The Asia Pacific Propylene Oxide Market would witness market growth of 5.8% CAGR during the forecast period (2024-2031). In the year 2022, the Asia Pacific market's volume surged to 6,259.5 kilo tonnes, showcasing a growth of 21.0% (2020-2023).
These versatile compounds find extensive application across various industries due to their unique properties and functionalities. Thus, the Singapore market consumed 437.25 kilo tonnes of propylene oxide in the market 2023.
The China market dominated the Asia Pacific Propylene Oxide Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $4,440.7 million by 2031. The Japan market is showcasing a CAGR of 5.1% during (2024 - 2031). Additionally, The India market would register a CAGR of 6.5% during (2024 - 2031).
The growing automotive sector worldwide is a key driver for the expansion of propylene oxide usage, driven by the demand for lightweight, durable, and high-performance materials in vehicle manufacturing processes.
Additionally, according to data from the Ministry of Industry and Information Technology, vehicle sales in 2021 were over 26 million. Among these, passenger vehicles accounted for 21.48 million, reflecting a 7.1% growth compared to the previous year.
India has emerged as a significant hub for consumer electronics manufacturing, with a growing domestic market and increasing investments from multinational corporations. Propylene oxide derivatives are crucial in producing various components and materials used in consumer electronics, such as smartphones, tablets, laptops, televisions, and home appliances.
Free Valuable Insights: The Global Propylene Oxide Market is Predict to reach USD 36.3 Billion by 2031, at a CAGR of 5.7%
Based on Production Process, the market is segmented into Chlorohydrin Process, Styrene Monomer Process, TBA Co-product Process, Cumene-based Process and Hydrogen Peroxide Process. Based on Application, the market is segmented into Polyether Polyols, Propylene Glycol, Glycol Ethers, and Others. Based on End User, the market is segmented into Automotive, Building & Construction, Textile & Furnishing, Chemical & Pharmaceutical, Packaging, Electronics and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Production Process (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By End User (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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