Polypropylene Market is Worth USD 108.57 billion by 2028 | Companies Covered - Beaulieu International Group, Borealis AG, Repsol, Braskem

The global polypropylene market size is projected to reach USD 108.57 billion by 2028, exhibiting a CAGR of 5.2% during the forecast period. As per the report by Fortune Business Insights™, titled "Polypropylene Market, 2021-2028", the market size was USD 75.12 billion in 2020 and is estimated to hit USD 76.00 billion in 2021.

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Advancements in Plastic Recycling Technologies to Create New Growth Opportunities

Plastic pollution has become a scourge of development for the planet. Now, chemical industry companies, with support from governments and international bodies, are taking concerted steps to tackle this problem head-on using advanced recycling technologies. For example, in April 2021, INEOS bagged the ISCC Plus award from the International Sustainability & Carbon Certification organization for its successful commercial-scale trials of next-generation recycling technology to produce polypropylene (PP), high-density polyethylene (HDPE), propylene, and ethylene. In the same month, the US Polypropylene Recycling Coalition, a cross-industry collaboration, sanctioned USD 1 million to three facilities to augment the recovery of PP in the US. Thus, growing recognition and improving funding for the plastic circular economy will play a vital role in the development of this market.

Segmentation

Based on type, the market is bifurcated into polymer and copolymer.

On the basis of end-user, this market has been segmented into packaging, automotive, infrastructure & construction, consumer goods/lifestyle, healthcare & pharmaceuticals, electrical & electronics, agriculture, and others. Here, the consumer goods/lifestyle segment accounted for a 7.1% share in the global market in 2020.

By region, the market has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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COVID-19 Impact

The polypropylene market growth slumped by 1.1% in 2020 due to the sharp decline in the demand for polymers from the automotive industry amid the COVID-19 pandemic. With multiple restrictions in place around the world, automakers have had to close down many of their plants to adhere with government rules. Moreover, the adoption of vehicles is tumbling worldwide as a large chunk of people are working from home, resulting in an unprecedented contraction in the utilization of cars across the globe.

Highlights of the Report

The report supplies an in-depth examination of the various factors shaping the growth trajectory of the market, along with a detailed analysis of the hindrances facing the market. Additionally, the report contains a comprehensive study of the regional and competitive dynamics influencing the market, as well as a careful assessment of the individual market segments.

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Competitive Landscape

Launch of Breakthrough Products by Key Players to Electrify the Market

As the demand for novel polymer formulations continues to rise, key players in this market are investing strategically in research & development activities to build breakthrough polypropylene-based products. These offerings are being designed for diverse applications across industries, which, in turn, will deepen the companies' foothold in the market.

Industry Development

December 2020: LyondellBasell introduced Beon3D, an inventive suite of PP products that combines additive manufacturing solutions with polymer technologies. The new line has been engineered to facilitate the designing and production of complex and high-quality 3D objects.


List of Key Players Covered in this Market Report

Beaulieu International Group (Belgium)
Borealis AG (Austria)
Repsol (Spain)
Braskem (Brazil
Formosa Plastic Group (Taiwan)
Ducor Petrochemicals (Netherlands)
China Petroleum & Chemical Corporation (China)
China National Petroleum Corporation (China)
LyondellBasell Industries N.V. (Netherlands)
MOL Group (Hungary)
Borouge (UAE)
BASF SE (Germany)
Total S.A. (France)
Reliance Industries Limited (India)
SABIC (Saudi Arabia)
INEOS (UK)
ExxonMobil Chemical (U.S.)

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Driving Factor

Integration of PP in Electric Vehicles to Catalyze Market Growth

With vehicle pollution at an all-time high in major economies, the adoption of electric vehicles (EVs) is surging worldwide. For example, in 2019, global electric car sales reached 2.1 million, according to data released by the International Energy Agency (IEA). The key to enhancing the energy efficiency of EVs is to reduce their weight by employing lightweight materials in the manufacturing of their components. Polypropylene, which is a thermoplastic, is perfectly suited to meet this goal, primarily because it has low density. As a result, many EV makers are actively integrating PP in their products to make them more energy-efficient. For example, the Skoda Scala features 10% low-talc PP from Borealis, which has been used to make the car's center console, glove box, and instrument panel. Similarly, Renault's B4D engine leverages a PP compound for the air intake manifold, weighing 15% lesser than manifolds made from traditional polyamide-based materials. In sum, the incorporation of PP-based materials in EVs is the new thriving trend in the plastics industry, which is propelling the market.



Regional Insights

Promising Growth of the Packaging Industry to Aid the Asia Pacific Market

Supported by the spectacular growth of the packaging industry, Asia Pacific is set to dominate the polypropylene market share during the forecast period. The progress of the packaging industry in this region is driven by rapid urbanization in India and China, where packaged foods, beverages, and consumer goods are in high demand. The region's market size stood at USD 39.95 billion in 2020.

The market in North America is expected to make substantial headway, albeit at a CAGR lower than that of Asia Pacific, due to the extensive utilization of polypropylene in electronics manufacturing in the region. In Europe, the principal factor aiding the PP market is the enormous production and consumption of automobiles.

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This release was published on openPR.