- Automobile, construction, electrical and electronics, and medical industries utilize salient characteristics of polypropylene
- Widespread use in making food containers key to sizable revenues in Asia Pacific for players; research on biobased polypropylene expands horizon
ALBANY, New York, May 11, 2020 /PRNewswire/ -- Current Prospects and Future Outlook: End-use industries, notably including packaging, automobile, construction, electrical and electronics, and medical, are harnessing the beneficial properties of resins in wide range of applications. Incredible opportunities in the polypropylene market emerge from the growing body of research and consistent research and development activities in developing regions. The worth of the polypropylene market was US$ 100 bn in 2018 and is projected to reach US$ 164 bn by the end of 2027. The slew of properties industries harness include remarkable surface hardness, striking tensile strength, and chemical inertness.
Automotive players particularly original equipment manufacturers (OEMs) are increasingly adopting the resin due to it being light weighting along with numerous mechanical properties it offers. The propylene market is expected to garner a CAGR of more than 5.5% from 2019 to 2027. The increasing trend of light-weighting of vehicles will bolster the uptake of this polymers used, notes analysts at TMR.
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Key Takeaways in Polypropylene Market Study
- Of the various end-use industries, packaging, construction, and automotive are prominent for revenues in polypropylene market
- Vis-à-vis volume, the packaging segment led the entire pack in 2018
- Polypropylene is replacing metals for making lightweight motor vehicles; this lends substantially high revenues in automotive industry
- Regionally Asia Pacific led the global polypropylene market, contributing more than half of the share
- High demand in major end-use industries keeps Latin America a regional market with above-average growth rate
- Of all the grades, homopolymers are extensively used in range of applications
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Polypropylene Market: Key Driving Factors and Avenues
- Pursuit of packaging companies for high-performance flexible and rigid packaging is one of the key drivers for demand in the propylene market. The resin material is extensively used in packaging of snack foods and dried foods.
- Both developed and developing countries have witnessed the rising application of polypropylene in making range of automotive. To a great deal, the impetus to the demand in these applications is underpinned by the increasing trend of light-weighting of vehicles to reduce the carbon footprint.
- Resin manufacturers and producers tap into the extensive potential of various forms of polypropylene in meeting the needs of medical devices makers.
- Resin manufacturers are harnessing cutting-edge manufacturing technologies to commercialize the production on biobased polypropylene
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Polypropylene Market: Region-wise Analysis
Among the various regions, Asia Pacific is expected to be a highly lucrative market. The growth is driven by the considerable use of polypropylene materials in various product packaging applications, especially in ASEAN region. The regional market held 55.0% of the share in 2018. The regional market will gain shares in coming years.
The focus on compliance on environmental regulations in Europe has spurred the prospects of propylene in manufacturing automobile bodies. The trend will also provide momentum to otherwise mature regional market.
Polypropylene Market Players Competitive Landscape
Numerous players in recent years have been leaning in expanding the production facilities. To this end, top players have entered into joint ventures. A few players in the developed markets are focusing on harnessing modern manufacturing technologies in making biobased polypropylene, to meet the next-generation demand in end-use industries in polypropylene market. Some players are also expanding their product portfolio, mainly by spending sizable dollars in research and innovations.
Analyze Polypropylene Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Some of the well-entrenched players in the polypropylene market are Exxon Mobil Corporation, Formosa Plastics Corporation, Reliance Industries Limited, Borealis AG, Sinopec, SABIC, Braskem, Total S.A., LyondellBasell Industries N.V., and BASF SE.
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