According to a new report, published by KBV research, The Global Propylene Oxide Market size is expected to reach $36.3 billion by 2031, rising at a market growth of 5.7% CAGR during the forecast period. In the year 2023, the market attained a volume of 13,671.4 kilo tonnes, experiencing a growth of 20.8% (2020-2023).
The TBA Co-product Process segment is showcasing a CAGR of 6.2% during (2024 - 2031). Tert-butyl alcohol (TBA) is a valuable chemical intermediate used in the production of methyl tert-butyl ether (MTBE), tert-butyl acetate (TBAc), and other specialty chemicals. The growing demand for MTBE as an octane booster in gasoline blending and as a solvent in various industrial applications has driven the demand for TBA. Therefore, the segment will grow rapidly in the upcoming years.
The Polyether Polyols segment is leading the Global Propylene Oxide Market by Application in 2023; thereby, achieving a market value of $19.7 billion by 2031. Polyether polyols are widely used as primary components in the production of polyurethane foams, including flexible foams for cushioning and bedding applications and rigid foams for insulation and structural purposes. The growing construction sector, automotive industry, and furniture sector have fueled the demand for polyurethane foams, driving the consumption of polyether polyols.
The Building & Construction segment is registering a CAGR of 5.1% during (2024 - 2031). Propylene oxide-derived polyurethane adhesives and sealants are vital in construction applications, providing strong bonding, sealing, and waterproofing solutions for various substrates and materials. These adhesives and sealants are used in bonding flooring materials, installing windows and doors, sealing joints and gaps, and waterproofing roofs and foundations, enhancing durability, structural integrity, and weather resistance in building structures.
Full Report: https://www.kbvresearch.com/propylene-oxide-market/
The Asia Pacific region dominated the Global Propylene Oxide Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $17.2 billion by 2031. The North America region would exhibit a CAGR of 5.2% during (2024 - 2031). Additionally, The Europe region is experiencing a CAGR of 5.4% during (2024 - 2031).
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)
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