The global production of Polypropylene was 56.44 MMT in 2016 and is estimated to reach 75.72 MMT by 2022, at a CAGR of 5.02% for the forecasted period. While, on the other hand, in terms of demand the market was USD 105.46 billion in 2016 and would reach USD 151.38 billion by 2022 growing at a rate of 6.21% compounded annually.
APAC leads the market with a share of 44% in 2016 followed by Europe. However, Middle East and Africa is expected to be the fasted growing market for the forecasted period in terms of demand.
Growth in automotive and construction sectors in emerging countries like India, China, and Indonesia is expected to drive the growth in the APAC region. On the other hand, North America was the region where the demand had a decline in the previous years but is recovering slowly.
Polypropylene is used in industries such as automobile, electrical & electronics, packaging, construction, and medical industries. Packaging leading the market with more than half of the market share in 2016 followed by automotive industry with a market share of 15% in the same year. Equipments and facilities industry would also be one of the fast growing market during the forecasted period.
Factors like demand in packaging industry, in light weighting vehicles is expected to drive the market during the forecasted period. On the other hand, factors like volatility in raw material prices, environmental issues would limit the growth of the market. Polypropylene manufacturers are shifting their focus from synthetic to bio-based polypropylene as a result of increase in demand for the latter.
Global Polypropylene market is a fragmented market with top 5 players contributing 30% of the market share in 2016. However, with the industry witnessing acquisitions, the market is moving towards a consolidated one.
Rapidly rising propylene monomer costs have encouraged PP producers to revert back to the practice of tying price increases to the rise in PGP monomer.
Key Topics Covered:
1. Our Research Methodology
2. Market Overview
3. Market Dynamics
4. Polypropylene (PP) Market Segmentation, Forecasts and Trends - by Revenue, Volume