The global propylene oxide market is projected to grow from USD 22.5 billion in 2021 to USD 29.5 billion by 2026, at a CAGR of 5.6% from 2021 to 2026. The propylene oxide market is majorly driven by the rising demand for polyurethanes in various end–use industries, such as automotive, building & construction, textile & furnishing, chemical & pharmaceutical, packaging, and electronics.
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Joint venture and expansion are two prominent strategies prevailing in the propylene oxide market. Dow Inc. (US), LyondellBasell Industries Holdings B.V. (Netherlands), Royal Dutch Shell PLC (Netherlands), BASF SE (Germany), SKC Company (South Korea), AGC Inc. (Japan), Repsol (Spain), Sumitomo Chemical Co., Ltd. (Japan), Tokuyama Corporation (Japan), Indorama Ventures Public Company (Thailand) are some of the leading players operating that have adopted these strategies to enhance their position in the market.
Dow Inc., the largest producer in the world, focuses on HPPO technology to produce propylene oxide. It is focusing on inorganic growth strategies, as seen in the recent joint venture between Dow Inc. and Siam Cement Group (Thailand,) which started operations as the SCG–Dow Inc. Group (Thailand), for its new propylene oxide facility. This new facility has a capacity of 390,000 tons per annum of propylene oxide using HPPO technology. The company thus further strengthened its position in the Asian propylene oxide market. The Sadara Chemical Company (Saudi Arabia), a joint venture of The Dow Inc. Chemical Company (US) and Saudi Arabian Oil Company (Saudi Arabia), launched in December 2016, consists of 26 production units and is engaged in the production of propylene oxide/isocyanates/polyurethanes envelope and the ethylene oxide/propylene oxide/specialty chemicals units. The company further strengthened its position in the propylene oxide market with this development.
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LyondellBasell Industries Holdings B.V. is the second-largest producer in the world and uses proprietary propylene oxide and TBA technology to manufacture propylene oxide. The company is focusing on organic as well as inorganic strategies and is planning to build a PO/TBA plant in the Houston area (US) with an annual production capacity of One billion pounds of propylene oxide and two billion pounds of tertiary butyl alcohol. The plant became operational in 2020. LyondellBasell is expected to become the largest producer of propylene oxide using the PO/TBA technology and strengthen its position in the propylene oxide market with this development.
In the propylene oxide market, the Asia Pacific region holds the dominant position, capturing the largest share among all regions. This signifies that a significant portion of propylene oxide production, consumption, or trade activities occur within countries situated in the Asia Pacific region. The exact reasons for this can vary and may include factors such as high demand for propylene oxide-based products, robust industrial growth, favorable market conditions, or strategic investments in production facilities within the Asia Pacific countries.
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