Piperylene Market Forecast 2023 - 2031

By Type :

The type segment is categorized into below 40% purity, 40%-65% purity, and above 65% purity. In 2022, the above 65% purity segment accounted for the highest market share of 44.55% in the piperylene market and is also expected to hold the highest CAGR over the forecast period. Above 65% purity piperylene, which is also known as high purity piperylene is a specialized grade of chemical compound having significant applications in the manufacturing of synthetic rubber, adhesives & sealants, resins & coatings, plastic modifiers, and others. High-purity piperylene in plastic modifiers is used for the manufacturing of plastic materials that are suitable for use in pharmaceutical, food processing, and semiconductor manufacturing industries. High-purity piperylene-based plastic is crucial in semiconductors as it is a precursor in the production of ultra-pure electronic materials, particularly for the deposition of thin films and the growth of epitaxial layers in semiconductor device lubrication. The high demand for semiconductors from the electronics industry is driving the segment growth across the globe.

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By Application :

The application segment is categorized into synthetic rubber, adhesives & sealants, resins & coatings, plastic modifiers, and others. In 2022, the synthetic rubber segment accounted for the highest market share in the overall piperylene market. Piperylene is an essential raw material in the production of synthetic rubber and it is primarily used in the production of two important types of synthetic rubber polybutadiene rubber (PBR) and styrene butadiene rubber (SBR). Polybutadiene rubber is used in the manufacturing of industrial belts, tire threads, footwear golf ball cores, and others. Styrene butadiene rubber is used for the manufacturing of tires, footwear, automotive parts, belts conveyor systems, and others. The significant growth in the production of polybutadiene rubber is driving the market segment growth worldwide. For instance, in April 2023, Arlanxeo, a leading synthetic rubber manufacturing company announced the launch of a new production line of polybutadiene in Brazil with an annual production capacity of 65,000 metric tons per year.

Furthermore, the resins & coatings segment is expected to be the fastest-growing CAGR over the forecast period. Piperylene is used in the production of resins and coatings that are used for various applications. Resins have excellent bonding properties and are suitable for use in coated flooring, lining, and civil engineering repair applications. Hence, the increasing demand for piperylene to provide resins and coatings for various construction applications is expected to drive the segment growth during the forecast period.

By End-user Industry :

The application segment is categorized into automotive, construction, packaging, aerospace & marine, consumer goods, and others. In 2022, the automotive segment accounted for the highest market share in the overall piperylene market, and it is also expected to grow at the highest CAGR over the forecast period. Piperylene is used in various applications such as the manufacturing of synthetic rubber, sealants, adhesives, paints and coatings, plastic, and others. These applications are heavily incorporated in the automotive industry. Synthetic rubber is widely used in the automotive industry for tires, doors, and window profiles. It is also used as a seal such as O-rings and gaskets, hoses, belts, matting, and flooring. Sealants in the automotive industry are used to waterproof weather seals around windows. The significant growth in the automotive industry across the globe is driving the segment growth over the forecast period. For instance, according to the report by the European Automobile Manufacturers Association in February 2023, in 2022, global new car registrations reached 66.2 million units, as sales recovered in the last quarter of the year. North American car production rose by 10.3% in 2022 to 10.4 million units, primarily driven by strong demand in the US. Thus, the significant growth in the automotive industry and across the globe is driving the segment growth.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share at 37.15% valued at USD 264.04 million in 2022 and USD 277.25 million in 2023, it is expected to reach USD 431.11 million in 2031. In Asia Pacific, China accounted for the highest market share of 22.35% during the base year of 2022. The significant growth in the automotive and paper & packaging industry across the region is fueling the market growth. For instance, according to the report by the International Trade Administration in April 2023, China is the largest vehicle market in the world by both sales and manufacturing output, with automotive production expected to reach 35 million vehicles by 2025. Furthermore, according to the report by the European Automobile Manufacturers Association in February 2023, car production in China increased by 11.7% in 2021, with 23.2 million vehicles built, representing 34% of global production. Furthermore, according to the report by the Indian Brand Equity Foundation in October 2022, the paper and packaging sector in India is growing rapidly and has significant potential for future expansion. The industry was valued at USD 50.5 billion in 2019 and is anticipated to reach USD 204.81 billion by 2025, with a CAGR of 26.7% from 2020-2025.

However, North America region is expected to witness the highest CAGR of 6.1% during 2023-20230. This is due to the increasing investments in infrastructure projects across the region. For instance, in February 2022, the government of Mexico prepared a third infrastructure package of USD 3.53 billion for various infrastructure projects across the country.