NEW YORK, November 17, 2016 /PRNewswire/ --
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 PropyleneMarket 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 sectorsare 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 furnitureindustry. 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 propylenemarket 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.
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