The Southeast Asia Propylene Market is expected to reach $19, 317. 14 million by 2023 at a CAGR of 19.6%

According to the new market research report by IndustryARC titled “Southeast Asia Propylene Market: By Grade (Refinery, Chemical, and Polymer); By Derivative Products (Polypropylene, Acrylonitrite, Cumene, Propylene Oxide and Others); By End Use (Packaging, Automotive, Building & Construction, Electrical & Electronics, Medical, Others); By Country (Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam and Myanmar) - Forecast (2018-2023)”, the market is driven by the increasing demand for the derivative products of propylene such as polyolefin. 

Thailand will dominate the Southeast Asia Propylene Market during the forecast period. It is expected to reach revenue of $6,850.30 million by 2023 at a CAGR of 19.4%. Indonesia is expected to experience the fastest growth rate due to the growing domestic demand for propylene. The production capacity in Asian countries is expected to grow due to plant expansion and increased utilization rate. The growing demand for propylene in Southeast Asia has compelled the companies to invest in new or existing plants. Vietnam will be the largest exporting company in terms of export quantity, with increased production capacity of 800KT by 2020. 

Malaysia is expected to reach $ 2,736.44 million by 2023 at a CAGR of 17.2%. The polyolefin industry in Malaysia is growing at a rapid pace due to the increasing production of plastic products, which has driven the demand for propylene in the region. There is also an increasing investment in the plastic products in Malaysia in the recent past. The growing investment in the plastic products will lead to the increasing demand for raw materials such as polypropylene. Natural gas and naphtha are the raw materials for the petrochemical products in Malaysia. 

• Growing demand for propylene in Southeast Asia has compelled the companies to invest on new or existing plants. This factor will drive the growth of the Propylene Southeast Asia Market. 

• Huge investments in Southeast Asia will elevate the growth of propylene during forecast period. 

• Growing domestic demand for propylene in Thailand will boost the Southeast Asia Market.

• Southeast Asia countries depend on import and export of propylene due to the free trade agreements and transport facilities among the countries. The growing demand for propylene in Southeast Asian countries can be witnessed with the help of commodity prices. This trend is expected to continue during the forecast period.

Petrochemical Corporation of Singapore and Map Ta PhutOlefins dominate the Southeast Asia Propylene Market. The Petrochemical Corporation of Singapore produces 845,000 tons of propylene every year, out of which 200,000 tons is produced through metathesis process using methane as a feedstock. Map Ta Phut Olefins is a joint venture between Siam Cement Public Company Limited and Dow Chemical. It helped the Dow Chemical company to expand its business performance in Asia Pacific.