New York, US, July 06, 2021 (GLOBE NEWSWIRE) -- Polypropylene Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Polypropylene Market Information by Application, and Region - Forecast till 2027”, the market is estimated reach USD 146.0 Billion by 2027 at 3.0% CAGR.
Market Scope
The increasing application of polypropylenes in raffia, fiber, and film, and sheet can favor the market. The rising trend of applying polypropylene (PP) in the expanding automotive sector for the manufacturing of lightweight vehicles to increased fuel efficiency can drive the polypropylene market in the forecast period.
Polypropylene is a lightweight material. It has superior properties, such as; tensile strength, resistance to several chemical solvents, low moisture resistance, and high staining resistance. The excellent mechanical and chemical properties of polypropylene contribute to its growing demand in manufacturing automotive components, medical devices, construction, packaging and labeling, and diverse laboratory equipment.
The increase in packaging application of polypropylene due to the rise in consumption of packed beverages and food and meet the increasing product demand over the analysis period can favor the expansion of the market. Polypropylene helps minimize food deterioration due to its excellent moisture resistance property contributing to the application of effective food packaging solutions. These causes can support the rise of the polypropylene market that can prompt the market rise.
Market Drives
Polypropylene (PP) material is used to manufacture automotive components, healthcare devices, and fashion apparel. The surging demand for these components mentioned above in different end-use industries can prompt market growth.
Market Restraints
The growing problems with lack of expertise for technological advances and high production expense can challenge the market in the coming years.
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Competitive Landscape
Some of the Top-notch Companies that are operating in the Global Polypropylene Market are:
- The Dow Chemical Company (U.S.)
- LyondellBasell (U.S.)
- Exxon Mobil Corporation (U.S.)
- SABIC (Saudi Arabia)
- INEOS (Switzerland.)
- LANXESS (Germany)
- Chevron Phillips Chemical Company (U.S.)
- Eni S.p.A. (Italy)
- BASF SE (Germany)
- LG Chem (South Korea)
COVID 19 Analysis
As COVID-19 continues to spread, work from home will surge, order cancellations and shipping complications increasing throughout the polypropylene industry. The decline in the workforce at manufacturing units in the end-use industries, such as; construction and automotive, can witness a sharp drop in production owing to weaken product demand. Drop-in discretionary spending, factory shutdowns, and limitations on supply and transport, along with the above causes, hinder the market amidst the COVID 19 pandemic.
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Polypropylene Market Segmentation
The segment analysis of the global polypropylene market based on application. The application-based segments of the global market are agriculture, construction, automotive, electrical & electronics, and packaging. The automotive sector segment is expected to lead the market due to the growing substitution of heavy metals with lightweight materials to improve thermal efficiency and initiate optimal performance of vehicles. The increased utility of plastics in irrigation pipes can underline the expansion of the agriculture segment over the assessment period. The packaging segment can thrive because the increasing adoption of lightweight materials can provide sufficient storage space and flexibility to the product. Thus, it can prompt the market rise. The segment of the electrical and electronics segment is set to thrive at the highest pace due to the high consumption of low-density materials for manufacturing various devices, such as; laptop, smartphones, and TVs, among other accessories. Polypropylene used in electronics devices acts as an insulator and counteracts high thermal conditions generated by the product. Therefore, reliability, recyclability, and energy efficiency offered by PP is another factor that can prompt the market expansion in the years to come.
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Regional Insights of Polypropylene Market
The global polypropylene market study spanned across Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific can hold a significant share of the worldwide market and is expected to continue its dominance owing to the surge in demand for polypropylene in numerous applications. Countries, such as; Japan and India can play a major role in the region. North America region is expected to witness a higher rise in the U.S., Mexico, and Canada due to the rise in demand for lightweight materials in the automotive, aerospace, and energy sectors.
A notable rise observed in the European region is the increasing consumption of thermoplastic materials in aerospace, automotive, and construction. In addition, the advancing research and development of products in the market can propel the market rise in the year to come. Germany, the U.K., and Italy can contribute significantly to expanding the EU PP market in the upcoming years. In Middle East Asia and Africa, the market can witness sluggish rise due to lack of effective infrastructure.
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