The global polypropylene market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Polypropylene is a polymer produced from polymerization of propylene monomer. Polypropylene, commonly known as PP is one of the largest volume polymer business globally. Polypropylene constitutes a significant percent of polymer resins used in a wide range of applications, from packaging to automotive parts. Polypropylene grades of resins include homopolymer and copolymer. Homopolymer PP, which is made of propylene monomer, is used in orthotic and prosthetic devices, secondary containments, pump components, and storage tanks.
Polypropylene resin is made into different intermediates using various molding technologies such as injection molding, blow molding, film and sheet, pipes and profile, wire and cable and rotomolding.
Rising demand for PP resins (homopolymer and copolymer) from various industries such as packaging, construction, and others are likely to drive the polypropylene market.
Drivers and Restraints Polypropylene Market
Growing investments in downstream industries in regions like the Americas, the Middle East and the Far East are likely to offer tremendous possibilities for polypropylene market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Polypropylene and its grades are exposed to the probability of volatility in supply and price of crude oil. Polypropylene and its grades have an adverse effect on environment and are prone to stringent regulations. Existing and future regulations concerning the use of polypropylene and its grades in end products are likely to challenge the market growth.
Polypropylene Market by Region
Asia was the largest consumer of polypropylene and its grades and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China and India. China and India were the largest consumers of polypropylene in this region, whereas Japan and South Korea are likely to grow at a higher pace. Growing demand from packaging, construction and other industries will drive polypropylene and its grades market in Asia. Consumption of polypropylene and its grades in rest of the world is likely to grow at a reasonable rate next to Asia. North America is likely to grow at a significant rate due to demand from packaging and construction industry. With major production capacities in USA, the region is likely to grow in terms of global supply capability. Demand from Europe was low relatively and is likely to stay same in the next few years and will continue focusing on exporting to Asia.
Manufacturers in this market include LyondellBasell, SABIC, Exxon Mobil Corporation, DuPont, INEOS, Total S.A., Braschem, Borealis AG, China Petrochemical Corporation, Formosa Plastics Group, Reliance Industries, BASF, LG Chem, and Sumitomo Chemicals.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth