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New Study: Polypropylene & High-impact Polystyrene Market Value Expected to Touch $67,498 Mn by 2023 - Allied Market Research
Polypropylene & High-impact Polystyrene Market
Injection molding is a mass production process in which similar plastic components are produced in large quantities. Both thermoplastic and thermosetting plastics are used in injection molding processes. Injection molded polypropylene and high-impact polystyrene are used primarily in packaging applications to manufacture packaging parts and components to enhance the aesthetic value of packaging products and consumer convenience. Due to the strength, durability and texture of injection molded plastic parts, injection molded polypropylene and high impact polystyrene are also used in construction and construction. In construction and construction, these polypropylene and high-impact polystyrene components or parts are mainly used for piping systems, insulators, wall boards and roofing applications. Factors such as low production wastes and faster production processes are expected to drive the growth of the injection molded polypropylene and high impact polystyrene markets.
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A new report "Polypropylene & High-impact polystyrene Market for Injection Molding by Material and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023", published by Allied Market Research.
The global polypropylene & high-impact polystyrene market for injection molding was valued at $49,511 million in 2016, and is projected to reach $67,498 million by 2023, growing at a CAGR of 4.3% from 2017 to 2023. The polypropylene segment accounted for more than 98% share of the global polypropylene & high-impact polystyrene market for injection molding in 2016.
Based on material, the market is segmented into polypropylene and high-impact polystyrene. The high-impact polystyrene segment is estimated to grow at the highest CAGR during the forecast period, owing to the high consumption in consumer goods industry. In consumer goods industry, the high-impact polystyrene is used in the production of refrigerator linings, vending cups, bathroom cabinets, toilet seats & tanks, closures, instrument control knobs, television, and others.
Based on application the market is segmented into consumer goods & electronics, household, packaging, horticulture & agriculture, construction, automotive, textile and others. The construction industry is the largest consumer of injection-molded polypropylene & high-impact polystyrene, owing to its inherent strength, economical nature, and easy of recyclability. Polypropylene, which is a thermoplastic polymer, is used widely in building and construction applications such as siding, air and moisture barrier membranes, carpet textiles, piping, and others.
Key Findings of the Polypropylene & High-impact Polystyrene Market:
• The high-impact polystyrene segment is expected to grow at a significant CAGR of 6.8%, in terms of value, from 2017 to 2023.
• The construction segment is projected to grow at a CAGR of 5.0%, in terms of value.
• The polypropylene & high-impact polystyrene market for injection molding in Asia-Pacific is expected to grow at the highest CAGR of 5.3%, in terms of value.
• The North America polypropylene & high-impact polystyrene market for injection molding accounted for more than 38% of the global market in 2016.
• U.S. accounted for more than 67% of the North American market in 2016.
In 2016, North America and Europe collectively accounted for more than 65% of the global polypropylene & high-impact polystyrene market for injection molding industry, in terms of value. The packaging industry also majorly contributes to the growth of the injection-molded polypropylene & high-impact polystyrene, as these polystyrenes enhance the quality of packaging. Automobile sector in the North American and European regions is one of the large users of the polypropylene & high-impact polystyrene components. Furthermore, European legal framework and strategies foster the widespread use of injection-molded polypropylene & high-impact polystyrene products in various industries and provide growth opportunities for the market.
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The major companies profiled in this report are LyondellBasell, SABIC, Exxon Mobil Corporation, DuPont, INEOS, Total S.A., China Petrochemical Corporation, LG Chem, King Plastic Corporation, and Astor Chemical Industrial (jiangsu) CO.,LTD.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
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