Global Propylene Oxide Market Segment Insights
Epoxidation with hydrogen peroxide (HPPO) to dominate the market
On the basis of production processes, the global propylene oxide market can be segregated into chlorohydrin process (CPHO), ethylbenzene hydroperoxide with tert-butyl alcohol (TBA) co-product process, cumene hydroperoxide process (CHP), ethylbenzene hydroperoxide with styrene co-product, and epoxidation with hydrogen peroxide (HPPO). Traditional and commonly used processes such as the chlorohydrin process, produces large volumes of chlorinated products; however, it requires high capital costs. Hence, new processes such as epoxidation with hydrogen peroxide are used as substitutes for the chlorohydrin process.
Polyether polyols segment to expand at a high CAGR
In terms of applications, the market can be divided into polyether polyols, propylene glycol, propylene glycol ethers, polyalkylene glycols, fumigation, oil demulsifier, and adhesives & sealants. The polyether polyols segment is estimated to hold a substantial share of the market, owing to the increase in the manufacture of refrigerators and freezers and high consumption of polyurethane foam, made using polyether polyols in construction and automotive industries.
Building & construction and automotive segments account for key market share
Based on end-use industries, the propylene oxide market can be segmented into automotive, building & construction, electronics, food & beverages, packaging, chemical & pharmaceutical, oil & gas, and textile & furnishing. Demand for propylene oxide is expected to increase in the automotive industry, as it is used as a solvent for manufacturing carpets, car seats, sealants, and insulators. Propylene oxide derivative and polyurethane are used to manufacture fiberglass and flooring materials.
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Market Trends, Drivers, Restraints, and Opportunities:
- High usage of propylene oxide, as a raw material, for the production of insulators, mattresses, carpets, and cars is projected to fuel the market growth.
- Rise in population and increase in urbanization drives the demand for automotive coolants, brakes, and hydraulic fluids that use propylene oxide derivatives and require replacement at regular intervals. This, in turn, drives the need for propylene oxide during the forecast period.
- Propylene glycol, which is a derivative of propylene oxide, is used in constructions. This factor is estimated to boost the demand for propylene oxide.
- Growth in the use of fast emerging, low-priced alternatives of propylene oxide such as alkylene carbonate is expected to hamper the propylene oxide market.
- Fluctuations in prices of propylene oxide and growing awareness about the harmful effects of the production process of propylene oxide on mammals are impeding the market globally.
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