According to the latest report by IMARC Group “Propylene Oxide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, The global propylene oxide market reached a value of US$ 18.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 26 Billion by 2027, exhibiting a CAGR of 5.7% during 2022-2027.
Propylene oxide (C3H6O), also called epoxypropane, refers to a synthetic cyclic ether usually manufactured by the dehydrochlorination of propylene chlorohydrin or the indirect oxidation of propylene. It is a clear, volatile, flammable liquid that is soluble in water and alcohol and non-corrosive to metals. Consequently, it is extensively used in automotive, electronics, textile, and furnishing and as a raw material in manufacturing various chemicals.
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Market Trends:
The expanding applications of propylene oxide across several end-use industries are primarily driving the propylene oxide market. Propylene glycol ethers and polyether polyols derived from propylene oxide are often used in the automotive, textile, construction, automotive, and aerospace sectors. They are also adopted as fumigants to contain insect infestations and bacterial contamination in soil and packaged food products. Furthermore, small quantities of propylene oxide can be used for sterilizing medical equipment. Moreover, it is also used as a transitional fluid for tissue processing in transmission electron microscopy (TEM). Besides this, a significant growth in the food processing sector is propelling the demand for packaged food products, thereby further driving the market for propylene oxide.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include: