Propylene Market To Witness Protruding Growth With USD 138.01 Bn Revenue By 2028

As per the findings of Zion Market Research study, Propylene industry amassed profits worth US$ 91.2 billion in 2020 and is predicted to amass revenue of approximately US$ 138.01 billion by 2028. Moreover, Propylene market is expected to record a CAGR of approximately 6.1% in 2021-2028. Apparently, growth of propylene market over assessment period can be credited to swift expansion of ecommerce sector and massive demand for product in textile, construction, and packaging industries. Apart from this, there is a prominent rise in need of propylene in automotive vehicle and this will further culminate into humungous expansion of business over forecasting years. In addition to this, swift urbanization and industrialization along with rise in funding of infrastructural projects pertaining to capacity expansions of manufacturing firms will further add towards growth of propylene market over upcoming years.

Acrylonitrile Segment To Dominate Derivative Landscape By 2028

Dominance of acrylonitrile segment over forecasting timespan can be credited to humungous use of acrylonitrile in polymers & elastomeric fibers. Moreover, the latter are used immensely in sweaters, socks, home furnishings, and sportswear and this has further contributed towards segmental growth. Apart from this, occurrence of COVID-19 pandemic has resulted into humungous need for medical devices such as valves, mechanical seals, and pumps, thereby culminating into demand for acrylonitrile resulting in segmental surge.

Packaging Segment To Register Fastest CAGR Of 6.2% Over 2021-2028

Rapid growth of packaging segment over forecast timeframe can be credited to thriving eCommerce sector and increase in logistics activities. Furthermore, large-scale use of propylene in packaging materials will drive segmental growth. Enlarged scope of packaging activities in medical services will further contribute towards segmental expansion.

Asia Pacific To Make Major Contributions Towards Overall Market Share By 2028

Growth of propylene market in Asia Pacific zone over forecast timespan is subject to thriving automotive industry in sub-continent. In addition to this, growing focus of government on infrastructural growth will steer expansion of propylene market in Asia Pacific.

Key players impacting growth of propylene market and profiled in study are INEOS Group Limited, Exxon Mobil Corporation, Chemical Company, LLC, BASF SE, The Dow Chemical Company, LyondellBasell Industries, Saudi Basic Industries Corporation, Sumitomo Chemical Company Limited, and Formosa Plastics Group.

Browse the full “Propylene Market- By Grade (Polymer Grade, Chemical Grade, And Refinery Grade), By Derivative (Polypropylene, Cumene, Propylene Oxide, Alcohols, Acrylonitrile, And Acrylates), By End-User (Packaging, Textiles, Construction, And Automotive), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2021 – 2028.” Report at https://www.zionmarketresearch.com/report/propylene-market

The global Propylene Market is segmented as follows:

By Grade

• Refinery Grade
• Polymer Grade
• Chemical Grade

By Derivative

• Polypropylene
• Cumene
• Propylene oxide
• Alcohols
• Acrylonitrile
• Acrylates

By End-User

• Packaging
• Automotive
• Textile
• Construction

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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