Petrotahlil - The global polypropylene market size is poised to attain a market value of USD 122.31 billion by 2026, registering a CAGR of 5.5% during the forecast period. The global Polypropylene Market value in 2018 was USD 79.85 billion.
According to the Fortune Business Insights report, titled "Polypropylene Market Size, Share & Industry Analysis, By Type (Homopolymer, Copolymer), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceuticals, Electrical & Electronics, Agriculture, Others), and Regional Forecast, 2019-2026", The report also contains an in-depth analysis and evaluation of the factors, trends, and dynamics that will influence the market during the forecast period.
One of the key drivers of the global Polypropylene Market growth is the rising demand for the polymer in the automotive industry. Polypropylene is widely used in automobile manufacturing owing to its moldable properties and low costs. Within this industry, this polymer is primarily used in fender lines, battery trays and cases, instrumental panels, and interior and door trims. Additionally, polypropylene offers a variety of other benefits, such as high chemical resistance and excellent impact balance, that make it a highly valuable material in the automotive industry. The polypropylene (PP) is a linear hydrocarbon resin that is essentially is a rigid, tough, and crystalline thermoplastic derived from propene monomer. It is one of the cheapest and the most widely used plastics available currently.
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Extensive Applicability in the Packaging Industry to Favor Market Growth
Rapidly developing packaging industry on account of growing e-commerce activities is raising the demand for polypropylene and is turning out to be one of the major factors leading the expansion of the global Polypropylene Market size. The wide usage of polypropylene in packaging is attributable to the polymer's exceptional welding qualities and chemical resistance properties as well as other structural and molecular advantages. For example, in food packaging, PP is a preferred option owing to its low moisture and water vapor transmission and high optical clarity. Moreover, various forms of PP are used in films used in the electronics industry, disposable diaper tabs, and graphic arts. Further, polypropylene can be molded to create bottles and pots, along with thin-walled containers for storing food. Lastly, polypropylene is extensively employed in making numerous household items such as luggage, storage boxes, appliances, and other housewares.
List of Best Companies Covered in Polypropylene Market Research Report includes;
o Reliance Industries Limited
o China Petrochemical Corporation
o ExxonMobil Chemical
o China National Petroleum Corporation
o Total S.A.
o Formosa Plastics Group
o BASF SE
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Polypropylene is used in a wide range of procedures in the medical field owing to the high bacterial and chemical resistance of the polymer. The most commonly seen application of PP in hospitals is disposable syringes. Other application areas include petri dishes, food trays and pans, medical vials, intravenous bottles, and many more. Persistently high demand for PP in healthcare will be one of the critical drivers of the global Polypropylene Market revenue in the forecast period.
Asia-Pacific to Register Significant Growth; North America to Lead the Charge
Speedy development in the automotive and packaging industries in India and China and technological advancements in Japan are factors that will propel the market for polypropylene in Asia-Pacific. The market in Europe is expected to grow at a considerable pace owing to rising demand for PP in pharmaceuticals, electronics, automotive, and food and beverages. However, North America is projected to lead the global Polypropylene Market share on account of well-established medical and electronics manufacturing industries in the region.
Expansion of Operations to Intensify Competition
Key players are adopting different strategies, such as operational expansion and development of novel products, to reinforce their position in the global Polypropylene Market. For example, in September 2019, LyondellBasell upgraded their polypropylene compounding plant in Germany by installing a fifth production line at the site. Commitment to sustainable development goals by private companies is giving rise to innovations in terms of recycling of plastic. For instance, Procter and Gamble recently collaborated with PureCycle Technologies to recycle polypropylene to an odour-free and clear-coloured product.
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