Global Propylene Market 2021 (Includes Business Impact of COVID-19)

                                          
Report updated on 11th September, 2021: Global Propylene Market 2021 (Includes Business Impact of COVID-19)
Global Propylene Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2030 is a recent report generated by Trusted Business Insights. The global propylene market report has been segmented on the basis of derivative, industry vertical, and region.
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The global Propylene market size was valued at USD $89.52 billion in 2020 and is projected to reach $158.81 billion by 2030, and is anticipated to expand at a CAGR of 5.90% over the forecast period from 2020 to 2030.


Global Propylene Market: Introduction 


Propylene or propene is a byproduct of natural gas processing and oil refining. Propylene is used in the manufacture of polypropylene, acrylonitrile, cumene, propylene oxide, isopropyl alcohol, and oxo-alcohols. These derivatives of propylene are used in various industries verticals such as construction, automotive, packaging, and textiles.


Global Propylene Market: Dynamics


Growing demand for propylene in industry verticals such as automotive, construction, and packaging industry is a major factor expected to drive the growth of the global potential market. Rising demand for automobiles in developing countries owing to increasing spending power of people is expected to boost the revenue growth of the target market. Growing demand for propylene in the packaging industry for various applications is another factor anticipated to support revenue growth of the potential market over the forecast period.

However, fluctuating raw material prices of propylene is expected to hamper the growth of the target market over the next 10 years.


Global Propylene Market: Derivative Analysis


Among the derivative, the polypropylene segment is projected to grow at a higher growth rate over the next few years. Growing demand for polypropylene in packaging and construction application is expected to support revenue growth of the segment over the next ten years.


Global Propylene Market: Segment Analysis


Among the industry verticals segments, the packaging segment is expected to contribute major revenue share in the global market. Increasing demand for polypropylene in the packaging industry for application such as food packaging, bottles, and others in developing economies is a major factor anticipated to drive revenue growth of the segment. Construction segment is expected to grow at a higher growth rate over the next 10 years. The rising number of construction activities in across globe is expected to support revenue growth of the segment.


Global Propylene Market: Regional Analysis


Asia Pacific propylene market is projected to contribute for a major share in terms of revenue in the global market. Rising demand for propylene in various end-use industries is a major factor estimated to support revenue growth of target market. Increasing demand for automobiles in countries such as India, China, and Indonesia owing to rapid urbanization and increasing spending power of people is expected to support revenue growth of the market in the region. Moreover, growing demand for propylene in the construction industry is expected to augment revenue growth of Asia Pacific propylene market over the forecast period.

Asia Pacific contributes for major revenue share in the global propylene market, followed by markets in Asia Pacific and Europe. The propylene market in North America is projected to grow at a steady growth rate over the forecast period. Increasing demand for propylene in the construction industry is expected to support revenue growth of the potential market in North America. Moreover, growing demand for commercial vehicles in the region owing changing living standards is another factor expected to drive revenue growth of North America propylene market.


Below are the active patents related to Propylene Market.


Patent Number: CN101367699B

Preparation of propylene

Abstract

A method for preparing propylene is characterized in that at least two reaction areas are mounted. The method comprises: (a) in the first reaction area, the hydrocarbon with a carbon number not less than 4 gives a catalytic cracking reaction on solid acid catalyst and transforms to hydrocarbon production which includes ethylene and the propylene; (b) in the second reaction area, methanol (and or dimethyl ether) and gas including the ethylene reacts on the solid acid catalyst and transforms to the product with the propylene and the hydrocarbon with higher carbon number; (c) in the product of the first reaction area, at least one part of the ethylene serves as the raw material of the second reaction area; in the product of the second reaction area, at least one part of the hydrocarbon with the carbon number not less than 4 serves as the raw material of the first reaction area.

Application filed Date: 2007-10-31

Application Granted Date: 2012-05-09

Current Assignee: Shaanxi Coal and Chemical Industry Group Co., Ltd.

Patent Number: US7754814B2

Polypropylene materials and method of preparing polypropylene materials

Abstract

A polypropylene material is prepared from a blend of polypropylene impact copolymer and high crystallinity polypropylene having less than 2 percent xylene solubles. The material is prepared by blending the polymers while they are in a molten state, and forming a film or sheet from the polymer blend. The material has particular application to forming slit film tapes and similar materials. The resultant materials exhibit increased tenacity, elongation and toughness and less shrinkage as compared to those materials prepared solely from propylene homopolymers. The materials also have a better overall balance of physical properties than other blends for certain applications.

Application filed Date: 2005-05-16

Application granted Date: 2010-07-13

Current Assignee: Fina Technology Inc

Patent Number: US7498471B2

Process for producing cumene

Abstract

In an alkylation zone, a benzene recycle stream and a propylene feed stream are contacted with an alkylation catalyst to convert the propylene and benzene into cumene. In a transalkylation zone, a polyisopropylbenzene stream and a benzene recycle stream are contacted with a transalkylation catalyst to convert the polyisopropylbenzene and benzene into cumene. The alkylation and transalkylation zone effluents are passed into a dividing wall fractionation column.
A cumene product stream is removed from an intermediate point of the dividing wall fractionation column. A benzene recycle stream is removed from a first end, and another benzene recycle stream is removed from an intermediate point of the dividing wall fractionation column. A polyisopropylbenzene stream is removed from a second end of the dividing wall fractionation column. The polyisopropylbenzene stream is passed to a polyisopropylbenzene fractionation column to separate the polyisopropylbenzene from a heavy ends stream.

Application filed Date: 2007-05-23

Application granted Date:2009-03-03

Current Assignee: Honeywell UOP LLC

Global Propylene Market Segmentation:

Segmentation by Derivative:

  
Polypropylene
  
Propylene oxide
  
Cumene
  
Acrylonitrile
  
Acrylic acid & Acrylates
  
Others (Oxo-alcohols, Isopropyl alcohol, Isobutyl benzene, EPDM rubbers)

Segmentation by Industry Vertical:

  
Automotive
  
Construction
  
Packaging
  
Textile
  
Others (Pharmaceuticals, Solvents)


Key Market Players included in the report:


  
AGC Chemicals
  
Archer Daniels Midland Company
  
Asahi Kasei Corporation
  
BASF SE
  
Chevron Phillips Chemical Company
  
China Petrochemical Corporation
  
Dow
  
Exxon Mobil Corporation.
  
Honeywell International Inc
  
Huntsman International LLC.
  
INEOS
  
Linde
  
LyondellBasell Industries Holdings B.V.
  
Manali Petrochemical
  
Oleon NV
  
Repsol
  
Royal Dutch Shell
  
SABIC
  
Sumitomo Chemical Co.Ltd.


Below are the key development related to Propylene Market in 2020 and 2021.


July 2021: Thai Oil to buy 15pc stake in Indonesia’s Chandra Asri. Thai Oil, the downstream unit of Thailands state-controlled PTT, has agreed to acquire a stake of up 15.38pc in Indonesias largest petrochemical producer Chandra Asri. The stake acquisition is valued at up to $1.18bn, the firms said, and the proceeds will be used to fund Chandra Asris planned petrochemical complex, Chandra Asri Perkasa (CAP2), at Cilegon in west Java. Chandra Asri owns Indonesias first and only naphtha cracker with 900,000 t/yr of ethylene production and 490,000 t/yr of propylene output in Cilegon. Refiner Thai Oil supplies oil products in Thailand from its 275,000 b/d Sri Racha refinery. It is upgrading and expanding the refinery as part of its clean fuel project to 450,000 b/d, with it targeted to be completed by 2023. Construction of CAP2 is expected to be completed by 2025, with a projected investment of around $5bn. The new cracker will have nameplate capacity of 1.1mn t/yr for ethylene and 600,000 t/yr for propylene. Integrated derivative units can produce 750,000 t/yr of polyethylene and 450,000 t/yr of polypropylene. Source

February 2021: Howard Energy Partners Closes on Acquisition of Refinery Services Facility in Corpus Christi. Howard Energy Partners (HEP) announced that it has closed on its previously announced agreement with a subsidiary of MPLX LP (NYSE: MPLX) to purchase the Javelina Facility (Javelina), located in Corpus Christi, Texas. Javelina is a treating and fractionation plant that extracts olefins, hydrogen, and natural gas liquids (NGLs) from the gas streams produced by local refineries, creating purity products that are then sold to local markets on behalf of its refiner-customers. Javelina produces a wide range of product streams including hydrogen, ethylene, ethane, propylene, propane, mixed butane and other pentanes+ for use in the energy and petrochemical markets. The facility is connected by pipeline to all of the major refineries in the Corpus Christi area and provides a critical service to help ensure the refineries’ productive capabilities. Additionally, excess capacity at Javelina provides the opportunity for future growth. Source

January 2020: Indorama Ventures Concludes US$2 billion Acquisition of Huntsmans Integrated EO & PO Assets. Indorama Ventures Public Company Limited (IVL), a global chemical producer, has completed its acquisition of Huntsman’s world-class integrated oxides and derivative businesses, including a large flagship site on the US Gulf Coast (USGC) at Port Neches, as well as Chocolate Bayou and Dayton in Texas, Ankleshwar in India, and Botany in Australia. The acquisition is a profitable and growing end applications business along with unique products and geographical profile among the crowded olefins space. It has a well-integrated assets base with an extensive infrastructure and future expansion possibilities. The area is adjacent to many USGC feedstock suppliers. The cash value of US$2.0 billion makes it the largest acquisition by Indorama Ventures ever and now our capital employed is nicely spread over plastic, chemicals and fibers. The transaction value translates to an EV/EBITDA of ~5.7x and is expected to add substantial synergies to Indorama’s existing 450kta Ethane/Propane Cracker and our 550kta EO/EG. IVL will now be integrated from Ethane to PET as well as the high-margin EO and PO derivative businesses. This acquisition reinforces IVL’s Integrated Oxides and Derivatives (IOD) segment’s continued development as envisaged in our strategy announcement in February 2019 and includes much sought after portfolios of value-added EODs and Propylene Oxide (PO) Derivatives, each coming with its own strong market position. The acquisition comes with its own strong R&D and technical capabilities apart from portfolio of about 900 patents and other intellectual properties. Entry into Australia will further diversify Indorama’s geographic presence. The Huntsman and Indorama Ventures assets are managed by extremely talented people who together will forge a successful global footprint and leverage the financial and commercial skills of Indorama to create shareholder value. Source