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Global Polypropylene Market
Globally, the APAC polypropylene market generated the highest revenue in 2020, and it is also expected to retain its lead throughout this decade.
NEW YORK, UNITED STATES, May 8, 2022 /EINPresswire.com/ — The total value of the polypropylene market was $94.3 billion in 2020, and it is projected to reach $165.6 billion by 2030, at a CAGR of 5.7%, according to the market research firm P&S Intelligence. The key driving factors for the industry are the expansion of the non-woven polypropylene fiber industry and the increasing use of polypropylene in the packaging industry. During the pandemic, the demand for packaged food increased suddenly, and thus, it increased the use of polypropylene for packaging purposes.
The category which had the largest share in the polypropylene market in 2020, based on type, was homopolymer. This category is further likely to rule the market in the coming years. This is credited to the fact that homopolymer polypropylene is harder and sturdier when compared to copolymer polypropylene. These attributes, along with the good resistance to chemical and weldability, make it the first choice for many corrosion-resistant constructions.
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The largest share in the polypropylene market was with the injection-molding category , in terms of volume and value, in 2020, and it is expected to continue the dominance in the coming years, based on application. This is attributed to the high usage of polypropylene in the manufacturing of articles through injection-molding to produce domestic goods, automotive & marine parts. Henceforth, the snowballing demand for molded products, like rigid containers will propel the market growth in the years to come.
The market is developing at a rapid pace because of the rolling demand for food & beverage and industrial packaging. As per Plastics Europe, an association of plastic manufacturers, plastic production amounted 368 million tons in 2019, on account of the increasing demand for these materials in the packaging and building & construction markets. Polypropylene had the largest share because of its wide application in food packaging, , pipes, locomotive parts, and currency notes.
The progression in technologies, increase in the consumer demand for health and wellness products, busy lifestyle, and rise in the number of single-person households are influencing the trends of packaging. Brand owners and retailers are also retorting to the demand for sustainable packaging products, produced with polypropylene resin because of their high tensile strength. Thus, the increasing demand for rigid sustainable packaging is propelling the polypropylene market across the globe.
The APAC region was the market leader in 2020, and it is expected to continue being the largest market in the coming years. This is credited to the growing government spending on research and development of new polypropylene applications. Along with this, the rising consumption of flexible food packaging and electrical components in China is generating a huge demand for polypropylene, which is driving the regional market. Further, the boom of the e-commerce sector has raised the demand for flexible food packaging and, in turn, for this polymer.
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The stalwarts of the polypropylene market are involved in product unveilings in recent times. For example, Braskem S.A. introduced a carbon-fiber-reinforced polypropylene filament for improving manufacturing in April 2021. This is firm and lightweight, so ideal for locomotive, aerospace, marine, and sporting goods applications. Sulzer Ltd. and Borealis AG also unveiled a new polypropylene foam extrusion technology, letting lower cost and augmented efficiency of the production chain.
The industry is growing mainly because of the increasing usage of flexible food packaging in the world.
Polypropylene Market Size Breakdown by Segments
By Type
• Homopolymer
• Copolymer
o Random
o Block
By Application
• Injection Molding
• Film & Sheet
• Raffia
• Fiber
• Blow Molding
By End Use
• Packaging
• Electrical
• Medical
• Consumer Goods
• Automotive
• Construction
By Region
• North America
o U.S.
o Canada
• Europe
o Germany
o Italy
o France
o U.K.
o Spain
o Poland
o Belgium & Luxembourg
o Netherlands
o Russia
• Asia-Pacific
o China
o India
o Korea
o Japan
o Thailand
• Latin America
o Mexico
o Brazil
o Argentina
• Middle East and Africa
o Saudi Arabia
o U.A.E.
o Turkey
o Iran
o Africa
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Prajneesh Kumar
P&S Intelligence
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