Propylene Market Share, Trends, 2022-2028

1. Propylene Market- Global Industry Size, Share, Growth, Opportunity and Forecast, 2022-2028

2. Global Propylene Market - Industry Trends & Forecast Report 2028 A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Global Propylene Market was 90.6 Metric Tons in 2021 and is projected to reach 132.1 Metric Tons by the year 2028, growing at a CAGR of 6.1% over the analysis period of 2022-2028. The expansion in the Propylene market can be primarily attributed to the large array of properties exhibited by propylene that expands its employability across several sectors. Propylene is the simplest member of the alkene family; it is a colorless gas having a faint petroleum-like odor.

3. Growth Drivers Escalating Demand For Commercial Vehicles Likely To Drive Growth Of The Global Propylene Market Propylene is extensively used in commercial vehicles in the form of a lubricant. Propylene exhibits a unique characteristic that makes it predominantly beneficial in many zones where automotive lubrication is concerned. China, Germany and Japan are the largest producers of cars and commercial vehicles in 2020. Moreover, the demand for commercial vehicles is surging in both developed as well as emerging economies for transportation passengers as well as goods. Thus, these factors are expected to drive the growth of the global propylene market during the forecast period 2022-2028.

4. Restraints Various Health And Environmental Hazards Associated With Propylene Several factors like health and environmental hazards associated with propylene coupled with the stringent safety guidelines related to its transportation and production are expected to act as the foremost impediments in the market growth of propylene over the forecast period. Furthermore, propylene can have dangerous impacts on humans when inhaled. Exposure to high levels can cause light headedness, dizziness and even unconsciousness. Liquefied propylene on contact with human skin can cause frostbite. It also has harmful impacts on liver, heart and nervous system.

5. Impact of COVID-19 on the Global Propylene Market The Propylene market was negatively impacted due to COVID-19 in the first half of 2020 in different ways. The transportation limitations and logistics restrictions imposed across the world as a response to the pandemic resulted in the disruption of the supply chain of major raw materials required for propylene production. Despite being one of the most extensively used chemicals, propylene witnessed a downfall in demand owing to the disruptions faced by its major end-use industries, including construction, automotive, and textile, amidst the first wave of Covid-19.

6. Regional Insights In terms of the regional analysis, the global propylene market can be segmented into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America. Amidst the segmentation, the Asia Pacific region is expected to dominate the Propylene market during the forecast period owing to the thriving Construction, Packaging, Automobile as well as Textile sectors in the region. Moreover, China, being the foremost producer of textile electronics plastics, among others, is expected to lead the propylene market in the upcoming years. In the Asia Pacific region, China, Japan, India, and South Korea are among the world’s foremost customers of propylene and are expected to boost the market growth of propylene in the Asia Pacific region during the forecast period.

7. Competitive landscape The global propylene market is characterized by the presence of many local, regional, and global vendors. The key players operating in the global propylene market are Dow, BASF SE, Sumitomo Chemical Co. Ltd., Exxon Mobil Corporation., INEOS, LyondellBasell Industries Holdings B.V., SABIC, Asahi Kasei Corporation, China Petrochemical Corporation, Chevron Phillips Chemical Company, Manali Petrochemical, AGC Chemicals, Royal Dutch Shell, Oleon NV, and other prominent players. Sample Copy of the Report :https://www.blueweaveconsulting.com/report/global-propylene-market/report-sample

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