The need for its by products, specifically polypropylene, is driving the development of the propylene market. The growth of the worldwide propylene market has also been helped by rising demand from numerous industries, including the packaging and automotive sectors. For mattresses, insulators, carpets, vehicle seats, and building materials, propylene oxide is employed. The region with the greatest market share in the global propylene market in 2021 was Asia Pacific, and this trend is anticipated to continue over the forecast period. This is linked to the expansion of the region's automotive and construction sectors. China is the largest construction market in the world, with a 2016 market value of US$ 717.71 billion and a 2021 forecast value of US$ 1,042.17 billion, according to the International Trade Administration (ITA).
Global Propylene Market was valued at US$ 3.9 Billion in 2021, in terms of revenue, exhibiting a CAGR of 5.9% during the forecast period (2022 to 2030).
Leading Companies in the Propylene Industry :
1. BP Plc.
BP p.l.c. engages in the energy business worldwide since 1908. The company is headquartered in London, the United Kingdom. In December, 2022 BP completed its purchase of Archaea Energy Inc., a leading provider of renewable natural gas (RNG), marking a milestone in the growth of bp’s strategic bioenergy business.
2. China Petroleum & Chemical Corporation
Since 1998 China Petroleum & Chemical Corporation, an energy and chemical company, engages in the oil and gas and chemical operations. The company is headquartered in Beijing, China. In November, 2022 China Petroleum & Chemical Corporation has signed a non-binding MoU with Shell, China Baowu and BASF to launch the first 10-million-ton carbon capture, utilization and storage (CCUS) project in East China.
3. ExxonMobil Corporation
Founded in 1870 Exxon Mobil Corporation explores for and produces crude oil and natural gas. The company is headquartered in Irving, Texas. In November, 2022 ExxonMobil and Pertamina, the state-owned energy company for Indonesia, have signed a Heads of Agreement at the G20 Summit in Bali to further progress their previously announced regional carbon capture and storage hub for domestic and international CO2.
4. Total S.A.
TotalEnergies SE operates as an integrated oil and gas company worldwide since 1924. It is headquartered in Courbevoie, France. In December, 2022 TotalEnergies and Air France-KLM have today signed a Memorandum of Understanding (MoU) for the delivery of more than one million cubic metres/800,000 tonnes of Sustainable Aviation Fuel (SAF) by TotalEnergies to Air France-KLM Group airlines over the 10-year period from 2023.
5. LyondellBasell Industries N.V.
LyondellBasell Industries N.V. operates as a chemical company since 2009. It has is headquartered in Houston, Texas. In October, 2022 LyondellBasell and Shakti Plastic Industries, India's largest plastic scrap recycler and waste collection company, have signed a Memorandum of Understanding (MoU) to form a joint venture to build and operate a fully-automated, mechanical recycling plant in India.
6. Reliance Industries Ltd
Reliance Industries Ltd was founded in 1957. It has headquarters situated in Mumbai, India. Reliance Retail Ventures Limited a subsidiary of Reliance Industries Ltd, in December, 2022 signed definitive agreements to acquire 100% equity stake in METRO Cash & Carry India Pvt Ltd.
7. Royal Dutch Shell PLC
Shell plc was founded in 1907 and operates as an energy and petrochemical company. It is headquartered in London, the United Kingdom and is operational in more than 70 countries.
8. BASF SE
Founded in 1856 is a chemical manufacturing company that include the sectors materials, industrial solution, surface technology, Nutrition and agricultural solutions. Operational in more than 90 countries and headquarters in Ludwigshafen, DE.
9. The DOW Chemical Company
The Dow Chemical Company was founded in 1897 provides various materials science solutions for packaging, infrastructure, mobility, and consumer applications. The company has headquarters situated in Midland, Michigan and is operational in more than 31 countries. In December, 2022 Dow announced the launch of V PLUS Perform™ next, an evolution of its legacy V PLUS Perform™ polyurethane technology for insulated metal panels.
10. Valero Energy Corp.
Founded in 1980, Valero Energy Corporation manufactures, markets, and sells transportation fuels and petrochemical products. It has headquarters situated in San Antonio, Texas. In March, 2021 Valero Energy Corp and BlackRock partners to develop an industrial scale carbon capture pipeline system (“CCS”). The initial phase is expected to span more than 1,200 miles of new carbon dioxide gathering and transportation pipelines across five Midwest states with the capability of permanently storing up to 5 million metric tonnes of carbon dioxide per year
*Definition- Propylene is from the alkene class with three double bonded carbon atoms. It is the second largest used petrochemical after ethylene.
