The global polypropylene market size was surpassed at US 114.77 bn in 2019 and expected to rake USD 173.49 bn by 2027, with a CAGR of 5.3% from 2020 to 2027.
OTTAWA, Nov. 30, 2020 (GLOBE NEWSWIRE) -- In 2019, the global volume of polypropylene market stood at nearly 72.03 Million Tons and expected to register a growth rate of nearly 4.5% over the forecast period.
Polypropylene is basically a thermoplastic material that is prominently used for manufacturing fibers and molded materials. It provides excellent chemical and mechanical resistance coupled with translucent features. Excellent stiffness, lightweight, and flexibility properties offered by the product are the major trends and are significantly promoting the market growth over the upcoming years. In addition to these factors, they are notably used in various end-use industries such as automotive, agriculture, packaging, construction, electrical & electronics, and many others.
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Increasing demand of polypropylene from various end-use sectors such as automotive, packaging, healthcare, building & construction, and electrical & electronics attributed as the primary factors that drives the growth of the product. Features of polypropylene such as low-cost and excellent mechanical strength along with moldability are the major factors due to which more than half of the plastics used in the automotive sector are polypropylene. Polypropylene is used in various parts of an automobile, such as instrumental panels, bumpers, and door trims.
Furthermore, the properties of polypropylene that include lightweight, low density, durability, high heat resistance, and high clarity make it a suitable for packaging applications. Polypropylene is also used significantly in the electrical & electronics and building & construction for the insulation of building wrap as well as electronics goods.
However, rising environmental concern and government regulations for banning the use of plastic products expected to hamper the market growth in the upcoming years. Furthermore, there are number of substitutes available for the polypropylene such as polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), and many other that again restricts the market growth in the coming years.
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The Asia Pacific captured major share in the market revenue accounting for nearly half of the market value in 2019 and further expected to growth prominently throughout the forecast timeframe. The remarkable growth of the region is mainly attributed to the increasing demand of polypropylene from packaging, automotive, medical, and building & construction sectors. The region is a growing market place for all the aforementioned industries owing to large consumer base and high growth in the disposable income of consumers that in turn attributed as a prime factor for the market growth for polypropylene in the region. In addition to this, supportive government policies for light weight electronics and automotive parts in order to control the rising environmental pollution again boost the demand for the product over the upcoming period.
Moreover, North America and Europe are the prominent regions that hold nearly 30-35%market value collectively in the year 2019. Growing packaging and automotive industry in the regions are the main factors supporting the rapid growth of the market in the regions. Rising trend for packaged foods and drinks because of hectic lifestyle again triggers the growth of the polypropylene packaging solutions in these regions.
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Key Players & Strategies
The global industry for polypropylene witnesses intense competition among the market players owing to the presence of large number of small and medium sized players. Furthermore, these industry participants are significantly involved in the forward integration of value chain process that results in the continuous supply of raw materials as well as this reduces the overall manufacturing cost. In addition to forward integration, the market players also invest prominently in the research & development (R&D) sector to excel their product specification coupled with the market reach.
Some of the key players operating in the market are Lyondellbasell Industries Holdings B.V., Exxon Mobil Corporation, SABIC, China Petrochemical Corporation, Eastman Chemical Company, BASF SE, LG Chem, Trinseo S.A., Total S.A, and Westlake Chemical Corporation among others.
The Asia Pacific emerged as the market leader and accounted for a revenue share of approximately 50% in the year 2019 due to growing demand for polypropylene from packaging and automotive sectors
North America accounted for a value share of 16% in 2019 owing to its rising application for packaging in the food & beverage industry
By type, homopolymer dominated the global polypropylene market and accounted for around 83% revenue share in the year 2019
Increasing demand for copolymer polypropylene in medical sector because of its toughness at low temperature along with higher stress crack resistance expected to drive its demand
Based on process, injection molding dominated the global market with a revenue share of around 37% in 2019
Film & sheet accounted for the highest revenue share of nearly 36% in the global market in 2019 owing to its rising demand in boxes, binders, packaging materials, and portfolios
Fiber estimated to be the second largest application segment accounting for a value share of around 30% in 2019 because of rising demand from automotive industry
Film & Sheet
Building & Construction
Electrical & Electronics
Rest of the World
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