Global propylene oxide market to grow swiftly on enhanced demand from packaging, automotive, footwear

Global propylene oxide market is expected to show significant growth as a result of increasing polyurethanes’ demand in various segments including packaging, automotive, footwear, furniture, and construction. Rising use of polyurethanes in sealants, thermal insulators, and flooring materials will drive industry growth over the next seven years, as per Grand View Research, Inc. Rising infrastructure spending in China, Malaysia, Singapore, Brazil, India, UAE, Saudi Arabia, and Qatar is expected to drive demand over the forecast period. In addition, growing automotive sector in various countries including in China, Mexico, the U.S., and India is expected to increase market penetration over the projected period. The product is primarily used as a chemical intermediate to produce elastomers, adhesives, flexible and rigid foams, coatings, and injection moldings, which find wide applications in gasoline tanks, tub-shower combinations, and boat hulls. Rising consumption of the product in the production of substances including propylene glycols, polyalkylene glycols, and propylene glycol ethers will supplement market expansion. High consumption in defoamers, lubricants, oil-field chemicals, greases, wetting agents, latex paints, and water scavengers will augment industry-penetration. Rising disposable income of consumers along with rapid industrialization will drive demand for furniture and interior goods, which will augment demand for the product over the forecast period. High demand in the production of biological samples for electron microscopy will spur industry size. Extremely flammable and toxic nature of propylene oxide is expected to industry expansion over the forecast period. In addition, fluctuating raw material prices are expected to restrict growth over the next seven years. However, ongoing product development and technological development along with expanding planned capacity by various market participants including The Dow Chemical Company and LyondellBassell Chemical Co. are expected to increase industry share over the forecast period. Europe dominated the propylene oxide market; however, it is expected to lose its market share over the next seven years as a result of the economic slowdown and increasing environmental and safety regulations including EU’s REACH. Asia Pacific is expected to be prominent market and will foresee rapid growth owing to tremendous growth in various end-use industries including furniture, automotive, and construction along with increasing plant capacity for polyurethanes over the next seven years. Rising usage in foods, pharmaceuticals, cosmetics, and pet foods is expected to promote industrial growth over the next seven years.