Press release
Why the Polypropylene Market is set to explode? Top Companies: Formosa Plastics Group, INEOS, LyondellBasell, Reliance Industries Limited and more
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The global Polypropylene Market is poised to attain a market value of USD 122.31 billion by 2026, registering a CAGR of 5.5% during the forecast period. One of the key drivers of the polypropylene market growth is the rising demand for the polymer in the automotive industry. Polypropylene is widely used in automobile manufacturing owing to its moldable properties and low costs. Within this industry, this polymer is primarily used in fender lines, battery trays and cases, instrumental panels, and interior and door trims. Additionally, it offers a variety of other benefits, such as high chemical resistance and excellent impact balance, that make it a highly valuable material in the automotive industry.
List of prominent companies that are operating in the global polypropylene market are:
Formosa Plastics Group
• China National Petroleum Corporation
• INEOS
• LyondellBasell
• Reliance Industries Limited
• ExxonMobil Chemical
• SABIC
• Dupont
Polypropylene (PP) is a linear hydrocarbon resin that is essentially is a rigid, tough, and crystalline thermoplastic derived from propene monomer. It is one of the cheapest and the most widely used plastics available currently.
Extensive Applicability in the Packaging Industry to Favor Market Growth
Rapidly developing packaging industry on account of growing e-commerce activities is raising the demand for the product and is turning out to be one of the major factors leading the expansion of the polypropylene market size. Its wide usage in packaging is attributable to the polymer’s exceptional welding qualities and chemical resistance properties as well as other structural and molecular advantages.
For example, in food packaging, PP is a preferred option owing to its low moisture and water vapor transmission and high optical clarity. Moreover, various forms of PP are used in films used in the electronics industry, disposable diaper tabs, and graphic arts. Further, it can be molded to create bottles and pots, along with thin-walled containers for storing food. Lastly, polypropylene is extensively employed in making numerous household items such as luggage, storage boxes, appliances, and other housewares.
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Major Segments Includes:
By Type
• Homopolymer
• Copolymer
By End-Use Industry
• Packaging
• Automotive
• Infrastructure & Construction
• Consumer Goods/Lifestyle
• Healthcare & Pharmaceuticals
• Electrical & Electronics
• Agriculture
• Others
Escalating Demand for PP in Healthcare to Bolster the Market
Other application areas include petri dishes, food trays and pans, medical vials, intravenous bottles, and many more. Persistently high demand for PP in healthcare will be one of the critical drivers of the polypropylene market revenue in the forecast period.
Asia-Pacific to Register Significant Growth; North America to Lead the Charge
Speedy development in the automotive and packaging industries in India and China and technological advancements in Japan are factors that will propel the market in Asia-Pacific. The market in Europe is expected to grow at a considerable pace owing to rising demand for PP in pharmaceuticals, electronics, automotive, and food and beverages. However, North America is projected to lead the global polypropylene market share on account of well-established medical and electronics manufacturing industries in the region.
Expansion of Operations to Intensify Competition
Key players are adopting different strategies, such as operational expansion and development of novel products, to reinforce their position in this market. For example, in September 2019, LyondellBasell upgraded their polypropylene compounding plant in Germany by installing a fifth production line at the site. Commitment to sustainable development goals by private companies is giving rise to innovations in terms of recycling of plastic. For instance, Procter and Gamble recently collaborated with PureCycle Technologies to recycle polypropylene to an odour-free and clear-coloured product. =
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