Increasing use of plastics specifically polypropylene in the packaging industry and growing nonwoven polypropylene fiber industry majorly impact the growth of the global polypropylene market. Due to these factors, the market is expected to generate $226.8 billion revenue by 2030, advancing at a CAGR of 5.7% during the forecast period.
COVID-19 pandemic has severely impacted many markets across the globe including the polypropylene market. The industry is witnessing shutting down of production and operation of polypropylene and other chemical plants to prevent the spread of coronavirus. On the other hand, this pandemic creates huge opportunities for market players providing polypropylene gloves, N95 masks made of nonwoven polypropylene, and polypropylene plunger used in the medical industry.
Injection Molding to Hold the Largest Share in the Market Throughout the Forecast Period
The polypropylene market on the basis of application is classified into injection molding, film & sheet, raffia, fiber, blow molding, and others. Of these, the injection molding category is expected to lead the market in the coming years. Polypropylene is one of lowest density plastics that ranges between 0.895 and 0.92 g/cm, which makes it highly attributable to be molded into all shapes and sizes through injection molding equipment to create household goods, automotive & marine parts, and recreational vehicle (RV) products.
Packaging to Hold the Largest Share in the Market Throughout the Forecast Period
The polypropylene market in terms of end use is categorized into packaging, electrical, medical, consumer goods, automotive, construction, and others. The packaging category is expected to hold the largest revenue share during the forecast period. This is primarily due to polypropylene’s high heat resistance, high clarity, aesthetics, recyclability, and other attributes, which make it highly usable in food packaging, e-commerce, and automobile industries.
APAC to Hold the Largest Share in the Market Throughout the Forecast Period
Geographically, the polypropylene market in the APAC region is expected to witness lucrative growth, owing to increasing R&D investments and rising government support for the development of sustainable packaging of polypropylene. Furthermore, South Asian countries generate high demand for polypropylene, owing to rising domestic demand in construction, automotive, packaging, and textile industries.
Product Launches Is the Strongest Strategic Measure Taken by the Players in the Market
Players in the polypropylene market are introducing new products to enhance their presence. For instance, in October 2019, Borealis and Abu Dhabi Polymers Company Ltd. (Borouge) launched a series of new mono material pouch solutions based on polyethylene and polypropylene. The products are designed specifically for recycling and in collaboration with value-chain partners. These new pouch solutions are suitable for the most demanding consumer packaging applications. The solutions further expand the range of more sustainable options available to the flexible packaging industry.
Browse report overview with detailed TOC on "Polypropylene Market Research Report: By Type (Homopolymer, Copolymer), Application (Injection Molding, Film & Sheet, Raffia, Fiber, Blow Molding), End Use(Packaging, Electrical, Medical, Consumer Goods, Automotive, Construction) - Global Industry Analysis and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/polypropylene-market-report
Similarly, in November 2018, SABIC launched a new impact copolymer (ICP)-grade material SABIC PP PPA20, targeted at demanding home appliances as well as high-end cosmetics, furniture, and other household consumer goods. Through this product launch, company expands its polypropylene portfolio that offers aesthetically appealing surfaces with potentially significant cost savings for home appliances and consumer goods.
Some of the major players operating in the global polypropylene market are 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.