Propylene derivative prices to rally upwards across the globe
Propylene, one of the widely used feedstock, has several derivatives employed in distinct downstream industries. Polypropylene is the most utilized Propylene derivative primarily used in automotive industries. Propylene oxide, another derivative, finds its usage in mattresses, car seats, and construction chemicals. Simultaneously, Acrylonitrile is a significant constituent in polymers and elastomeric fibres. The market for Propylene derivatives witnessed a bullish pricing trend in the last few weeks. The prime reason behind this surge is the growing crude oil price trend. The ongoing conflict between Russia and Ukraine are propelling crude oil prices upward, resulting in fuelling Naphtha prices. Consequently, raising Propylene prices and its derivatives as Naphtha is the feed for Propylene. The rising upstream cost involved in Propylene production, in turn, is affecting the supply rate of the same. Furthermore, several industries have a strong demand for Propylene derivatives due to t...