India Propylene Market to Grow with a CAGR of 2.73% through 2029
Growing demand of propylene in electronics industry is
expected to drive the India Propylene Market growth in the forecast period, 2025-2029.
According to TechSci Research report, “India
Propylene Market- By Region, Competition, Forecast and Opportunities,
2019-2029”, the India Propylene Market stood at USD6.95 billion in 2023 and is
anticipated to grow with a CAGR of 2.73% in the forecast period, 2024-2029. Initiatives
taken by government based on Propylene has led to favorable market conditions
for the India Propylene Market. Several factors contribute to the growth of
various Propylene products.
The Production Linked Incentive Scheme (PLI) is an ambitious
and impactful initiative introduced by the Indian government. Its primary goal
is to attract large-scale electronics manufacturing to India, thereby boosting
the domestic industry and creating job opportunities. This scheme holds immense
potential for the propylene market as well. With propylene being a crucial
component in the production of various electronic components, the successful
implementation of the PLI could not only lead to increased demand for propylene
but also contribute significantly to the growth of the overall electronics
manufacturing ecosystem in India.
In a proactive move to prioritize public safety, the
Indian government has taken strict regulatory measures to ensure the highest
standards of product safety in the industry. Recently, the use of propylene
glycol from a supplier linked to health issues in Uzbekistan has been
prohibited. This step highlights the government's unwavering commitment to
maintaining a safe and secure environment for both producers and consumers.
Such stringent measures not only showcase the government's dedication to
safeguarding public health but also exert a considerable influence on the
operations of propylene producers and users in India, emphasizing the need for
adherence to stringent safety protocols and the importance of sourcing
propylene from reliable and trusted suppliers.
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Propylene Market”
Propylene, a versatile chemical compound derived from petroleum,
plays a crucial role in the electronics industry. It is primarily utilized in
the production of polypropylene, a thermoplastic polymer renowned for its
exceptional electrical properties, durability, and resistance to various
environmental conditions.
Polypropylene finds extensive applications in the
electronics industry, including the manufacturing of electrical components such
as connectors, cable insulations, capacitors, and protective covers for
electronic devices. Hence, the growth of the electronics industry directly
influences the demand for propylene.
Furthermore, the escalating consumer demand for
electronic devices, propelled by factors such as digitalization, urbanization,
and rising disposable incomes, has accelerated the growth of this industry.
As the electronics industry expands, so does the need
for propylene. Consequently, the flourishing electronics sector is driving the
propylene market's growth in India.
The India Propylene Market is segmented into derivative,
type, end user, regional distribution, and company.
Based on its derivative, the polypropylene segment held
the largest market share in the forecast period. One of the key factors driving
the growth in the market is the increasing demand for derivatives, specifically
polypropylene and propylene oxide. Polypropylene, a versatile plastic, is
widely used in various industries due to its excellent properties such as high
strength, durability, and chemical resistance. The demand for polypropylene is
expected to rise further, driven by its extensive applications in films,
fibers, containers, packaging, caps, closures, and even in the automotive
sector where it is used in the production of various components and alloys.
Propylene, the precursor to polypropylene, is
primarily obtained through naphtha cracking, a process that involves the
conversion of petroleum-based feedstocks in refineries. Another significant
source of propylene is propane dehydrogenation, which not only produces
propylene but also generates hydrogen as a valuable byproduct. These propylene
manufacturing processes, coupled with advancements in fluid catalytic cracking
splitters and on-purpose technology (OPT), have contributed to the steady
supply of propylene in the global market.
In addition to polypropylene, another important
derivative in the market is acrylonitrile. Acrylonitrile is used in the
production of acrylic fibers, which find applications in a wide range of
products including clothing such as sweaters, socks, sportswear, and blankets.
Its excellent thermal properties and soft texture make it a popular choice for
comfortable and durable fabrics. Moreover, acrylonitrile is also utilized in
the manufacturing of elastomeric fibers and polymers, further expanding its
scope of applications in various industries.
Overall, the demand for derivatives like polypropylene
and acrylonitrile is driven by their versatile nature and the increasing need
for high-performance materials across multiple sectors.
Based on region, West India segment is expected to
grow during the forecast period.
The proximity of a region to raw material sources for
propylene production, such as refineries or natural gas reserves, can
significantly impact its competitiveness in the market. This includes not only
the access to ethylene, which is used in propylene production, but also the
availability, quality, and cost-effectiveness of these raw materials. Regions
that have closer access to abundant and reliable sources of propylene
precursors tend to have a strategic advantage in terms of cost, operational
efficiency, and overall competitiveness in the propylene manufacturing
industry.
Major companies operating in India Propylene Market
are:
- Proton Gases (India) Private Limited
- Paarichem Resources LLP
- Fluton Valve (India) Pvt. Ltd.
- Manali Petrochemicals Limited
- DELTA FINOCHEM PVT LTD
- Vikranth Chemical Corporation
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“Growing application of Propylene in various end user
industries are key drivers of the Propylene market. Growth in competitive
landscape and presence of well-established companies in the market who are
dedicated to enhance their productivity of Propylene with every passing year
are anticipated to register an impressive growth to India Propylene Market in
the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“India Propylene Market By
Derivative (Polypropylene, Propylene Oxide, Cumene/Phenol, Acrylic Acid,
Alcohols, Others), By
Type (Homopolymer, Copolymer), By End User (Packaging,
Electronics, Medical, Consumer Goods, Automotive, Construction, Others), By Region, By Competition Forecast & Opportunities,
2019-2029”, has evaluated the future growth potential of India Propylene Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Propylene Market.
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