According to FutureWise analysis the market for propylene oxide is estimated to be US$ 32,948 million in 2022, and is expected to grow at a CAGR of 5.6% over the forecast period of 2023-2031.
Propylene oxide is a chemical compound with the formula CH3CHCH2O. On an industrial scale, this colourless liquid with an odour similar to ether is produced in large quantities. Its main applications include the production of polyether polyols, which are used to make polyurethane plastics. It is a chiral epoxide that is commonly used as a racemic mixture. Unlike its isomer 1,3-propylene oxide, also known as oxetane, this compound is also known as 1,2-propylene oxide. Propylene oxide is primarily used as an intermediate in the manufacturing of polyether polyols and propylene glycol for the production of unsaturated polyester resins. Small amounts are used to sterilise medical equipment and to fumigate foodstuffs.
The production of rigid foams for thermal insulation in the building industry and flexible foams for mattresses, furniture upholstery, and seat cushioning in automotive applications both employ propylene oxide as a primary raw material. The substance is mostly employed as a chemical intermediary to create elastomers, adhesives, flexible and rigid foams, coatings, and injection mouldings, all of which find extensive use in the manufacture of gas tanks, tub-shower combos, and boat hulls. Propylene oxide is most commonly used in the construction and infrastructure sectors. Several products made of flexible and rigid polyurethane, coatings, elastomers, adhesives, and sealants, as well as other construction-related items, use propylene oxide. The market will grow in the expected period as a result of polyurethanes being used more frequently in adhesives, flooring products, and thermal insulators.
The overall expansion of the propylene oxide sector is anticipated to be boosted by the growing use of polyurethane in medical equipment. Throughout the projected period, the propylene oxide industry is anticipated to experience overall expansion due to the rising demand for medical devices around the world and the rising investment in the health care sector. For instance, polyurethane is used in short-term implants, medical apparel, hospital beds, and pacemakers. The growth of the propylene oxide market is anticipated to be impacted by such a diverse variety of applications. It is believed that the toxicity of propylene oxide is the key reason restricting the industry's expansion. Animals and humans who are exposed to propylene oxide experience irritation of the eyes and lungs. Rats that were frequently exposed to propylene oxide inhalation developed inflammatory lesions in their lungs, trachea, and nasal passages in addition to neurological consequences. It is projected that the aforementioned reasons will hamper market expansion. Due to the significant demand from the construction and automotive industries, there will be opportunities for manufacturers of propylene oxide. Propylene oxide is being used by more and more companies, including those in the building and car industries. Demand for polyurethane materials has increased in energy-efficient buildings. Such intensive demand for propylene oxide have created opportunities for manufactures in the target market.
FutureWise Market Research has published a report that provides an insightful analysis of propylene oxide market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts, the propylene oxide market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.