Market Analysis
Propylene
Propylene is the second-largest chemical manufactured worldwide in volume. For the manufacture of
organic chemicals such as polypropylene, acrylonitrile, propylene oxide and oxo alcohols, as well as for a
wide range of industrial products, it is an essential raw material. During 2019-24, global propylene
consumption will continue to increase, driven mainly by developing markets in Asia, especially China.
Consumption of propylene varies according to region, based on the establishment of downstream derivative
power.
Figure 1: Global Consumption of Propylene
Growth in the demand for propylene in vertical industries such as the automotive, construction and
packaging industries is a critical factor that is expected to drive the growth of the potential global market.
Growing demand for cars in developing countries is expected to enhance sales growth in the target market
due to the increasing purchasing power of individuals. Another factor projected to encourage the revenue
growth of the potential market over the forecast period is the growing interest for propylene in the packaging
industry for different applications. However, it is predicted that fluctuating propylene raw material prices will
hinder the growth of the target market over the next 10 years. Asia Pacific leads to a large profit share in the
global demand for propylene, led by the Asia Pacific and European markets. Over the forthcoming years, the
propylene market in North America is anticipated to grow at a steady growth pace. Growing demand for
propylene in the construction sector is projected to promote sales growth in North America's potential market.
In 2019, the global propylene market reached a value of almost $83.7 billion, having jumped at a
compound annual growth rate (CAGR) of 2.95 percent since 2015, and is forecast to increase to almost
$77.8 billion by 2023 at a CAGR of -1.81 percent. The production capacity worldwide in 2018 is 120 million
metric tons/year and expected to reach 160 million metric tons/year by the year 2030.
Water
The global water market comprises both the domestic and residential as well as industrial industries,
covering mining, power generation, pharmaceuticals, pulp and paper, upstream oil and gas, refining and
petrochemicals, microelectronics, food and beverages. The role of the management of waste water in the
overall demand for water is also irrefutable. Increasing freshwater shortage continues to drive urban and
industrial sectors to treat wastewater to reuse. Removal of suspended solids, isolation of oil and water,
biological treatment, elimination of dissolved solids, and oxidation and disinfection are the most recent and
commonly used approaches for waste water treatment. The water market has positively affected from rising
global investment on these technologies.
Asia Pacific is leading the global water market, where increasing demand for water and water
systems is driven by rising development and construction activities across the region and a large population
that is steadily on the rise. Growing demand for bottled water and increasing water use in the service sector
are pushing the water industry in Europe, North America and South America. Contaminated water quality is a
major concern in most countries in the Middle East and North Africa. This means that the potential for the
growth of the Rest of the World segment of the water market is enormous.
From 2019 to 2025, the demand for water and wastewater treatment is projected to rise at a CAGR of
6.5 percent to hit $211.3 billion by 2025. Increasing global demand for clean water, tougher policy issues and
rising environmental problems today make water and wastewater treatment systems more important than
ever before. The growth of this market is also assisted by rapid population growth and urbanization, growing
demand for new water supplies, increasing emphasis on water quality and public health, increasing the
prevalence of waterborne diseases, increasing industrial demand, and strict government regulations on
waste water treatment. In addition, in countries such as the U.S., China, and India, increasing emphasis on
sewage treatment; and small community potable water offers major opportunities in this industry.
Tungsten
The unique nature of Tungsten enables suppliers to use it in a broad range of applications. X-ray
tubes, bulb filaments, radiation shielding, super alloys, penetrating projectiles, gas tungsten arc welding, and
as an industrial catalyst are these applications. It is expected that the global tungsten market will grow as its
applications continue to expand. More hardened types of metals are being used for industries such as
aerospace, automobile, oil & gas, electronics, and mining. This is particularly true for the manufacture of
cemented carbides, along with harder metals. Upon passing through a method known as sintering, tungsten
blends seamlessly into the mix. It is also predominantly used in metal-related applications and construction,
thanks to its hardness (9 on the Mohs scale).
In five regions, including North America, Europe, Asia Pacific, Latin America and the Middle East &
Africa, the global tungsten industry is distributed. In the projected timeline, Asia Pacific is expected to see the
highest demand. During the projected period, the Asia Pacific tungsten market is estimated to account for
almost half of the global demand. The key reason for its advancement is China's proven role as the leading
manufacturing hub. China continues to produce automobile, mining, electronic, and aerospace products,
thereby boosting demand growth in the tungsten industry. In North America, the tungsten market is also
projected to see a good development. The growing demand from the automobile, oil & gas and defense
industries is expected to drive the tungsten market in North America.
In 2017, the size of the Tungsten Market was estimated at over USD 3.5 billion and by 2025, the
sector will expand at a CAGR of about 8 percent. The global demand will be supplemented by rising product
deployment in various end-user industries such as automobiles, aerospace, defense, electronics, oil & gas
and mining.
Figure 2: Global Market of Tungsten
Isopropyl Alcohol
Isopropyl alcohol, or 2-propanol, is a 1-propanol isomer. It is a liquid that is colorless with disinfectant
properties. Isopropyl alcohol is a colorless, volatile liquid with a sharp, moldy smell. It has a bitter or slightly
burning taste. When heated for decomposition, it emits acrid smoke and fumes. It is used at home for diverse
purposes. It is used in various manufacturing processes and pharmaceutical applications as well. Isopropyl
alcohol is found in different products which are used in homes and hospitals. Rubbing alcohol, which
contains 70 per cent isopropanol or ethanol, is the most popular product containing isopropanol. In antiseptic
wipes and hand sanitizers, isopropyl alcohol is found, which can disinfect small cuts and wounds.
Driven by socio-economic factors such as increasing disposable incomes, population development,
rapid urbanization and global economic growth, the long-term growth of the global isopropyl alcohol market is
expected to remain positive. In addition, the increasing trend in chemical production is expected to be
another main driving force of the increase in demand for isopropyl alcohol for solvent applications, especially
in countries such as India, China, United States, Brazil, and South Africa. Furthermore, it is expected that
increasing per capita disposable income and improved quality of life of people worldwide would boost
demand for different cosmetics and personal care items, which in turn is expected to propel the need for
isopropyl alcohol as a solvent in different production processes.
The market value of isopropyl alcohol surpassed USD 3 billion in 2019 and is expected to rise to more
than 6.1% CAGR between 2020 and 2026. Over the forecast period, changing expectations of cleanliness, a
growing incidence of bacterial outbreaks, and strict hygiene behaviors are likely to increase product demand.
Due to growing competition in the cosmetic industry and the rapid transition towards disinfecting ingredients,
the isopropyl alcohol market from cosmetics & personal care products is likely to rise with CAGR of over
6.5% by 2026.
Figure 3:
Global Isopropyl
Alcohol Market
