Polypropylene Market - Global Industry Analysis 2023
Sinopec stood at the second position. It licensed Spherizone PP and Lupotech PE process technologies for its four new plants in China in November 2013. Braskem came in third due to its presence in 70 different countries in the Americas, Europe, and Asia. The global market for polypropylene market was valued at US$81.6 bn in 2014. Rising at a healthy CAGR of 5.7% during the forecast period, the valuation of the market is estimated to reach US$133.3 bn by 2023.
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Vastly Populated Asia Pacific Remains Most Lucrative Market
The report segments the global polypropylene market on the basis of end user and region. By end user, the market has been segmented into packaging, automotive, consumer products, electrical and electronics, construction, and others. The segment of packing accounted for 48.6% of the market in 2014, and is expected to remain the key segment during the forecast period. This is due to rising demand from food and beverages and personal care industries on account of changing lifestyle in emerging economies. On the other hand, automotive is likely to be the second-most attractive segment of the global polypropylene, owing to the increasing demand for lightweight vehicles and reduction in carbon emission.
Regionally, the report studies the regional polypropylene markets in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific accounted for 54.8% share in the market in 2014 and is expected to remain the key region due to vast populations and the growth in the packaging industry.
Food and Beverages Industry Sustaining Demand
The rising demand for plastic packaging in the food and beverages industry is the primary driver in the global market for polypropylene, as it is widely used for its properties such as high impact resistance, flexibility, good optical property, and low sealing threshold. The availability of polypropylene at competitive prices is another favorable factor responsible for its widespread use. Moreover, rising demand for lightweight vehicles is projected to boost the demand for polypropylene during the forecast period. Considerably lightweight polypropylene is swiftly replacing steel and wood for the manufacture of several components of new automobiles, which makes them fuel-efficient and in turn, reduces the dependency on the volatile oil and gas industry. Conversely, growing environmental concerns about the usage of plastics is the most prominent factor that is expected to hinder the growth of the global market for polypropylene. Also, volatility in raw material prices is another restraining factor for the market.
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The author of the report picks out an opportunity for players in the polypropylene market, saying “Key petrochemical companies across the globe are focused on developing bio-based propylene from renewable feedstock such as corn, biomass, and agricultural waste material. Bio-based polypropylene will help polypropylene manufacturing companies to reduce dependency on crude oil and natural gas. These companies would also produce eco-friendly products that will reduce greenhouse gas emissions as compared to their synthetic counterparts.”
The information presented in this review is based on a Transparency Market Research report, titled, “Polypropylene Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2023.”
Key Segments of the Global Polypropylene Market
Polypropylene Market - End-user Analysis
Electrical & electronics
Others (Including medical, agriculture, furniture, etc.)
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