Press release
Polypropylene & High-impact Polystyrene Market to hit $67,498 MN by 2023 | Companies like LyondellBasell, SABIC, Exxon Mobil, DuPont, INEOS, Total, LG Chem, King Plastic
Polypropylene & High-impact polystyrene Market
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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 Polypropylene & High-impact polystyrene 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.
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Key Findings of the Polypropylene & High-impact Polystyrene Market:
1. The high-impact polystyrene segment is expected to grow at a significant CAGR of 6.8%, in terms of value, from 2017 to 2023.
2. The construction segment is projected to grow at a CAGR of 5.0%, in terms of value.
3. 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.
4. The North America polypropylene & high-impact polystyrene market for injection molding accounted for more than 38% of the global market in 2016.
5. U.S. accounted for more than 67% of the North American market in 2016.
6. 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.
7. 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.
The major companies profiled in the Polypropylene & High-impact polystyrene Market 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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