ALBANY, New York, August 27, 2015 /PRNewswire/ --
Transparency Market Research has published a new report titled "Polypropylene Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023." According to the report, the global polypropylene market was valued at US$ 81.63 Bn in 2014 and is anticipated to reach US$ 133.39 Bn by 2023, expanding at a CAGR of 5.7% between 2015 and 2023. In terms of volume, the global polypropylene market stood at 57,898.9 kilo tons in 2014.
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Rising demand for polypropylene in the packaging industry is likely to augment the global polypropylene market in the next few years. Additionally, rising demand for lightweight vehicles is expected to boost growth of the polypropylene market. However, growing environmental concerns and volatile raw material prices are projected to hamper growth of the market during the forecast period. Biobased polypropylene is likely to offer immense opportunities to polypropylene manufacturers from 2015 to 2023. It is one of the most versatile polymers used in packaging, automobile, construction, electrical & electronics, and medical industries.
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In terms of volume, the packaging industry was the largest consumer of polypropylene in 2014, accounting for over 45% share. Beneficial properties of polypropylene such as transparency, stiffness, sealability, twist retention, and moisture resistance make it one of the most efficient materials for use in packaging. The automobile industry was the second-largest consumer of polypropylene in 2014. Polypropylene reduces overall weight of the vehicle when used effectively. This, in turn, enhances fuel efficiency and reduces overall cost. Large number of consumer products such as electronic appliances, kitchenware, DVD cases, toys, and other durable goods are manufactured using polypropylene due to its high chemical resistance, puncture resistance, and high tensile strength. Demand for polypropylene in electrical & electronics is likely to increase at a moderate rate between 2015 and 2023. Other end-use industries of polypropylene include medical, agriculture, and furniture.
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Demand for polypropylene is high in Asia Pacific, especially in food packaging, due to increasing population and changing lifestyle. This is because consumers are opting for easy-to-cook or ready-to-eat food. In terms of volume, Asia Pacific accounted for over 50% share of the polypropylene market in 2014 and is likely to be the fastest-growing region during the forecast period. North America and Europe are mature markets; however, high demand for polypropylene in packaging and automotive industries is projected to propel the polypropylene market in these regions during the forecast period. The market in the Middle East & Africa is anticipated to expand at a faster pace due to high demand from automotive and construction industries.
The global polypropylene market is highly fragmented in nature. The top five companies accounted for over 35% share in 2014. Most players in the market are vertically integrated and aim to expand their capacities by 2023. Leading players in the market include LyondellBasell Industries N.V., Total Petrochemicals. Braskem, SABIC, Sinopec, Borealis AG, Reliance Industries Limited, Formosa Plastics Corporation, Sasol, INEOS Olefins & Polymers USA, BASF SE, Japan Polypropylene Corporation, and Exxon Mobil Corporation.
The report segments the global polypropylene market as follows:
Polypropylene Market - End-user Analysis
- Consumer products
- Electrical & electronics
- Others (Including medical, agriculture, furniture, etc.)
Polypropylene Market - Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
Other Reports by Transparency Market Research:
- Polypropylene Random Copolymer Market: http://www.transparencymarketresearch.com/polypropylene-random-copolymer-market.html
- Polypropylene Resins And Elastomers Market: http://www.transparencymarketresearch.com/polypropylene-resins-elastomers.html
- Methylene Chloride Market: http://www.transparencymarketresearch.com/methylene-chloride-market.html
- Isononyl Acrylate Market: http://www.transparencymarketresearch.com/isononyl-acrylate-market.html
Browse All Other Chemical & Materials Market Research Reports: http://www.transparencymarketresearch.com/chemical-market-reports-2.html
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