India Propylene Market to Grow at 8% till 2025
Strong
growth in automotive and FMCG sectors,emerging downstream applications and rapid industrialization to drive India propylene market
through 2025
According to a recently released TechSci Research report, “India Propylene Market Study, 2011 – 2025”, the market of propylenein
India is anticipated to grow at a CAGR of over 8% during 2016 – 2025. In 2015, India accounted for
a share of around 10% in the global propylene market. Growing demand from
numerous end use industries, increasing industrialization and strong growth in
automotive and FMCG sectors are some of the major factors expected to aid the
country’s propylene market during 2016 – 2025. In India, propylene is being
used in numerous applications across various end use industries such as
automotive & auto components, FMCG, paints & coatings, wires &
cables, electronic & electrical appliances, home furnishings & bedding,
etc.
On the basis of application,
India propylene market has been segmented into five broad categories, namely,
Polypropylene, Propylene Oxide, Acrylonitrile, Cumene & Others. Among these
categories, Polypropylene dominated the Indian market of propylene in 2015, and
the same trend is expected to continue over the next five years as well. Propylene
serves as a major raw material in the production of polypropylene. It undergoes
addition polymerization to produce polypropylene. Hence, growing demand for
polypropylene in India is expected to increases the consumption propylene in
the country during forecast period.
“Propylene Oxide
(PO) is the second major application area for propylene in the country. PO is
tailored to produce polyurethanes, which can further be used for developing
flexible and rigid foams used in furniture industry. In 2015, furniture market
of India stood at USD16 million, and it is expected to register strong growth
rate during 2016 – 2025 due to surging middle class urban population and
increasing disposable income. Hence, booming furniture industry is expected to
positively influence the India propylene market during forecast period.”said Mr. Karan Chechi,
Research Director, with TechSci Research, a research based global management
consulting firm.
“India
Propylene Market Study, 2011 – 2025” has evaluated the future
growth potential of India propylene market and provides statistics and 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 evaluation. Besides, the report also identifies and analyses the
emerging trends along with essential drivers, challenges and opportunities in India
propylene
market.
About TechSci Research
TechSci Research
is a leading global market research firm publishing premium
market research reports. Serving 700 global clients with more than 600 premium market
research studies, TechSci Research is serving clients across 11 different
industrial verticals. TechSci Research specializes in research based consulting
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applications. Our workforce of more than 100 fulltime Analysts and Consultants
employing innovative research solutions and tracking global and country
specific high growth markets helps TechSci clients to lead rather than follow
market trends.
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