Polypropylene Market Scenario Highlighting Major Drivers & Trends, 2017-2026 | Top Market Players- Braskem, Borealis AG, Total Refining and Chemicals, INEOS Olefins and Polymers Europe, ExxonMobil Chemical, Reliance Industries Limited

The worldwide polypropylene market is expected to reach USD 120.11 billion by 2026 and is forecasted to grow at a CAGR of 5.8 % from 2018 to 2026.

Polypropylene market, in the present industry scenario is the second largest polymer business globally. It constitutes approximately 25% of polymer demand globally. Rise in global product demand is led mainly by China.

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Product demand is anticipated to increase to over 111 million tons by 2026 and around 120 till 2030, increasing from 72 million tons in 2017. However, product supply is anticipated to increase at a higher rate over the next few years, intensifying competition among the producers.

In the North American region, unconventional (shale gas) low cost feedstocks have boosted for capacity investments and in China its because of abundance of coal. These two trends will have significant impact on worldwide future polypropylene trade dynamics and regional market competitiveness. Less competitive regions such as the Africa and the Latin America will have to adapt through supply rationalizations or with new process and product innovations.

Polypropylene market is mainly dependent on commodity prices, and the presence of significantly high number of producers in the current industry scenario, makes it even more competitive in terms of pricing. Moreover, competition in the polypropylene industry is considerably higher among the other polymeric material markets. Hence, the industry participants in order to succeed in this market have been actively investing in assets and product modernization along with significant investments in R&D operations. The current worldwide market is currently near equilibrium with capacity utilization of 82% in 2017.

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The PP industry has experienced significant trends in the past few years. Some of which include slow down of conventional petrochemical growth, high growth of unconventional chemicals such as coal-to-olefins (CTO), methanol-to-olefins (MTO), coal-to-mono-ethylene glycol (CTMEG), propane dehydrogenation (PDH), etc.

Some of the other influential trends that the industry has experienced include the loss of market shares by the major state-owned enterprises (SOEs), expansion of market shares by the private companies, declining foreign investment projects owing to increasing investment in domestic production capacities, demand remained concentrated majorly in South and East Asia, and capacity growth stems mainly in China and North America.

These factors have significantly influenced the polypropylene market in terms of production, its pricing and even the supply scenario, and on the contrary product demand has been uninterruptedly increasing every year owing to its increasing application sectors.

Some of the leading industry participants currently operating in the polypropylene market include LyondellBasell, Japan Polypropylene Corporation, BASF AG, SABIC (Saudi Basic Industries Corporation), Braskem, China Petroleum & Chemical Corporation (Sinopec), Borealis AG, Total Refining and Chemicals Business, INEOS Olefins and Polymers Europe, ExxonMobil Chemical, Reliance Industries Limited, and PetroChina Co. Ltd., among others.

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The industry is highly fragmented, due to the presence of numerous regional, local and international vendors. Such a large number of players in the market elevates the competition levels, and consequently lowers the supplier’s bargaining power. Moreover, they are actively engaging in strategic initiatives that will help them improve their market position.

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