Global Polypropylene Market size was expected to value around 115.9 billion t in the year 2019 and the market is anticipated to record CAGAR of 3.1% according to the forecast (2020-2027).
Market Overview: Polypropylene Market
Polypropylene is widely used in medical devices, diverse laboratory equipment, manufacturing automotive components, labeling and packaging and construction. It is a lightweight material, which has best mechanical and chemical properties. It forms with a number of higher properties like high tensile strength, low moisture resistance, resistant to numerous acids, chemical solvents and staining resistance. Several technologies are incorporated in the production of Polypropylene such as chisso, hypol sherizone, novolen, spheripol and many others. There are many factors boosting the growth of the Polypropylene market and mainly increasing the demand for lightweight and effective plastic from automotive and packaging industries. It works as a versatile polymer preferred by almost every modern industry. Emergence of technological advancements as well as applications make this market booming.
Polypropylene Market Trends
Rising demand from automotive, injection molding and packaging industries is the most important trend. It is the most commonly used plastic in automobile industry. It is the best economical substitute for costly plastics providing similar qualities like durability. Because of its unique properties like resistance to moisture, impact and heat, it is widely used in seat panels and gas scans. Another chief use of Polypropylene is in injection molding. It is used in the form of pellets in injecting molding. Injection molding technology has several applications like to produce disposable consumer products and high-precision engineering mechanisms. Injection molding is also utilized for producing an array of automotive components like taillight, bumpers, fenders, hoods and casing. An increasing demand for electric vehicles in several countries such as United States, China and India is responsible to increase the demand during foretell duration. Fast growth of packaging industry is likely to offer rising market scenario for injection molding.
Polypropylene Market – Restraints
Availability of many alternatives gives competition to Polypropylene. Numerous plastic materials like polyethylene, polyurethane, polystyrene and polyvinyl chloride can be used as an alternative to polypropylene. Polyethylene is regularly produced and used material as it can be molded in all types of shapes right from simple to complex one. it can be processed into hard and robust and flexible and soft products. All these major properties of Polyethylene make it a great substitute for polypropylene.
Polypropylene Market – Regional Analysis
Growing demand from industries like automotive and packaging increased the demand for Polypropylene in leading counties like Japan, India and China and is anticipated to dominate the market n the region. Asia Pacific recorded the increasing share of 47.43% of global revenue dominating the market hugely. North America was also among the major regions to record the share of 15.40% in 2019. Growing packaging use in food items and beverage in North America is driving the market. A few other factors that are affecting the demand in the region are customer demand for electronic as well as automotive components. It is forecast that market leaders, like China Petrochemical Corporation, Sumitomo Chemical and Formosa Plastic Group will increase the changes of demand for polypropylene in the region
Different small and medium scale industries dominated the polypropylene market serving to both local and global demands. It is typified by forward integration via distribution to different application companies, raw material production and polypropylene. R&D proposals by some industries to increase the market reach and augment their product requirements can add to the enhancement of the product demand in upcoming years. A few of the major industry players of global polypropylene market are Lyondellbasell Industries Holdings B.V, SABIC, INEOS, Eastman Chemical Company, Trinseo and Exxon Mobil Corporation.
The Polypropylene market is categorized in this market research report for analyzing the trends and forecasting the revenues in the below given sub-segments:
Polypropylene Market By Application:
- Injection Molding
- Film & Sheet
- Fiber & Raffia
- Blow Molding
Polypropylene Market By Type:
Polypropylene Market By End-use Industry:
- Electrical & Electronics
The crucial properties of polypropylene like high heat resistance, high clarity, low density, durability and lightweight make it an apt material in packaging industry. It is also used in electronics to make insulation of electronics and in construction and building. All these chief elements drive the growth for polypropylene. Furthermore, huge increase in the use of packing products is observed in both food packaging as well as medical application consequently increasing the demand for polypropylene in the epidemic situation too.