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Propylene Oxide Market is estimated to be US$ 5.66 billion by 2030 with a CAGR of 4.5% prophecymarketinsights.com
Propylene oxide is becoming more widely employed in a variety of industries, including construction and automotive. There is a rising focus on designing energy-efficient structures in the building and construction industry, which has resulted in an increase in demand for polyurethane materials. These materials are used to reduce energy loss in insulating applications. Polyurethane foams are the key to current energy management, whether they are rigid foams utilised as sandwich elements in new buildings and insulation blocks, or spray foam for energetic modernisation. Propylene glycol, with monopropylene glycol (MPG) as the principal product, is the second-largest application of propylene oxide. MPG is primarily used to create unsaturated polyester resins (UPR), roughly three-quarters of which are reinforced with fibre glass or mineral fillers to form fibres. The COVID-19 pandemic, which began in early 2020, has impacted the expansion of the propylene oxide business. However, increased demand for propylene oxide from the building and construction industries in both developed and developing nations aided market expansion.
Region Analysis:
Over the next seven years, Asia Pacific is predicted to have significant growth in propylene oxide market, with quick expansion owing to great growth in different end-use industries such as furniture, automotive, and construction, as well as increased plant capacity for polyurethanes. Over the next seven years, rising utilisation in meals, pharmaceuticals, cosmetics, and pet foods is predicted to drive industry expansion. In addition, over the projected period, the region’s rising personal care, automotive, and food and beverage sectors will lead to an increase in demand. China and India will benefit from abundant raw materials, particularly propylene. Furthermore, growth will be fueled by China’s expanding production base for the product over the projection period.
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