Top 10 Companies in Propylene Market- Company Overview, Recent Developments and SWOT Analysis 2030
The global propylene market is driven by rising demand for polypropylene and its many derivatives from various end-use sectors, particularly from the automotive industries around the world. However, one of the primary reasons impeding the global market growth is the problem related with the use of propylene at high temperatures. The increase in demand for propylene from the building sector throughout the world is one of the key factors driving the propylene market expansion. Rising demand for polymers manufactured from propylene monomer in the automotive sector, as well as increased use of propylene in different industries such as packaging, textiles, construction, and others, are driving market growth during the forecast period.
Here are the top 10 companies operating in Propylene Market
Sinopec Group, the parent company of China Petroleum & Chemical Corporation- Sinopec Limited, is the world's largest oil refining, gas, and petrochemical conglomerate, with headquarters in Beijing's Chaoyang District. Sinopec's operations include oil and gas exploration, refining, and marketing; production and sales of petrochemicals, chemical fibres, chemical fertilisers, and other chemical products; crude oil and natural gas storage and pipeline transportation; and crude oil, natural gas, refined oil products, petrochemicals, and other chemicals import, export, and import/export agency business. It also uses waste vegetable oil to make ethanol and a variety of biofuels like biodiesel and green jet fuel.
BASF SE is a German multinational chemical corporation and the world's largest chemical producer. The BASF Group runs six integrated production sites and 390 smaller manufacturing sites throughout Europe, Asia, Australia, the Americas, and Africa, and has subsidiaries and joint ventures in over 80 countries. Ludwigshafen, Germany, is the company's headquarters. BASF serves a diverse range of industries and has customers in over 190 countries. Besides Ethylene, Propylene is one of the most important basic chemicals of the petrochemical industry and is used in the production of a wide range of chemical products which is produce in bulk by BASF SE.
Exxon Mobil Firm is a multinational oil and gas corporation based in Irving, Texas. It was founded on November 30, 1999, when Exxon (originally the Standard Oil Company of New Jersey) and Mobil merged to form the largest direct descendent of John D. Rockefeller's Standard Oil (formerly the Standard Oil Company of New York). Exxon, Mobil, Esso, and ExxonMobil Chemical are the company's main brands. ExxonMobil was founded in the state of New Jersey.
LyondellBasell Industries N.V. is a Dutch-based international chemical business with headquarters in Houston, Texas, and offices in London, United Kingdom. The firm is the largest polyethylene and polypropylene technology licensor in the world. Ethylene, propylene, polyolefins, and oxyfuels are also produced. LyondellBasell was founded in December 2007 when Basell Polyolefins purchased Lyondell Chemical Company for $12.7 billion. Lyondell was the third largest independent chemical producer in the United States as of 2016.
The Dow Chemical Company (TDCC) is a subsidiary of Dow Inc., an American global chemical firm headquartered in Midland, Michigan. The company is among the three largest chemical producers in the world. Dow is a company which produces polymers, chemicals, and agricultural goods. It employs roughly 54,000 people worldwide, with a presence in about 160 countries. Dow has been named the "chemical company" since it sells to other businesses rather than end-users. The American Chemistry Council is a member of Dow.
Global Propylene Market is estimated to be US$ 5.66 billion by 2030 with a CAGR of 4.5% during the forecast period
Saudi Basic Industries Corporation is a chemical manufacturing firm controlled by the Saudi government. Saudi Aramco owns 70 percent of the shares in SABIC. Petrochemicals, chemicals, industrial polymers, fertilisers, and metals all includes in the firm. According to Tadawul, it is the second largest public corporation in the Middle East and Saudi Arabia. Fortune Global 500 placed SABIC fourth in the world among chemical businesses in 2017. SABIC was the world's 281st largest firm at the end of 2018. SABIC PP 103MK40F is a polypropylene impact copolymer with a low fluidity and a very high impact strength and medium stiffness which has a nucleating agent in it.
BP plc, headquartered in London, England, is a British oil and gas business. It is one of the world's seven "supermajors" in the oil and gas industry. It is a vertically integrated oil and gas corporation that is involved in all aspects of the industry, including exploration and extraction, refining, distribution and marketing, power generating, and trading.
Polypropylene has a high impact strength, is electrically insulating, and is chemically and thermally resistant. IRPC products covered three types of polypropylene: homo polymer – a medium transparency polypropylene with high stiffness and high surface hardness, and homo polymer – a medium transparency polypropylene with high stiffness Random Copolymer (PP Random), which has a high transparency and high impact strength, and Block Copolymer (PP Block), which has a strong impact strength especially at low temperatures. Packaging for consumer products, plastic parts for various industries such as the automobile industry, unique devices such as live hinges, and textiles are just a few of the applications.