PP Homopolymer Market Estimated to Exhibit 5.5% CAGR through 2026
According to Future Market Insights, an increasing consumption of PP homopolymer in the packaging industry along with a high growth of the retail sector is likely to boost the demand for PP homopolymer and subsequently drive market growth over the forecast period. PP homopolymer plays a major role in decreasing carbon emissions from vehicles and manufacturers around the world are increasingly using PP homopolymer in vehicle production to comply with various government and environmental regulations regarding the reduction of carbon emissions from vehicles. Use of PP homopolymer in automotive applications leads to reduced weight of the vehicle, consequently increasing its fuel efficiency. This is another factor fuelling the growth of the global PP homopolymer market. In order to capitalise on the opportunities in the market, market players are introducing new grades of PP homopolymer for various new applications to increase their market share in the global market.
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However, in the last few years, automobile OEMs have been switching from PP homopolymer to PP copolymer and aluminium for manufacturing specific vehicle parts as PP copolymer and aluminium provide better toughness and durability than PP homopolymer. This is likely to restrict the growth of the global PP homopolymer market over the forecast period.
The global PP homopolymer market is segmented on the basis of processing technology into Injection Moulding, Film, Other Extrusion, Fibre, and Others (blow moulding, sheet etc.); and on the basis of end use into Packaging (Flexible Packaging, Rigid Packaging), Electrical and Electronics, Textile, Automotive, Building and Construction, and Others.
The Injection Moulding processing technology segment is anticipated to hold the largest market value share throughout the forecast period and is expected to create total incremental opportunity of US$ 14.62 Bn between 2016 and 2026
The Packaging end use segment is estimated to dominate the global PP homopolymer market throughout the forecast period due to high demand in North America and Western Europe. This segment is expected to create total incremental opportunity of US$ 15.16 Bn by the end of 2026
The global PP homopolymer market is segmented into the seven key regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa (MEA). The APEJ regional market is estimated to dominate the global PP homopolymer market in terms of value and register a CAGR of 5.8% over the forecast period. The MEA homopolymer market is anticipated to witness a CAGR of 5.4% during the forecast period, making MEA the second largest market in terms of CAGR.
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The global PP homopolymer market report features some of the top companies operating in this market. LyondellBasell Industries, Braskem S.A., The Dow Chemical Company, Reliance Industries Limited, L.C.Y. Chemical Corporation, Total Petrochemicals USA Inc., IRPC Public Company Limited., Sasol Limited., National Petrochemical Industrial Company, and The Polyolefin Company (Singapore) Pte Ltd. are the companies profiled in the report. Global manufacturers are introducing new grades of PP homopolymer in order to meet different technical and regulatory requirements for various end-use industries.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
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