Polypropylene Random Copolymer Market to Represent Significant Revenue Growth 2023
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As per this research report, the market for polypropylene random copolymers is predicted to be fuelled by the rising demand for food containers and the increasing usage of syringes in injectable drugs. The increasing count of super/hypermarkets in many countries around the world is also raising the demand for polypropylene random copolymers. The industry for beverages is expected to present widespread opportunities for the manufacturers of polypropylene random copolymers during the forecast horizon. On the other hand, increasing competition from alternatives and the fluctuating prices of raw materials are anticipated to restrict the growth of the polypropylene random copolymer market in the forecast horizon.
On the basis of end user, the polypropylene random copolymer market is segmented into building and construction, packaging, healthcare, and others including furniture, media packaging, sports, toys, etc. Amongst these, in 2014, the packaging industry led the market on the basis of volume and held a share of more than 55% in the market. The preference for polypropylene random copolymers in the packaging industry is due to their exceptional stiffness, transparency, heat resistance, sealability, and organoleptic nature.
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These qualities of polypropylene random copolymers make them a highly suitable packaging material for food and beverages. Polypropylene random copolymer containers are utilized for storing fruits, grains, meat, vegetables, dairy products, etc. The health industry trailed the packaging industry by the volume of polypropylene random copolymers consumed and constituted the second biggest share in the market in 2014. Polypropylene random copolymers are extensively used in the healthcare industry, particularly in labware, syringes, and bottles.
On the basis of geography, the polypropylene random copolymer market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. Amongst these regions, in 2014, Asia Pacific constituted the biggest share in the market on the basis of volume and represented around 50% of the polypropylene random copolymer market. The market for polypropylene random copolymers is predicted to increase substantially within India, China, and ASEAN countries due to the rising demand for food containers here. On the other hand, the Latin America market is expected to rise exponentially owing to the increasing demand from the medical and food and beverages industries. However, Europe and North America are stagnant polypropylene random copolymer markets and are predicted to decline in the market by 2023.
According to the report, the top players in the market for polypropylene random copolymers include SABIC, Borealis AG, Sinopec, Reliance Industries Limited, Sasol, INEOS Olefins & Polymers USA, Formosa Plastics Corporation, Pinnacle Polymers LLC, Flint Hills Resources, Exxon Mobil Corporation, and Entec Polymers, among others.
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