Press release
Polypropylene-Plastic Material And Resins Market Growth Accelerates: Strategic Forecast Predicts $241.55 Billion by 2029
Polypropylene-Plastic Material And Resins
What Will the Polypropylene-Plastic Material And Resins Industry Market Size Be by 2025?
In recent times, the market size of polypropylene-plastic materials and resins has experienced a swift growth. The projection is that it will expand from $154.08 billion in 2024 to $169.66 billion in 2025 with a compound annual growth rate (CAGR) of 10.1%. The significant growth observed in the historical period can be traced back to sectors such as the packaging industry, the automotive industry, consumer goods, and building and construction materials.
What's the Long-Term Growth Forecast for the Polypropylene-Plastic Material And Resins Market Size Through 2029?
The market for polypropylene-plastic materials and resins is predicted to experience significant expansion in the upcoming years, eventually reaching a value of $241.55 billion in 2029, with a compound annual growth rate (CAGR) of 9.2%. This projected growth within the forecast period can be linked to factors such as the development of sustainable and recyclable materials, advancements in renewable energy and electric vehicles, innovation in packaging, and the rise of advanced healthcare devices. Within the forecast period, the major trends to watch out for include bio-based polypropylene, enhanced additive manufacturing, high-performance formulations, and intelligent materials.
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What Are the Key Growth Drivers Fueling the Polypropylene-Plastic Material And Resins Market Expansion?
The polypropylene market's expansion has been propelled by the increasing requirement for thermoplastic materials. These materials, thanks to their unique chemical characteristics, can be recycled and reshaped without negatively influencing their physical attributes. This makes thermoplastic materials highly versatile, finding use in various applications such as textiles, packaging, food and beverages, among others. They also find substantial use in heavy-duty sectors like aerospace, military, and healthcare. American Freedonia Group's data analysis reveals that the global Thermoplastic Elastomer (TPE) market has exceeded $24 billion with a market demand surging to 6.7 million tons. This is expected to continue growing annually at 5.2%. The mounting requirement for thermoplastic materials has enhanced the demand for the polypropylene market, serving as a pivotal growth driver.
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What Are the Key Trends Driving Polypropylene-Plastic Material And Resins Market Growth?
The use of environmentally-friendly polypropylene compounds has surged due to stringent government policies concerning recycling and preservation of the environment. These polypropylene compounds have distinct attributes that make them ideal substitutes in the automobile sector. To illustrate, Grand Siam Composites, a collaboration between SCG Chemicals, Mitsui Chemicals Inc., and Prime Polymer, introduced novel technologies and innovations to manufacture superior, eco-friendly products. As a result of these advancements, GSC's polypropylene compounds are being utilized to create top-notch automobile parts such as consoles, instrument panels, bumpers, door panels, and a variety of accessories.
How Is the Polypropylene-Plastic Material And Resins Market Segmented?
The polypropylene-plastic material and resins market covered in this report is segmented -
1) By Product Type: Homopolymer, Copolymer
3) By Application: Fiber, Film and Sheet, Raffia, Other Applications
2) By End User Industry: Packaging, Automotive, Consumer Products, Electrical and Electronics, Other End-user Industry
Subsegments:
1) By Homopolymer: Isotactic Polypropylene, Atactic Polypropylene
2) By Copolymer: Block Copolymer, Random Copolymer
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Which Companies Are Leading the Charge in Polypropylene-Plastic Material And Resins Market Innovation?
Major companies operating in the polypropylene-plastic material and resins market include 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
Which Regions Are Leading the Global Polypropylene-Plastic Material And Resins Market in Revenue?
Asia-Pacific was the largest region in the polypropylene market in 2023. North America was the second-largest region in the global polypropylene market. The regions covered in the polypropylene-plastic material and resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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