Published: June 2020 | Report Code: CM10081 | Available Format: PDF | Pages: 180
The global polypropylene market size was $122.7 billion in 2019, and is projected to witness a CAGR of 5.7% during the forecast period (2020–2030). This is majorly attributed to the increasing use of polypropylene compounds in food packaging, sweet & snack wrappers, hinged caps, microwave containers, pipes, automotive parts, and bank notes.
COVID-19 pandemic has severely affected many markets globally, particularly in China, the U.S., Italy, Spain, Germany, the U.K., and other western European nations. This has resulted in cutting back the operations and production of various products especially plastics, such as polypropylene. However, this pandemic has also created numerous opportunities for market players to offer polypropylene gloves, N95 masks prepared with nonwoven polypropylene, and plunger made of polypropylene.
In 2019, on the basis of product type, the homopolymer category accounted for larger share in the polypropylene market. This is owing to high rigidity when compared with copolymer; high tolerance to extreme temperature and chemical exposure; good weldability; high performance in thermoforming; approval from the U.S. Department of Agriculture (USDA), Food and Drug Administration (FDA), National Science Foundation (NSF); and 3-A Diary compliant in the natural color attributes. All these attributes make it largely used for orthotic & prosthetic devices, plating & anodizing process equipment, plenums & manifolds, pump components, secondary containment, storage tanks, valve bodies, metal finishing, chemical processing & storage, medical devices, and washers.
On the other hand, the copolymer product category is further subcategorized into random and block. Between these, the block copolymer is majorly demanded, owing to high toughness and less brittleness than random copolymer, which is further driving the polypropylene market.
The raffia category, based on application, is projected to witness the fastest growth in the polypropylene market, during the forecast period. This can be attributed to the growing demand for industrial packaging material made from weaving ribbons such as cement sacks, owing to high tenacity and elongation. In addition, the granules of polypropylene have high thermal conductivity, which makes raffia heat up and cool down faster. Raffias have lower carbon footprint, when compared with virgin polymer; hence, the end products are eco-friendly and sustainable.
The packaging category is expected to hold largest revenue share in the end use segment during the forecast period. This can be primarily due to the increasing usage of food packaging, where the food & beverage is in direct contact with it. Being a rugged polymer, polypropylene is resistant to many chemical solvents and is considered safe for several packaging containers, such as injection molded pots, thermoformed pots, and thermoformed trays. Furthermore, polypropylene’s high heat resistance, high clarity, aesthetics, recyclability, and other features drive its adoption among consumers in their every-daily life.
APAC held the largest revenue share in polypropylene market in 2019. The region is also projected to grow fastest in coming years. This can be due to the rising usage of polypropylene in packaging, consumer & institutional, transportation, furniture & furnishings, building & construction, machinery, and electrical & electronic industries. Owing to low cost with excellent mechanical properties and moldability, this plastic material is widely used to reduce vehicle weight and enhance fuel economy. With the significantly growing demand for thermoplastic materials in construction and buildings, medical, and automobile sectors, the market is further expected to grow in this region.
Moreover, this region is home to some of the major players operating in the industry, which include Exxon Mobil Corporation, PolyOne Corporation, Washington Penn, Ferro Corporation, and A. Schulman. These players are responsible for fulfilling the in-house demand for polypropylene products.
China held the largest revenue share in this regional market, owing to large population, urbanization, and technological advancements, which drives the plastics industry. This, in turn, boosts the growth of the polypropylene market, owing to high moldability and extrusion attributes of polypropylene.
As per PlasticsEurope, global plastics production was 359 million tons in 2018, owing to rising demand for plastics in packaging and building & construction industries. Further, among all types of plastics, polypropylene held the largest share, of 19.3%, due to wide applications in food packaging, sweet & snack wrappers, hinged caps, microwave containers, pipes, automotive parts, and bank notes. Furthermore, brand owners and retailers are also responding to consumer demand for more sustainable packaging material, which is produced by polypropylene resin due to high tensile strength. Hence, the rising demand for rigid sustainable packaging is driving the polypropylene market globally.
According to an article published in International Fiber Journal, the worldwide consumption of nonwoven roll goods was 14.9 million tons in 2018. The staple fiber represented 59% of the global nonwoven market, and out of which polypropylene staple fibers held 11% share of the market, which was around 1.0 million tons. This was owing to rising demand for polypropylene staple fibers in end-use applications, including needle punch durables that are consumed by geotextile, vehicle components, coating substrate, indoor & outdoor carpeting, blankets, upholstered furnishing, and bedding. Hence, all these applications drive the polypropylene market.
|Base Year (2019) Market Size||$122.7 billion|
|Forecast Period (2020-2030) CAGR||5.7%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Company Share Analysis, Companies’ Strategical Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||By Type; By Application; By End Use; By Geography|
|Market Size of Geographies||U.S., Canada, Germany, Italy, France, U.K., Spain, Poland, Belgium & Luxembourg, Netherlands, Russia, China, India, Korea, Japan, Thailand, Mexico, Brazil, Argentina, Saudi Arabia, U.A.E., Turkey, Iran, Africa|
|Secondary Sources and References (Partial List)||All India Plastic Manufacturers Association, American Chemistry Council, Association for Packaging and Processing, Association of Plastic Recyclers, Chemicals & Petrochemicals Manufacturer’s Association, Food and Drug Administration, Germany Trade & Invest, Independent Packaging Association|
As per the global outlook, the polypropylene market is consolidated in nature with presence LyondellBasell Industries N.V., China Petroleum & Chemical Corporation, PetroChina Company Limited, Braskem S.A., Borealis AG/Borouge, SABIC, Exxon Mobil Corporation, and Reliance Industries Limited.
In recent years, players in the industry have launched a number of new and advanced products, in order to stay ahead of their competitors. For instance:
The polypropylene market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Application
Based on End Use
The polypropylene market will likely witness a CAGR of 5.7% during the forecast period, to reach $226.8 billion by 2030.
The negative impact of COVID-19 on the polypropylene market has been weak because of the rising demand for PP gloves, N95 masks, and plungers.
In 2030, the polypropylene market will be led by the packaging industry, based on end user.
The key drivers for the polypropylene industry advance in APAC are its high industrial output and presence of key players.
LyondellBasell Industries N.V. was the largest player in the polypropylene market in 2019.
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