Global Polypropylene Market is projected to grow between 2019-2024 period
The recent study titled, “Global Polypropylene Market – Forecasts from 2019 to 2024”, covers an in-depth analysis of the market on the basis of form, end-user industry, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2019-2024. The report has segmented the polypropylene market by form (foam, resin, film, others), end-user industry (construction, automotive, packaging, electrical and electronics, and others), and geography (North America, South America, Europe, Middle East and Africa, Asia Pacific). Polypropylene is a lightweight, versatile polymer with excellent chemical resistance that has a high melting point and rigidity as compared with other polymers. The polymer finds application in a number of industries such as automotive, packaging, electrical and electronics and etc. Polypropylene is widely used in both household and industrial applications owing to its ability to adapt to various fabrication techniques and ability to function as both plastic material and fabric. Recyclability is another factor that is driving the polypropylene market growth. The market is expected to grow at a decent rate over the forecast period on account of the growing consumption of polypropylene by developing economies. However, the presence of substitute such as Polyethylene (PE), and Polystyrene (PS) and strict regulations related to carbon dioxide emission and plastic used in many countries can restrain the market's growth.
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Resin holds a significant share in the market
Polypropylene Resin holds a significant share in the market as it is widely used to produce products that are used in industries such as automotive, consumer products, nonwovens, healthcare, medicine, etc.
Packaging holds a major share in the market and is expected to grow at a substantial rate over the forecast period
Packaging holds a major share in the market as polypropylene (PP) makes an ideal choice for a variety of packaging applications due to good barrier properties, high strength, good surface finish, and low cost. The demand for PP is expected to grow at a good rate on account of its burgeoning use in food packaging, electronic industry, and graphic arts applications.
The Asia Pacific holds a significant share in the market
The Asia Pacific polypropylene market holds a significant share in the market on account of growing demand for PP among end-user industries such as construction, packaging, automotive and etc. Growing packaging industry in the region is augmenting the demand for polypropylene. For an instance, In India, the packaging industry is growing at a rate of approximately 22-25% per annum and is the fifth largest sector of India’s economy (source: Packaging Industry Association of India).
Some of the major players discussed in the reports are SABIC, Braskem, LyondellBasell Industries Holdings B.V., Borealis AG, Exxon Mobil Corporation, DuPont, BASF SE, INEOS Group, TOTAL, Reliance Industries Limited, and Mitsui Chemicals, Inc.
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