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Polypropylene-Plastic Material and Resins Market Outlook 2024-2033: Industry Size, Growth, and Trends
Polypropylene-Plastic Material And Resins Global Market Report 2024
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According to The Business Research Company's, The polypropylene-plastic material and resins market size has grown strongly in recent years. It will grow from $139.82 billion in 2023 to $153.02 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to packaging industry, automotive sector, consumer goods, construction and building materials.
The polypropylene-plastic material and resins market size is expected to see strong growth in the next few years. It will grow to $217.18 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to sustainable and recyclable materials, renewable energy and electric vehicles, packaging innovation, advanced healthcare devices. Major trends in the forecast period include bio-based polypropylene, advanced additive manufacturing, high-performance formulations, smart materials.
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Market Drivers and Trends:
Rising demand for thermoplastic materials has contributed to the growth of the polypropylene market. Due to their unique chemical properties, thermoplastic materials can be recycled and remolded without affecting their physical properties. As a result, thermoplastic materials are far more useful in a wide range of applications, including clothing, packaging, food, and beverages. Additionally, they are also used in heavy-duty applications such as the aerospace, military, and medical industries. According to American Freedonia Group data, the global Thermoplastic Elastomer (TPE) market surpassed $ 24 billion and market demand reached 6.7 million tons in 2019, which will grow at a rate of 5.2% every year in the future. The rising demand for thermoplastic materials increased the demand for the polypropylene market, thereby driving the market.
Eco-friendly polypropylene compounds are increasingly being used due to strict government rules and regulations over recycling and environmental protection. The polypropylene compounds possess unique qualities, making them more favourable as an alternative in the automotive industry. For example, Grand Siam Composites, a joint venture between SCG Chemicals, Mitsui Chemicals Inc., and Prime Polymer, has developed new technologies and inventions to produce high-quality products that are environmentally friendly. With those advancements, GSC's polypropylene compounds are producing high-quality automobile parts such as consoles, instrument panels, bumpers, door panels, and various accessories.
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Major Key Players of the Market:
LyondellBasell Industries Holdings BV, China Petroleum & Chemical Corporation, SABIC innovations Plastics US LLC, ExxonMobil Chemical Company, Braskem, PetroChina Company Limited, Reliance Industries Limited, Formosa Plastics Corporation, Borealis AG, Asahi Kasei Plastics North America Inc., Mitsui Chemicals Inc., DuPont de Nemours Inc., INEOS AG, TotalEnergies SE, Sumitomo Chemical co. Ltd., Dynachem & Co. Ltd., HMC Polymers Co. Ltd., Scott Bader Company Limited, Dow Chemical Company, BASF SE, Toray Industries Inc., Lotte Chemical Corporation, Covestro AG, Huntsman International LLC, Westlake Corporation, Eastman Chemical Company, Formosa Plastics Corporation USA, INEOS Olefins & Polymers USA LLC, Chevron Phillips Chemical Company LP, Trinseo LLC, Pinnacle Polymers LLC, Flint Hills Resources LLC
Polypropylene-Plastic Material And Resins Market 2024 Key Insights:
• The polypropylene-plastic material and resins market size is expected to see strong growth in the next few years. It will grow to $217.18 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Growing Demand For Thermoplastic Materials Fuels Polypropylene Market Growth
• Growing Adoption Of Eco-Friendly Polypropylene Compounds In The Automotive Industry
• Asia-Pacific was the largest region in the polypropylene market in 2023
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