Asia Pacific Recycled Propylene Market Size Grows at Significant CAGR of 7.2% During 2023–2029

Published | 06 March 2023

Asia-Pacific recycled propylene market is flourishing because of an increasing demand for the product from the thriving construction sector and high adoption of propylene in the packaging industry.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Asia-Pacific recycled propylene market size to grow at a significant CAGR of 7.22% during the forecast period between 2023 and 2029. Major growth factors of Asia-Pacific recycled propylene market include increasing environmental concerns and growing usage recycled plastics in numerous applications. The usage of recycled plastics minimizes trash in landfills, aids in the preservation of biodiversity and energy, and prevents pollution. As a result, end-use industries, such as building & construction, packaging, electric & electronics, textiles, and automotive are increasingly use recycled plastics. Stringent recycling policies in China, which once had the highest percentage of recovered plastics in the world, are causing manufacturers of recycled plastics to relocate to Indonesia, resulting to increased output and consumption in the country. Because of the capacity of plastic to replace traditional metal and wooden parts in vehicles, the automotive, building & construction, and packaging industries are expected to boost product demand over the forecast period, owing to the country's expanding purchasing power and disposable income. The construction of residential, industrial, commercial, and public infrastructure is also assisting the growth of Asia-Pacific recycled propylene market during the forecast period. However, lack of proper infrastructure and stringent government laws are anticipated to restrain the growth of recycled propylene market in Asia Pacific.

Asia-Pacific Recycled Propylene Market – Overview

The recycled propylene is also known as a biodegradable thermoplastic polymer. It is a strong substance that is classified as semi-rigid. It has features such as low density, high strength, and anticorrosion. Packaging, plastic parts, textile, industrial fibers, laboratory equipment, labels, stationery, and so on are examples of applications. PET emits 75% less CO2 throughout the textile garment manufacturing process than virgin polyester, which is further propelling the market. Polypropylene recycling is the process of recovering polypropylene plastic from discarded or waste materials.

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Impact of COVID-19 on Asia-Pacific Recycled Propylene Market

COVID-19 had a detrimental impact on recycled propylene market across Asia Pacific. With the enforcement of stringent travel restrictions and lockdowns by governments across Asia Pacific to combat the spread of virus, the market witnessed difficulties in collecting plastic trash and processing operations, such as recycling, as most manufacturing was shut down. Also, supply chain interruption impacted the transfer of raw materials and goods across several nations, resulting in enormous financial losses for the major market participants and decreased demand for plastic across multiple industries. However, when the number of Covid-19 instances decreased, governments in several Asia-Pacific countries relaxed restrictions and permitted the resumption of business activities, allowing the market to recover from losses and resume its normal pace.

Asia-Pacific Recycled Propylene Market – By Process

By process, Asia-Pacific recycled propylene market is bifurcated into Mechanical and Chemical segments. The mechanical segment is expected to hold a higher market share during the period in analysis. Mechanical recycling is more efficient, saves money, and has shorter lead times than chemical recycling. Polypropylene may be recycled because it is a thermoplastic that can be melted and reformatted. This can be accomplished using mechanical means such as grinding, washing, and extruding the material. Mechanical recycling is appropriate for packaging films, fibers, containers, and automobile parts. Furthermore, mechanical recycling of polypropylene yields high-quality recycled material with little deterioration. Furthermore, rising demand for recycled polypropylene in automotive, packaging, and other sectors will fuel the mechanical segment's rise in the polypropylene recycling market during the forecast period.

Competitive Landscape

Major players operating in Asia-Pacific recycled propylene market include LyondellBasell Industries Holdings B.V, Haldia Petrochemicals Limited, Reliance Industries Limited, Westlake Chemical Corporation, Formosa Plastics Corporation, Custom Polymers Inc., and Joe's Plastic Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Asia-Pacific Recycled Propylene Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia-Pacific Recycled Propylene Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Asia-Pacific Recycled Propylene Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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