NEWARK, Del: , Sept. 21, 2023 (GLOBE NEWSWIRE) -- The global polypropylene random copolymers market is projected to reach a valuation of US$ 41.94 Billion in 2023. The trend is estimated to create new opportunities for the market, leading to an assumed CAGR of 10.5% between 2023 and 2033. The market is likely to reach a total valuation of US$ 101.32 Billion by 2033.
The growth of the market is anticipated to be driven by the rise in consumption of polypropylene (PP) in end-use industries like automotive, packaging, and building and construction leading to an increase in fuel efficiency. This factor is anticipated to be a key factor driving the market over the forecast period.
Polypropylene faces significant competition from plastic compounds. Polyethylene is dominantly used and manufactured from plastic polymers. It can also be made into both soft and flexible products as well as rigid and durable ones. Polyethylene can be formed into a variety of shapes that range from the most basic to the most sophisticated.
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Key Takeaways from the Market Study:
- Europe is anticipated to expand at a CAGR of 6.8% from 2023 to 2033. Asia Pacific is predicted to register at a CAGR of 5.7% from 2023 to 2033.
- Based on application, the blow molding segment is likely to expand with a CAGR of 6.89% from 2023 to 2033.
- Based on end-users, the medical packaging segment is projected to register a CAGR of 8.99% from 2023 to 2033.
- The polypropylene random copolymers market insights rose at a 9.67% CAGR between 2018 and 2022.
“The introduction of new application areas has significantly expanded the market's horizons and is considered to be one of the key drivers of the polypropylene random copolymers market”, comments a Future Market Insights analyst.”
Competitive Landscape
The polypropylene random copolymers industry consists of a consequential number of market players. Research and development are used for introducing environment-friendly product lines from the core aspect of these manufacturers. In addition, the industry players to reinforce their position in the market also follow other expansion strategies, inclusive of collaborations, mergers and acquisitions, and exploration of regulatory approvals.
Key Companies Profiled
- LyondellBasell Industries
- Braskem
- China Petroleum & Chemical Corporation (Sinopec)
- Total S.A.
- Entec Polymers
- ExxonMobil
- Sasol
- Chevron Corporation
- Royal Dutch Shell
- ConocoPhillips
- Borealis
- Formosa Plastics Group
- Reliance Industries
- SABIC
Key Developments
- In November 2022, Braskem announced the construction of a new Renewable Innovation Center located in Lexington, Massachusetts at the Lexington Labs at 10 Maguire Road in Lexington, MA owned by Greatland Realty Partners.
- In January 2023, ExxonMobil confirmed plans to move forward with a fifth oil production project off the coast of Guyana.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global polypropylene random copolymers market providing historical data from 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the polypropylene random copolymers market, it is segmented based on key Applications: (Blow Film, Blow Molding, Injection Molding, Extrusion Molding), End-use: (Medical Packaging, Food Packaging, Consumer Products) and by Region: (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding China & Japan, Japan, China, Middle East & Africa).
Key Segments Covered in the Polypropylene Random Copolymers Market Report
By Application:
- Blow Film
- Blow Molding
- Injection Molding
- Extrusion Molding
By End Use:
- Medical Packaging
- Food Packaging
- Consumer Products
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Japan
- The Middle East & Africa
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About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends including competitive landscape, profit margin, and research development efforts.
Authors:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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