Rising demand for propylene and its derivatives from automotive and packaging sectors to drive global propylene market through 2025
According to TechSci Research report, “Global Propylene Market By Application, By Region, Competition Forecast and Opportunities, 2011 – 2025’’, global propylene market is forecast to grow at a CAGR of around 6% during 2016-2025, on account of increasing industrialization and commercialization, and growing emphasis on development of fuel-efficient cars by government. Global automobile production stood at 79.88 million in 2011 and reached 90.78 million by 2025. Government associations across the world have laid down strict regulations regarding greenhouse gases emissions from vehicles in order to control pollution. Additionally, increasing disposable income levels of people in BRIC nations is propelling growth in global propylene market. Some of the major propylene manufacturers includes Sinopec, CNPC, ExxonMobil, LyondellBasell and Royal Dutch Shell.
Browse 6 market data Tables and 73 Figures spread through 144 Pages and an in-depth TOC on “Global Propylene Market”
Additionally, propylene is also witnessing huge demand from the global packaging industry on account of increasing demand for high quality and safe packaging material from the food & beverage, chemicals and pharmaceutical sectors. Rising demand for propylene derivatives such as acrylonitrile (ACN) and acrylic acid can be attributed to increasing demand from the paints and coatings industry. Global paints & coatings industry stood at USD122.52 billion in 2011 and is forecast to reach USD168.55 billion by 2017, on account of increasing industrialization and demand for low VOC emitting, water based decorative paints from the commercial and residential buildings.
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“New product developments are projected to boost growth in global propylene market during 2016-2021. Additionally, increasing awareness about environment protection and stringent government regulations has led to the launch of new refrigerant grade propylene, that serves as an excellent alternative against harmful fluorocarbon refrigerants or synthetic refrigerants. Some other companies are also focusing on production of bio-based propylene, which is used as a raw material in manufacturing bio-based polypropylene and other derivatives. Development of innovative propylene derivatives is anticipated to augur well for the global propylene market in the coming years.”, said Mr. Rishi Srivastava, Research Manager with TechSci Research, a research based global management consulting firm.
“Global Propylene Market By Application, By Region, Competition Forecast and Opportunities, 2011 – 2025” has evaluated the future growth potential of global propylene market and provides statistics and information on market size, share, structure, forecast and future growth potential. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in global propylene market.
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