The 2 Methylpropene Market Size was estimated at USD 11.48 Billion in 2022. The 2 Methylpropene Industry is expected to grow from USD 11.75 Billion in 2023 to USD 14.5 Billion by 2032. exhibiting a compound annual growth rate (CAGR) of 2.37% during the forecast period (2024 - 2032).
Key 2 Methylpropene Market Trends Highlighted
The 2 Methylpropene Market is set for remarkable growth in the years to come, driven by growing demand from various end-use industries. Key drivers of growth include increased consumption in auto manufacturing, specifically for high-performance plastics. Apart from this, the construction industry has been expanding, thereby increasing demand for 2 methylpropene as an input into adhesives, sealants, and insulation materials.
Prospects for growth are found in the development of new applications in electronics and healthcare. On top of that, there is also expected to be an increasing market demand for environmental conservation and eco-friendly materials, given that they can be made from renewable sources. Recently, there has been a shift towards lightweight composites in automotive and aerospace industries, leading to increased use of 2 methylpropane as one of the components. Besides this, advanced technologies like additive manufacturing and 3D printing have created additional opportunities to make use of two methylpropane components, which are complex and customized products.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
2 Methylpropene Market Drivers
2-methylpropene is used in both tires and rubber hoses. As such, the overall growth of its market is driven by the spread of the automotive industry. For instance, according to the article by Carney, the overall demand for automobiles is increasing, primarily in the emerging markets of Asia and other regions: The number of vehicles per 1,000 people in China is about to explode as the nation becomes a car society. It has about 170 million cars now but is expected to reach 400 million by 2030. India, too, is at a historic moment: It has only 20 cars per 1,000 people, but it is expected to reach a similar level, about 500 million vehicles total, in just 20 years.At the same time, it is important to note that with an increase in the number of cars on highways, demand for tires and other rubber products will also increase. Hence, this tendency will be reflected in the consumption of 2-methylpropene. The reasons for demand for this substance are not going to decrease, to say the least: one of the growing trends in the automotive industry is the use of electric cars. They require special varieties of tires, which means the current demand for the substance will expand even more in the future.Moreover, the automotive industry changes along with the world, and as it advances, new demands arise. For instance, the increasing popularity of autonomous vehicles will undoubtedly foster demand for tires that can handle the high pressure of traveling at high speeds without the involvement of a driver. 2-methylpropene will be the perfect material for those tires, as it possesses even greater flexibility and adhesion than the most advanced modern rubber.
Increasing Use of 2-Methylpropene in the Construction Industry
The construction industry is another major customer for 2-methylpropene. 2-methylpropene is used in a variety of construction materials, including roofing, flooring, and insulation. The 2-methylpropene market is being driven by the growing demand for construction materials, particularly in emerging markets. As the number of construction projects increases, so does the demand for 2-methylpropene. The second major factor driving the growth of the market is the increasing use of 2-methylpropene in green building applications.2-methylpropene is a greener alternative to other materials currently used in the building industry and can have less of an impact on the environment. For example, 2-methylpropene can be used to make roofing materials that are more effective at conserving energy and lasting longer. The material can also be used to make flooring that is even more resistant to foot traffic than the alternative. The demand for 2-methylpropene from the construction industry is expected to grow in the future.Over the next few years, the construction industry will continue to provide a major boost to the 2-methylpropene market. As a higher number of projects are initiated and as green building applications become more popular, 2-methylpropene will become increasingly important in the construction industry.
Rising Demand for 2-Methylpropene in the Packaging Industry
The Packaging industry is indeed a most consuming industry of 2-methylpropene. 2-methylpropene is used for various packaging purposes, including food containers, beverage bottles, and pharmaceutical bottles. The major factor driving the 2-methylpropene market is the rising demand for packaged goods, especially in emerging destinations where the demand for packaged goods is substantially high. With the rise in number of packaged goods, the demand for 2-methylpropene is also propionate to increase.Packaging is also growing on account of the benefits over other forms of packaging. One such source of growth is the use of 2-methylpropene, which is sustainable packaging. 2-methylpropene is a greener material and can be recycled. It is used to package food in a more biodegradable, compostable way, and it is also used in the packaging of lighter, more recyclable bottles for carbonated drinks. Conclusion for Packaging Industry The above conversion gives a clear picture that 2-methylpropene is and will be propionate in the packaging industry for more years to come as per the increasing packaging god demands and the use of 2-methylpropene as a recyclable, greener material for packaging.
2 Methylpropene Market Segment Insights
2 Methylpropene Market Application Insights
The 2 Methylpropene Market is divided into four major applications, namely, Polymerization, Chemical Intermediates, Additives, and Others. The largest share is occupied by polymerization, which is due to the increased necessity of plastics and polymers in numerous industries, including but not limited to automotive, packaging, and construction. The Chemical Intermediates segment is also expected to grow at a high pace since the demand for 2 Methylpropene will grow further because of the increased necessity in such chemicals feeding as rubber and surface-active productions.The addends and other segments are also expected to witness a high increase rate, which is affected by the increased demand for 2 Methylpropene in numerous fuel additives, lubricants, and personal care products. Market overview revealed that the 2 Methylpropene Market is expected to reach USD 11.95 billion value by 2024 and display a CAGR of 2.6% over the period of 2023-2024. Such growth will primarily be triggered by the raised necessity of the abovementioned components in industries, as well as the rapid development of the bio-based 2 Methylpropene market.Asia-Pacific is expected to retain its leading position in the 2 Methylpropene Market since it has a lot of end-use industries based in the regions of China and India. More penetration and increasing market share of some companies are achieved by such strategies as partnerships and capacity expansions. Thus, in 2023, Dow Chemical Company and Neste signed an agreement to manufacture sustainable 2 Methylpropene through the acquisition from renewable sources. Such cooperation statements are expected to become the driving force of market development in the near future.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
2 Methylpropene Market End-Use Industry Insights
The 2 Methylpropene Market segmentation by End-Use Industry includes Automotive, Construction, Packaging, Consumer Products, and Others. The automotive segment is the largest one in the market scope, and it is attributed to over 50% of the 2 Methylpropene Market revenue in 2023. It is promoted by the growing automotive industry, especially in the emerging countries. The Construction segment is also an important end-use industry to consider when discussing the application of 2 Methylpropene. In this case, it is crucial to note that it is used in a variety of applications, including roofing, flooring, and insulation.The packaging segment remains one of the steadily growing industries, and this is promoted by the increased demand for flexible packaging solutions. Finally, the Consumer Products segment combines a variety of applications in personal Care, Cosmetics, and Household Industries, and the Other segment includes applications in Agriculture, Electronics, and Medical Device Industries. In total, the 2 Methylpropene Market is expected to grow due to the increased demand from the most important end-use industries, which include automotive, construction, and packaging.
2 Methylpropene Market Technology Insights
The 2 Methylpropene Market is segmented based on technology into Direct Oxidation, Indirect Oxidation, and Other Technologies. Among these segments, the Direct Oxidation segment is expected to hold the largest market share in 2023, owing to the high efficiency and cost-effectiveness of this technology. The Indirect Oxidation segment is expected to witness the highest growth rate during the forecast period due to the increasing adoption of this technology by manufacturers who are looking for a more environmentally friendly and sustainable production process.The Other Technologies segment includes technologies such as catalytic dehydrogenation and metathesis, which are expected to gain traction in the market due to their potential to produce high-quality 2 Methylpropene at a lower cost.
2 Methylpropene Market Regional Insights
The 2 Methylpropene Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to dominate the market with a revenue of USD 4.5 billion in 2024, owing to the increasing demand for 2 Methylpropene in the automotive and construction industries. Europe is expected to follow North America with a revenue of USD 3.2 billion in 2024, driven by the growing demand for 2 Methylpropene in the packaging and consumer goods industries. APAC is expected to witness the fastest growth during the forecast period, with a CAGR of 3.5%, owing to the increasing demand for 2 Methylpropene in the electronics and electrical industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
2 Methylpropene Market Key Players And Competitive Insights:
In hopes of staying ahead of the curve in the 2 Methylpropene Market, some of the major players have continually been rolling out advances in their product portfolio. Most companies leading in the 2 Methylpropene Market have been conducting research and development activity for invention as their products continue to serve emerging needs in customers. The rapid pace at which the 2 Methylpropene Market is experiencing new products and services can be attributed to strategic partnerships, mergers, and acquisitions among companies. The need for expanding markets by these companies has made them form joint ventures to access a broader customer base in the different 2 Methylpropene Market. The competitive market is rapidly seeing cost-cutting models in which companies are continually adopting efficient production models and lean manufacturing to cut down the cost of production. A cutting-edge competitive strategy is being implemented in major industries by leveraging efficient distribution channels.
Key Companies in the 2 Methylpropene Market Include:
2 Methylpropene Market Industry Developments
In 2023, LyondellBasell announced plans to invest USD 1 billion to expand its 2-methylpropene production capacity in the United States. This expansion is expected to meet the growing demand for 2 Methylpropene from various industries.
2 Methylpropene Market Segmentation Insights
| Report Attribute/Metric | Details |
| Market Size 2022 | 11.48(USD Billion) |
| Market Size 2023 | 11.75(USD Billion) |
| Market Size 2032 | 14.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 2.37% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | ExxonMobil, Mitsubishi Chemical Holdings, SABIC, Dow, Royal Dutch Shell, INEOS, LG Chem, BASF, TotalEnergies, PTT Global Chemical, Exxon Chemical, China Petroleum and Chemical Corporation, Gazprom, LyondellBasell, Chevron Phillips Chemical |
| Segments Covered | Application, End-Use Industry, Technology, Regional |
| Key Market Opportunities | Petrochemical feedstock Fuel additives High-performance polymers Pharmaceuticals Agrochemicals |
| Key Market Dynamics | Rising demand from the automotive industry Growing use of specialty chemicals Expansion of the petrochemical industry Increasing environmental regulations Technological advancements |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The 2 Methylpropene Market is expected to reach a valuation of USD 11.75 Billion in 2023.
The 2 Methylpropene Market is projected to grow at a CAGR of 2.37% from 2024 to 2032.
North America is expected to dominate the 2 Methylpropene Market throughout the forecast period.
2 Methylpropene is primarily used in the production of polypropylene, a versatile plastic material used in various industries such as packaging, automotive, and construction.
Some of the key competitors in the 2 Methylpropene Market include ExxonMobil, Chevron Phillips Chemical Company, LyondellBasell, SABIC, and TotalEnergies.
Increasing demand for polypropylene, rising construction activities, and growing automotive production are major factors driving the growth of the 2 Methylpropene Market.
Fluctuating raw material prices, environmental regulations, and competition from alternative materials pose challenges to the growth of the 2 Methylpropene Market.
The 2 Methylpropene Market is expected to reach a valuation of USD 14.5 Billion by 2032.
The polymerization segment is expected to hold the largest share of the 2 Methylpropene Market throughout the forecast period.
Technological advancements in polypropylene production, increasing adoption of sustainable and bio-based materials, and growing demand for lightweight and durable materials are key trends shaping the 2 Methylpropene Market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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