Pune, India, June 01, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global polypropylene market size is projected to reach USD 108.57 billion by 2028, exhibiting a CAGR of 5.2% during the forecast period. The market size was USD 75.12 billion in 2020 and is estimated to hit USD 76.00 billion in 2021.
Polypropylene is a thermoplastic polymer that is widely used in various industries due to its versatility, durability, and cost-effectiveness. Polypropylene's versatility, durability, and favorable properties have made it a popular choice in numerous industries. Its widespread use in packaging, automotive, textiles, and various consumer goods highlights its importance and relevance in today's manufacturing and everyday life.
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List of Key Players Profiled in the Polypropylene Market Report:
- China Petroleum & Chemical Corporation (China)
- China National Petroleum Corporation (China)
- Beaulieu International Group (Belgium)
- Borealis AG (Austria)
- Repsol (Spain)
- Braskem (Brazil
- Formosa Plastic Group (Taiwan)
- Ducor Petrochemicals (Netherlands)
- LyondellBasell Industries N.V. (Netherlands)
- MOL Group (Hungary)
- Borouge (UAE)
- BASF SE (Germany)
- Total S.A. (France)
- Reliance Industries Limited (India)
- SABIC (Saudi Arabia)
- INEOS (UK)
- ExxonMobil Chemical (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.2% |
| 2028 Value Projection | USD 108.57 billion |
| Market Size in 2021 | USD 76.00 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Polypropylene Market Growth Drivers | Advancements in Plastic Recycling Technologies to Create New Growth Opportunities |
| Integration of PP in Electric Vehicles to Catalyze Market Growth |
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Segmentation
Based on type, the market is bifurcated into homo polymer and copolymer.
On the basis of end-user, this market has been segmented into packaging, automotive, infrastructure & construction, consumer goods/lifestyle, healthcare & pharmaceuticals, electrical & electronics, agriculture, and others. Here, the consumer goods/lifestyle segment accounted for a 7.1% share in the global market in 2020.
Geographic Segment Analyzed in the Report:
- North America (USA and Canada)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
Drivers & Restraints-
Advancements in Plastic Recycling Technologies to produce New Growth openings
Plastic pollution has come a scourge of development for the earth. Now, chemical industry companies, with support from governments and transnational bodies, are taking a combined way to attack this problem head-on using advanced recycling technologies. For illustration, in April 2021, INEOS bagged the ISCC Plus award from the International Sustainability & Carbon Certification Association for its successful marketable-scale trials of coming-generation recycling technology to produce polypropylene(PP), high-viscosity polyethylene(HDPE), propylene, and ethylene. In the same month, the US Polypropylene Recycling Coalition, across-industry collaboration, sanctioned USD 1 million to three installations to compound the recovery of PP in the US. therefore, the growing recognition and perfecting backing for plastic indirect frugality will play a vital part in the development of this market.
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Driving Factor
Integration of PP in Electric Vehicles to Catalyze Market Growth
With vehicle pollution at an all-time high in major economies, the adoption of electric vehicles (EVs) is surging worldwide. For example, in 2019, global electric car sales reached 2.1 million, according to data released by the International Energy Agency (IEA). The key to enhancing the energy efficiency of EVs is to reduce their weight by employing lightweight materials in the manufacturing of their components. Polypropylene, which is a thermoplastic, is perfectly suited to meet this goal, primarily because it has low density. As a result, many EV makers are actively integrating PP in their products to make them more energy-efficient. For example, the Skoda Scala features 10% low-talc PP from Borealis, which has been used to make the car’s center console, glove box, and instrument panel. Similarly, Renault’s B4D engine leverages a PP compound for the air intake manifold, weighing 15% lesser than manifolds made from traditional polyamide-based materials. In sum, the incorporation of PP-based materials in EVs is the new thriving trend in the plastics industry, which is propelling the market.
Competitive Landscape
Launch of Breakthrough Products by Key Players to Electrify the Market
As the demand for novel polymer formulations continues to rise, key players in this market are investing strategically in research & development activities to build breakthrough polypropylene-based products. These offerings are being designed for diverse applications across industries, which, in turn, will deepen the companies’ foothold in the market.
Regional Insights
Promising Growth of the Packaging Industry to Aid the Asia Pacific Market
Supported by the spectacular growth of the packaging industry, Asia Pacific is set to dominate the polypropylene market share during the cast period. The progress of the packaging industry in this region is driven by rapid-fire urbanization in India and China, where packaged foods, potables, and consumer goods are in high demand. The region’s market size stood at USD 39.95 billion in 2020.
The market in North America is anticipated to make substantial advances, albeit at a CAGR lower than that of Asia Pacific, due to the expansive application of polypropylene in electronics manufacturing in the region. In Europe, the top factor abetting the PP request is the enormous product and consumption of motorcars.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc. .
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Price Trend Analysis
- Qualitative Insights Impact of COVID 19 on Global Polypropylene Market
- Supply Chain Analysis & Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Polypropylene Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value and Volume)
- Homopolymer
- Copolymer
- By End-User (Value and Volume)
- Packaging
- Automotive & Transportation
- Infrastructure & Construction
- Consumer Goods/ Lifestyle
- Healthcare & Pharmaceuticals
- Electrical & Electronics
- Agriculture
- Textile
- Others
- By Type (Value and Volume)
TOC Continued...!
Key Industry Development:
- December 2020: LyondellBasell introduced Beon3D, an inventive suite of PP products that combines additive manufacturing solutions with polymer technologies. The new line has been engineered to facilitate the designing and production of complex and high-quality 3D objects.
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FREQUENTLY ASKED QUESTIONS?
Q1. How much is the global polypropylene market worth?
Fortune Business Insights says that the global market size was USD 75.12 billion in 2020 and is projected to reach USD 108.57 billion by 2028.
Q2. Who uses polypropylene?
Polypropylene is frequently used in manufacturing car batteries, bumpers, interior elements, and cladding. Packaging Material: Due to its low cost and flexibility, PP is used in various packaging forms and has replaced traditional materials such as paper, cellophane, and paper.
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