Polypropylene Market to Boost in Coming Years – Projected to Reach USD 115.4 Billion by 2028
Published | 16 March 2022
The growth of the polypropylene market can be primarily attributed to the rising application of polypropylenes in raffia, fiber, and film & sheet, along with the increasing trend of the usage of polypropylene (PP) in the automotive industry in order to manufacture lightweight vehicles so as to enhance the fuel efficiency…
A recent study by the strategic consulting and market research firm, BlueWeave Consulting revealed that the Global Polypropylene Market was worth USD 76.1 billion in 2021 and is projected to reach USD 115.4 billion by the year 2028, growing at a CAGR of 6% over the analysis period of 2022-2028. The expansion in the polypropylene market can be primarily attributed to the large array of properties exhibited by polypropylene that expands its employability across several sectors. Polypropylene is one of the plastics with the lowest density. Moreover, it provides chemical resistance, excellent property balance, durability and versatility. It can be used as flexible fibers for tapes, carpets, and carpet backing. Thus, these factors are anticipated to drive the growth of the global high-density polyethylene market during the forecast period 2022-2028.
Fast-Paced Shift Towards Electronic Vehicles Driving the Global Market Growth
There has been an escalation in the demand for electric vehicles due to rising government regulations regarding the reduction of greenhouse gas emitted by traditional vehicles, soundless operation and high fuel efficiency. Polypropylene is one most extensively used plastics to manufacture electric vehicles. Moreover, The Ministry of Industry and Information Technology of China has predicted that the country’s electric car sales will double in the approaching few years. Polypropylene is a cost-effective material having outstanding mechanical properties and moldability. Consequently, it is used in various parts, like instrumental panels, bumpers as well as door trims. These factors may act as crucial growth drivers for the polypropylene market during the forecast period 2022-2028.
Packaging Industry to Grow at A Higher Growth Rate During the Forecast Period
The packaging industry dominated the polypropylene market in 2021, and this trend is projected to stay constant during the forecast period 2022-2028. Polypropylene is the most commonly used plastic in the packaging industry. Mostly, it finds application in food packaging having direct contact with food or beverages. This is due to the fact that polypropylene does not leach chemicals in food. The packaging industry is closely followed by the automotive industry. This can be attributed to the surging demand for electric as well as hybrid electric vehicles (EV/HEV). Moreover, polypropylene can also be used as insulating material for high voltage carrying cables as it provides thinner, lightweight and flexible insulation.
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Impact of COVID-19 On The Global Polypropylene Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The global polypropylene market has also been brutally impacted by the emergence of the COVID-19 pandemic. Several governments around the world imposed rigorous lockdowns thus vividly hampering the building and construction, transportation, packaging, electrical, and electronics industries, which are the important end-user industries for the Polypropylene market. These industries are experiencing a sharp decline in demand as well as production due to the declining discretionary spending, limitations on supply and transport, factory shutdowns and a slowdown in infrastructure expansion activities throughout the world. Nevertheless, with the improving market circumstances in the post covid era, the growth of the polypropylene market is likely to recover during the forecast period.
The Asia-Pacific Region Is Expected to Grow with The Highest CAGR in The Global Polypropylene Market.
In terms of regional analysis, the global polypropylene market has been classified into North America, Europe, the Asia-Pacific, Latin America and the Middle East, and Africa. Amidst the segmentation, the Asia-Pacific region dominated the global polypropylene market, in terms of value as well as volume in 2021. Moreover, APAC is expected to be the largest growing market in the global Polypropylene during the forecast period 2022-2028. This can be attributed to the growing demand for polypropylene from the packaging and automotive sector, particularly in countries like India, China, and Japan. Furthermore, market leaders including Formosa Plastics Group, LG Chem, China Petrochemical Corporation, and Sumitomo Chemical present in the region are anticipated to amplify the demand for polypropylene in the region during the forecast period 2022-2028.
The global polypropylene market is a fragmented market. The key players operating in the global Polypropylene market are LyondellBasell Industries Holdings B.V.; SABIC; Exxon Mobil Corporation.; DuPont.; INEOS Capital Limited.; Total; Formosa Plastics Corporation, U.S.A.; China Petrochemical Corporation; LG Chem.; Sumitomo Chemical Co., Ltd.; Eastman Chemical Company; BASF SE; Reliance Industries Limited.; Westlake Chemical Corporation; Braskem; Haldia Petrochemicals Limited; LOTTE Chemical CORPORATION.; Trinseo.; HPCL- Mittal Energy Limited (HMEL); Brahmaputra Cracker and Polymer Limited (BCPL)other prominent players. The players maintain their dominance in the market by enhancing their production capabilities, research, and development activities, and launching improved products for the customers. Different strategies are adopted like engaging in strategic alliances, agreements, mergers, and collaborations.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global polypropylene market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global polypropylene market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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