The global propylene terpolymer market is expected to witness lucrative growth in the coming future due to its extensive use in the automotive industry. Propylene terpolymer is ethylene-propylene terpolymer along with diene, such as dicyclopentane diene, hexadiene, ethylene norborene, etc. It is generally produced by a solution or suspension process using Ziegler-Natta catalyst. The other method used for the production of propylene terpolymer is Metallocene Catalyst Technology, which was proposed by Dupont Dow. Propylene terpolymer is used in a wide range of applications including automotive, building & construction, lubricant, adhesive & sealant, packaging and electrical housing. The primary application for the growth of global propylene terpolymer market is its use as ethylene-propylene-diene monomer (EPDM) rubber. The global propylene terpolymer market is estimated to have a healthy CAGR in the coming future due to its increasing use in the automobile industry.
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Propylene terpolymer Market: Market Dynamics
The key growth driving factor for the global Propylene terpolymer market is its use in the automotive industry. In the automobile industry, the propylene terpolymer is majorly used in the form of ethylene propylene diene monomer (EPDM) rubber, which is extensively used in tires & tube application. Furthermore, due to its exceptional properties of low seal initiation temperature, high hot tack, high-speed processing and excellent optics, propylene terpolymer is widely used in packaging application. It is commonly used in BOPP films, lamination films, barrier film, food packaging film and bags & pouches, amongst others. Also, the growth of propylene terpolymer is directly affected by the volatility in crude oil prices. This is because key raw material propylene is produced as a by-product in the ethylene cracking process. Industry shifts, such as an increase in demand due to the rising middle-class population in Asia, stranded oil & gas due to shale phenomena, and increased investments in capacity have further complicated the raw material pricing and distribution. Furthermore, the massive demand for bio-based products is likely to bring lucrative opportunities for propylene terpolymer market in the forecast period.
Propylene terpolymer Market: Segmentation
The global Propylene terpolymer market is segmented on the basis of application and region.
Based on the application, the global propylene terpolymer market is segmented as:
Automotive application in propylene terpolymer market accounts for a share of around 20% – 25% in the global propylene terpolymer market. However, adhesive & sealant will remain one of the emerging hotspots for propylene terpolymer in the long-term forecast.
Based on region, the global propylene terpolymer market is segmented as:
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Propylene terpolymer Market: Regional Outlook
Among the regions mentioned above, Asia is estimated to account for more than 45% of global propylene terpolymer consumption with key producers having their propylene terpolymer manufacturing facilities and massive investments in capacity expansion in the region. The growth of propylene terpolymer market in emerging economies of East Asia region, such as China and India, is anticipated to witness lucrative growth in the forecast period. Propylene terpolymer consumption in China will grow strongly in the forecast period, majorly due to strong demand for ethylene propylene diene monomer (EPDM) rubber in the region. In North America, due to a reduction in the volume of automobile sales, the propylene terpolymer market in this region will witness stagnant growth in the coming future. In Europe, the demand for propylene terpolymer will be majorly driven by automobile and packaging industry. However, with the shift of manufacturers towards developing the region, the demand for propylene terpolymer will witness a steady growth for a long-term period. Other regions, such as the Middle East & Africa and Latin America will witness a steady increase in the forecast period.
Propylene terpolymer Market: Prominent market stakeholders
Key market stakeholders in the global propylene terpolymer market are Borealis AG, Mitsui Chemicals, Inc., LyondellBasell Industries Holdings B.V., Lanxess AG, Versalis S.p.A., JSR Corporation, SK global chemical Co., Ltd., Carlisle Companies Inc., DuPont Dow Elastomers, and ExxonMobil Corporation, amongst others. The propylene terpolymer market is consolidated by top-players that accounts for a majority share in the market.
The research report presents a comprehensive assessment of propylene terpolymer market and contains thoughtful insights, facts and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The propylene terpolymer market report provides analysis and information, according to market segments such as geographies, application and industry.
The Propylene terpolymer Market Report Covers Exhaustive Analysis On:
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