Approximately 21%of propane worldwide is used in chemical production.Due to the higher profits of the C2 industry chain in North America and other regions compared to C3,and the higher efficiency of exporting propane compared to downstream production,North America and the Middle East have become the main export destinations for global propane resources.The significant increase in global PDH production capacity has also driven an increase in raw material propane trade,helping to maintain high propane prices.At the same time,the growth rate of demand remains low.The newly added PDH units mainly come from China.China experienced the peak period of the first round of capacity expansion from 2014 to 2016,and the second round of PDH construction boom began in 2019.The overall supply of propylene in the future far exceeds the growth rate of downstream consumption,and the surplus situation is gradually emerging,directly affecting the future profitability level of propylene in PDH units.