ALBANY, New York, Feb. 15, 2019 /PRNewswire/ --The global polypropylene market holds a highly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This can be attributed to the existence of a large number of small- and large-scale companies in the polypropylene market. Some of the leading vendors working in the global polypropylene market are LyondellBasell Industries, Borealis AG, BASF SE, Reliance Industries Limited, and NEOS Group Holdings.
A key strategy adopted by players in the global polypropylene market to outshine their rivals is constant launching of new products along with offering flexible customization. They are adopting various novel marketing strategies and also focusing hard on innovative branding ideas to cement a strong position in the market. Capitalizing on the opportunities offered by growing industries such as automotive, consumer goods, and electronics is the most popular strategy adopted by the businesses present in the global polypropylene market.
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According to experts from TMR, the global polypropylene market is expected to gain revenue worth US$133.3bn by the end of 2023. Experts project this growth to occur at a promising CAGR of 5.70% during the forecast period from 2015 to 2023.
Among the various end-users in the market, growing adoption of polypropylene in the packaging industry is expected to boost the global polypropylene market. This is because of the rising demand for user-friendly, highly flexible, resistant, and cost-effective packaging in the food and beverage industry. Region wise, Asia pacific is expected to account for the leading share in the global polypropylene market in the coming years. This is attributed to a flourishing food and beverages industry in the region along with the rising demand for food containers.
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Rising Need for Eco-friendly Material in Various Industries Stokes Demand in Polypropylene Market
Polypropylene is mainly a heavy molecular weight thermoplastic polymer, which is usually produced during catalytic polymerization of propylene. Polypropylene exhibits outstanding electrical and chemical resistance at high temperature. It is basically a translucent and rigid material which does not pose stress-cracking problems. Polypropylene is a one of the most popular versatile products as it is extensively used in various industries such as carpeting, automobile, paper, toy making, and manufacturing. It is easily customizable and colorable and does not hamper the original quality of the plastic. Thus, growing demand for polypropylene in various end-use industries, rising need for light-weight vehicles, and increasing demand for bio-based, eco-friendly packaging materials are the major factors driving the global polypropylene market.
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Furthermore, in various packaging industries, polypropylene is considered safe as it does not react with the food directly. Apart from this, rising demand for cost-effective packaging from various industries such as food and beverages, healthcare, and cosmetics, and growing use of polypropylene in injection molding process are also fueling the growth of the global polypropylene market.
Increasing Demand for Sustainable Products Hamper Market Growth
Some of the challenges hindering the growth of the global polypropylene market are highly volatile prices of raw materials and risk associated with increasing use of plastics. Nonetheless, persistent demand comes from the food and beverages industry is believed to help market players overcome these challenges in the near future.
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The review is based on a market research report by TMR, titled, "Polypropylene Market (End User - Packaging, Automotive, Consumer Products, Electrical & Electronics, Construction, Medical, Agriculture, and Furniture) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023".
The segmentation of global polypropylene market is based on:
- Consumer products
- Electrical & electronics
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