New York, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The global polypropylene random copolymers market size is slated to expand at ~6% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 15 billion by the end of 2035, up from a revenue of ~USD 9 billion in the year 2022.The market growth is attributed to its increasing use in the packaging industry. For instance, more than 25% of polypropylene random copolymer production is consumed by the packaging industry alone. Moreover, the increasing use of polypropylene random copolymers in the automotive sector is estimated to further drive market growth over the forecast period.
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Polypropylene random copolymer is a thermoplastic formed by polymerizing propylene and adding ethylene or butane linkages to the polymer chain. Resins have different properties and are used in a wide range of applications. Polypropylene random copolymer has various advantages such as high transparency and gloss, strong aesthetics, high radiation resistance, and a wide melting point range. Its excellent thermal and mechanical properties make it one of the most widely produced and least expensive plastics available today.
Growing Demand for Plastic Products across the Globe to Fuel Market Growth
Polypropylene random copolymers are widely used to make tough, clear, and beautiful plastic products such as storage containers and sports bottles. It is lightweight, optically clear, flexible, and odor- and heat-resistant, making it superior to glass and other plastics. According to an industry report, worldwide in 2019, companies produced more than 350 million tons of plastic, with production expected to rise in the coming years. Polypropylene random copolymers, both as plastics and fibers, are commonly used in packaging, labels, textiles, stationery, laboratory equipment, plastic parts, reusable containers, polymer banknotes, and automotive parts. Its impact strength is lower than that of low-density or high-density polyethylene, but its service temperature and tensile strength are superior. Known for its excellent chemical resistance under corrosive conditions, polypropylene offers excellent resistance to organic solvents, degreasers, and electrolytic attack. It is an attractive material that has low moisture absorption, is stain-resistant, and is light. Polypropylene has two main forms: photopolymer and copolymer materials. Although they are similar in many ways, each strain has its own differences in shape and function.
Polypropylene Random Copolymers Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Customer Base to Drive the Market Growth in Asia Pacific Region
The polypropylene random copolymers market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The regional market growth is mainly attributed to the expanding customer base, and progress in the food and beverage industry in some countries in the region is also expected to drive the market in the Asia Pacific region. According to reports, China's food and beverage sector generated about USD 597 billion in the year 2019, growing about 8% from 2018. Moreover, gradual lifestyle changes and rising disposable income are expected to further accelerate market growth across the region during the forecast period. The most common type of homopolymer is polypropylene (PPH). PPH is harder and stronger than copolymers, has better physical-to-property ratios, better chemical resistance, and better ductility, and can be used in a variety of corrosion-resistant structures. Compared to homopolymers, copolymer polypropylenes often exhibit improved low-temperature toughness and stress crack resistance, with relatively modest reductions in other properties.
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Rising Geriatric Population to Drive Growth in North America
The polypropylene random copolymers market in the North America region is estimated to garner the highest CAGR by the end of 2035. Regional market growth is primarily attributed to robust growth in the healthcare industry, which is expected to drive market growth in the region. The United States healthcare sector, for instance, was valued at nearly USD 810 billion in the year 2021. Patient care accounts for approximately 66% of industry revenue. In addition, heightened growth in the packaged food and beverage sector, followed by increased demand for electrical and electronic products, is estimated to further drive market growth during the forecast period for the region. Polypropylene recycling has become a large-scale, critical, and economically viable solution. Reducing consumption of raw and declining resources such as petroleum and propane is a major benefit of recycled polypropylene.
Polypropylene Random Copolymers, Segmentation by End Use
- Packaging
- Healthcare
- Construction
- Others
Amongst these four segments, the packaging segment in polypropylene random copolymers market is anticipated to hold the largest share over the forecast period. The growth of this segment can be attributed to the thriving global e-commerce business and the expansion of the packaging industry due to growing customer needs. For instance, in the year 2021, it was noted that over 2 billion people worldwide were shopping online, and the ease and popularity of online shopping are expected to further increase that number. Moreover, the increasing share of the global labor force is expected to double the demand for processed foods, boosting the growth of the segment during the forecast period. Packaging is the science, art, and craft of enclosing or protecting products for distribution, storage, sale, and use. Packaging also refers to the process of designing, evaluating, and manufacturing packaging. Common packaging products include boxes, cartons, cans, bottles, bags, envelopes, wrappers, and containers.
Polypropylene Random Copolymers, Segmentation by Application
- Blow Film
- Blow Molding
- Injection Molding
- Extrusion Molding
Amongst these four segments, the injection molding segment in polypropylene random copolymers market is anticipated to hold a significant share over the forecast period. Growth in this segment is driven by increased demand for mass production of identical parts at low cost. Moreover, increasing demand for plastic parts from multiple sectors, such as automotive, electrical & electronic, and consumer goods, is expected to accelerate market growth in the coming years. Moreover, the dynamic increase in demand for medical devices is another key factor expected to further drive the growth of the segment during the forecast period. According to the World Health Organization, there are currently an estimated 2 million medical devices on the global market, classified into approximately 7,000 generic product categories. On the other hand, the blown film segment is projected to register a massive CAGR during the forecast period owing to increasing demand for efficient packaging solutions. Additionally, consumer demand for fast-moving consumer goods has increased significantly around the world. As a result, this is expected to create many opportunities for segment growth in the coming years.
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Polypropylene Random Copolymers, Segmentation by Type
- Copolymer
- Homopolymer
- Others
Few of the well-known industry leaders in the polypropylene random copolymers market that are profiled by Research Nester are LyondellBasell Industries N.V., China Petrochemical Corportation (SINOPEC), Entec Polymers, Braskem SA, Exxon Mobil Corporation, Chevron Corporation, Sasol Limited, Shell International B.V., and other key market players.
Recent Development in the Global Polypropylene Random Copolymers Market
- LyondellBasell Industries N.V. joined the NEXTLOOPP initiative, launched in October 2020, with over 40 other industry players to produce closed-loop recycled food-grade polypropylene (FGrPP) from post-consumer packaging.
- Entec Polymers has introduced an innovative solution for polypropylene needs that are far more advanced than clarified copolymers.
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