28 February 2011 00:00 [Source: ICB]
Global demand for propylene will rise by more than 20m tonnes by 2017, according to a new study by Ceresana Research. The German market research institute said that sales of propylene will surpass their peak value of more than $90bn (€66bn) in 2008 as early as 2012.
MIDDLE EAST LEADS
Massive capacity expansions for propylene and derivatives in the Middle East and China will have an impact on the global market, with Middle Eastern countries showing the largest increases in propylene production and demand, Ceresana Research said.
Sasha Fiala, one of the company's research analysts, said the Middle East will expand capacity by less than 4.8m tonnes over the next six years. "The largest amount of capacity expansions in the Middle East will take place in Saudi Arabia with approximately 1.6m tonnes, followed by the United Arab Emirates (1.4m tonnes) and Iran (1.2m tonnes)," Fiala said.
Production of propylene in China, which will most likely edge out the US to second place this year, is anticipated to grow by an average annual rate of 6.3% by 2017, according to Ceresana.
The research firm forecasts that demand in Europe will grow at an average of just 1%/year over the next eight years.
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