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A report recently released by market research firm MarketsandMarkets indicates that the global propylene oxide market value is expected to rise from $22.5 billion in 2021 to $29.5 billion by 2026 (approximately 190 billion yuan), with a compound annual growth rate of 5.6%. The propylene oxide market is driven primarily by the growing demand for polyurethanes in various end-use industries, such as automotive, construction, textiles and furniture, chemicals and pharmaceuticals, packaging, and electronics. The use of polyurethane in insulation materials, sealants, and flooring materials is increasing, and it is expected to drive market growth in the near future as well. The automotive industry accounts for the largest share of the propylene oxide application market. In 2020, nearly 77 million cars were produced worldwide, which led to a high demand for polyurethane foam and, in turn, an increased demand for propylene oxide. In terms of direct applications downstream, polyether polyols hold the largest market share in the propylene oxide market. Such a large share is attributed to polyether polyols, which are the basic raw materials used in the production of polyurethane foam. In 2020, the Asia-Pacific region was the largest regional market for propylene oxide, due to its consumption in polyurethane foam applications. The Asia-Pacific region is a global leader in manufacturing, including automobiles, chemicals and pharmaceuticals, building materials, textiles, and electronic products. Furthermore, the significant increase in China’s propylene oxide production capacity will meet local demand, which will further boost the market in the Asia-Pacific region. The main global manufacturers of propylene oxide include Dow Chemical, LyondellBasell, Indorama, BASF, Repsol, Sumitomo Chemical, Ineos, SK Chemical, South Korea’s S-OIL, Binhua Chemical, and Wanhua Chemical, among others.