Polypropylene Market: Global Industry Analysis and Forecast to 2025
Polypropylene Market
Polypropylene
(PP) is a thermoplastic resin used in the manufacture of various materials and
fibers. Its flexibility and stiffness are attractive to manufacturers in
industries of packaging, automotive, construction, agriculture, and others. The
global polypropylene market report by Market Research Future (MRFR) takes a
deep dive into the industry and gleans pertinent trends and insights necessary
for leaders to sustain for the period of 2017 to 2023 (forecast period). The
sudden outbreak of the COVID-19 virus and its implications on the industry has
been included as a part of the report.
Market
Scope
The global
polypropylene market is expected to experience a huge windfall over the
forecast period owing to the call for lightweight products from end-use
industries. This is exemplified by the use of raffia and fiber in the
automotive sector. Properties of PP such as low moisture resistance, staining
resistance, high tensile strength, and chemical resistance are attractive to
many end-use industry manufacturers.
The
packaging industry is one of the biggest proponents of PP owing to its ability
to protect the content and its light weight ensuring its speedy delivery. This
is witnessed in the food and beverage industry which requires packaging that
minimizes food spoilage. The large number of consumers spending on processed
and packaged foods owing to their lifestyle can bode well for the global
polypropylene market over the forecast period.
The
lockdown enforced by various nations globally owing to the propagation of the
COVID-19 virus can negatively impact the demand of propylene. But the need for
medical gowns and other protective equipment can revive its demand during the
forecast period.
However,
concerns over its contribution to plastic waste can hamper the market. But
efforts and campaigns by governments for recycling of polypropylene can lead to
its sustainability and lead to a surge in demand.
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Segmentation
On the
basis of application, the market is segmented into electrical &
electronics, construction, agriculture, automotive, and packaging.
Among
these, the automotive segment holds a major share in the market owing to
growing use of plastic materials to produce high performing and efficient
vehicles.
Moreover,
the packaging segment is estimated to witness a rapid growth in the market due
to advantages of flexibility, low storage space, and ability to survive in
extreme conditions. In addition, the sale of personal care products such as
detergents, soaps, and toiletries can bode well for the market. The sale of
hygiene products targeted at infants, women, and adults can bolster the demand
for PP in the coming years.
Regional
Analysis
The global
polypropylene market is segmented across five regions in the world namely Asia
Pacific (APAC), Latin America, North America, Europe, and the Middle East &
Africa (MEA).
Among
these, APAC commands a large market share due to the growing demand for
polymers in electrical & electronics, agriculture, automotive, packaging,
and construction sectors. The growth of the automotive sector and growing
consumption of low density materials for production of high standard and
efficient vehicles in countries of India, China, and Japan are key drivers of
the regional polypropylene market.
North
America is predicted to be a lucrative region for investment to PP manufacturers
owing to the increasing demand for thermoplastic materials in packaging,
construction and buildings, medical, and automobile sectors. The high
disposable income levels and heavy investments in major industries are likely
to support the demand for polypropylene during the forecast period. Consumption
of lightweight products in automotive and consumer electronic sectors is likely
to augur favorably for the market.
The global
propylene market in Europe can expand at an above-average growth rate owing to
the demand for light materials in industrial machinery, glass, textile, and
automotive industries. Lastly, Latin America and MEA regions can induce heavy
demand for polypropylene owing to heavy investments in end-use industries
providing a strong stimulus.
Competition
Outlook
Chevron
Phillips Chemical Company, Eni S.p.A., The Dow Chemical Company, LG Chem,
LyondellBasell, SABIC, LANXESS, Exxon Mobil Corporation, BASF SE, and INEOS are
key players of the global polypropylene market.
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NOTE: Our team of researchers are studying Covid19 and
its impact on various industry verticals and wherever required we will be
considering covid19 footprints for a better analysis of market and industries.
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