Pune, India, April 16, 2021 (GLOBE NEWSWIRE) -- The global polypropylene market size stood at USD 78.22 billion in 2019 and is projected to reach USD 105.49 billion by 2027, exhibiting a CAGR of 5.0% during the forecast period. The polypropylene market is expected to gain impetus from its extensive usage in the manufacturing of automobiles. The Plastic Trade Association declared that PP accounts for the highest share of 32% amongst all the different types of plastics used in the automotive industry.
Low Demand from Automotive Industry amid COVID-19 to Decline Growth
The outbreak of the COVID-19 pandemic is affecting the supply of polypropylene severely. It is currently showcasing lower demand from the building & construction and automotive industries. Also, the reduced prices of crude oil are impacting the demand for PP. We are offering in-depth research reports to help you regain business confidence at a difficult time like this.
Key Questions Answered:
- What are the key demands and trends shaping this market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the market growth?
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List of the Leading Companies Profiled in the Global Polypropylene Market are:
- LyondellBasell Industries N.V. (Netherlands)
- ExxonMobil Chemical (U.S.)
- China National Petroleum Corporation (China)
- INEOS (UK)
- China Petroleum & Chemical Corporation (China)
- SABIC (Saudi Arabia)
- Ducor Petrochemicals (Netherlands)
- Reliance Industries Limited (India)
- Formosa Plastic Group (Taiwan)
- Total S.A. (France)
- Braskem (Brazil)
- BASF SE (Germany)
- Repsol (Spain)
- Borouge (UAE)
- Borealis AG (Austria)
- MOL Group (Hungary)
- Beaulieu International Group (Belgium)
- Other Key Players
Drivers & Restraints-
Rising Demand from Agriculture Sector to Propel Growth
Polypropene is nowadays utilized in the production of sports equipment, fashion apparels, and toys as it offers high flexibility and durability. Other than that, it can be molded easily in various shapes, without hampering the quality. In the agriculture sector, this material is gaining high popularity because of the rising demand for various tools, namely, nozzles, microtubes, and drippers. However, the frequent fluctuations in the prices of crude oil are affecting the cost of the final product. This factor is likely to obstruct the polypropylene market growth throughout the forthcoming years.
Packaging Segment to Hold Largest Share Fueled by Usage in Various Applications
Based on the end-use industry, the packaging segment is likely to hold the largest polypropylene market share in the coming years. This growth is attributable to the increasing usage of PP in the packaging of cosmetics, surgical equipment, auto components, and drugs. The consumer goods/lifestyle segment, on the other hand, generated 7.2% in terms of share in 2019.
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Increasing Usage in Pharmaceuticals Industry to Favor Growth in Europe
In 2019, Asia Pacific procured USD 40.41 billion in terms of revenue. The region is set to showcase high growth in the near future on account of the major contributions of India, Japan, and China. The expansion of automobile, packaging, and food & beverage industries in these countries would drive growth. Europe, on the other hand, is expected to exhibit a significant growth stoked by the increasing usage of PP in the pharmaceuticals, healthcare, and electrical & electronics industries.
Key Players Focus on Bagging New Orders from Renowned Firms to Intensify Competition
The companies present in this market are trying to establish robust distribution networks and enhance their product portfolios. A few of the local players are aiming to surge sales by gaining new orders for PP from reputed organizations.
Below are two latest industry developments:
- June 2020: HP is planning to provide its new PP material for additive manufacturing. The new 3D High Reusability PP is enabled by BASF. It is a chemically resistant, durable, and versatile material that is best suited for those customers present in the medical, industrial, consumer, and automotive sectors.
- August 2019: PureCycle Technologies signed an agreement with L’Oréal to deliver Ultra-Pure Recycled Polypropylene (UPRP). This would help the former to boost the commercialization and build-out of its technology in the industry to cater to the increasing demand.
Browse Detailed Summary of Research Report With TOC:
Detailed Table of Content:
- Research Scope
- Market SegHouseholdtation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc. .
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Price Trend Analysis
- Qualitative Insights Impact of COVID 19 on Global Polypropylene Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Polypropylene Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- By End-Use Industry
- Automotive & Transportation
- Infrastructure & Construction
- Consumer Goods/ Lifestyle
- Healthcare & Pharmaceuticals
- Electrical & Electronics
- By Region (Value)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- By Type
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