NEWARK, Del, Sept. 16, 2022 (GLOBE NEWSWIRE) -- The global PP homopolymer market is projected to reach a value of US$ 98,431.4 Mn by 2032, with the market growing at an average CAGR of 4.8% over the forecast period of 2022 to 2032. Growing from an estimated US$ 61,591.5 Mn in 2022, the PP homopolymer market is driven by the heightened demand for the product from the packaging, textile, and electronic industries. The extensive usage of PP homopolymer in the packaging industry along with the ever-expanding e-commerce will augment the sales of the product in the international product.
In recent years, there’s been a notable rise in the adoption of PP homopolymer in construction, automotive, and electrical industries due to its high strength, enhanced chemical resistance and weldability. The growing need for high end packaging in retail sector is also contributing to the the consumption of high quality polymers which in turn propels the growth of PP homopolymer market.
Spearheading the market growth for PP homopolymer is flexible packaging for clothes, food, and other goods along with hard packaging for small to medium-sized storage used in FMCG products. Also, more and more consumers are buying goods from online businesses, boosting the market growth of e-commerce which in turn substantially improves the market prospects for PP homopolymer. In addition to all this, the target market also avails several profitable opportunities from the automotive sector.
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Polypropylene homopolymer or PP homopolymer aids in weight reduction, cost reduction, and innovation with respect to design of interior and exterior products in automobiles. Polypropylene homopolymer is also corrosion and scratch resistant increasing the range of applications in the automobile sector. All these factors bode well for the future possibilities of the PP homopolymer market during this projected period.
“Rising adoption of PP homopolymer in the packaging and automobile industry is expected to bolster the market growth of the same over the forecast period,” says an FMI analyst.
Key Takeaways:
- The growing retail and e-commerce industry will likely fortify market prospects.
- The PP homopolymer market in China is driven by immense demand from the packaging sector.
- The United States is predicted to acquire 13.7% of the global market shares.
- In terms of processing technology, injection molding is set to hold about 39.6% share of the market sales.
- Packaging industry to account for 42.3% of the global market share.
Competitive Landscape
LyondellBasell Industries N.V, Reliance Industries Limited., Braskem S.A, INEOS Group Ltd., ExxonMobil Corporation, Borealis AG, Total Petrochemicals USA Inc., Sasol Limited, IRPC Public Company Limited, National Petrochemical Industrial Company, Polyolefin Company, L.C.Y. Chemical Corporation and others are some of the major players in the PP homopolymer market that are profiled in the full version of the report.
Major market players are concentrating adopting alternative distribution channels and on innovation within the value chain. These businesses are focused on sustainability and extending their manufacturing facilities to enhance their international market presence.
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More Insights into PP Homopolymer Market Report
In its latest report, FMI offers an unbiased analysis of the global PP homopolymer market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented on the basis of processing technology (injection molding, film, other extrusion, fiber, others (blow molding, sheet)), end use (packaging (flexible packaging, rigid packaging), electrical and electronics, textile, automotive, building and construction, others), and region.
According to the latest FMI reports, based on region, the PP homopolymer market in China is predicted to undergo significant growth over the forecast period. The country is expected to be one of the prime consumers of the product. The escalating demand from the packaging and the automobile industry is driving the market growth in this region. Along with China, the U.S. PP homopolymer market is anticipated to exhibit impressive growth. The country is expected to account for about 13.7% of the global market share during the forecast period, driven by the expanding food industry.
Based on segmentation, by processing technology, the injection molding segment and the packaging industry, in terms of end use, are expected to lead the market growth during the forecast period.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
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