Polypropylene is a thermoplastic polymer widely used in various industries. It is made through the polymerization of propylene monomers derived from petroleum or natural gas. The polymerization process involves connecting propylene molecules, resulting in a versatile and durable material with excellent chemical resistance and a high melting point. Polypropylene has numerous applications, including packaging materials, automotive parts, household products, textiles, medical devices, and construction materials. Its versatility, low cost, lightweight nature, and excellent chemical resistance make it suitable for a wide range of uses in various industries.
According to Data Bridge Market Research, the Polypropylene Market accounted for USD 120.50 billion in 2021 and is expected to reach USD 167.47 billion by 2029. The market is expected to grow with a CAGR of 4.20% in the forecast period of 2022 to 2029.
“High demand across various end users boosts the market’s growth”
The polypropylene market is experiencing significant growth due to high demand across various end users. Polypropylene is widely used in packaging, automotive, construction, healthcare, and textiles. The increasing population, urbanization, and economic development in emerging economies have led to a surge in demand for consumer goods, which in turn drives the demand for polypropylene packaging materials. Additionally, the automotive industry's adoption of lightweight materials and the construction sector's need for durable and cost-effective solutions further contribute to the growth of the polypropylene market.
What restraints the growth of the polypropylene market?
“Availability of substitutes restraints the market’s growth”
The availability of substitutes restrains the growth of the polypropylene market. Various alternative materials such as polyethylene, polyvinyl chloride (PVC), and polystyrene offer similar properties and applications, creating competition for polypropylene. The availability of these substitutes provides customers with alternative options, impacting the demand for polypropylene. Additionally, technological advancements and the development of new materials may further contribute to the substitution effect. Polypropylene manufacturers focus on product innovation, cost-effectiveness, and sustainability to maintain their market share and attract customers to overcome this restraint.
Segmentation: Polypropylene Market
The polypropylene market is segmented on the basis of type, process, chemical structure, end use and application.
- On the basis of type, the polypropylene market has been segmented into homopolymer, copolymer.
- On the basis of process, the polypropylene market has been segmented into injection molding, blow molding, extrusion, others.
- On the basis of chemical structure, the polypropylene market has been segmented into isotactic, syndiotactic, atactic.
- On the basis of end use, the polypropylene market has been segmented into packaging, building and construction, automotive, furniture, electrical and electronics, medical, consumer products, others.
- On the basis of application, the polypropylene market has been segmented into fiber, film and sheet, raffia, foam, tape, others.
Regional Insights: Asia-Pacific dominates the polypropylene market
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The growth of the market in this region can be attributed to the increasing demand for the product in the automotive and packaging sectors and numerous market players operating within the region.
North America, on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rising utilization of packaging in the food and beverage industry and the increasing consumer demand for lightweight automotive components and electronic products.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-polypropylene-market
Recent developments
- In May, 2021, Mitsui Chemicals Inc. has partnered with Neste and Toyota Tsusho to develop renewable polymers derived from bio-based hydrocarbons. This collaboration enables Mitsui Chemicals to produce renewable ethylene, propylene, C4 fraction, benzene, and other chemicals. These bio-based hydrocarbons, supplied by Neste, are used as feedstock in the production of basic chemicals such as phenol and plastics like polyethylene and polypropylene. The quality of these renewable polymers is equivalent to that of conventional products, making them a sustainable alternative for various applications.
- In April, 2021, Mitsubishi Chemical Corporation has announced its intention to acquire the overseas polypropylene (PP) compound-producing businesses of its joint venture partner, Japan Polypropylene. This strategic move aims to bolster Mitsubishi Chemical's PP compound business. As part of the acquisition, Mitsubishi Chemical will purchase a 55 percent stake in Japan Polypropylene's subsidiary in Beijing, China, and a 50 percent stake in its subsidiary in Bangkok, Thailand. Japan Polypropylene currently has a global PP compound production capacity of 219,000 tonnes per year, along with a domestic capacity of 1 million tonnes per year.
The Prominent Key Players Operating in the Polypropylene Market Include:
- LyondellBasell Industries Holdings B.V. (Netherlands)
- Exxon Mobil Corporation (U.S.)
- SABIC (Saudi Arabia)
- DuPont (U.S.)
- INEOS AG (Switzerland)
- Formosa Plastics Corporation (Taiwan)
- China Petrochemical Corporation (China)
- LG Chem (South Korea)
- Eastman Chemical Company (U.S.)
- BASF SE (Germany)
- Reliance Industries Limited (India)
- Westlake Chemical Corporation (U.S.)
- Braskem (Brazil)
- Haldia Petrochemicals Limited (India)
- Trinseo (France)
- HPCL- Mittal Energy Limited (India)
- Brahmaputra Cracker And Polymer Limited (BCPL) (India)
- SACO AEI Polymers (U.S.).
Above are the key players covered in the report, to know about more and exhaustive list of polypropylene market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Polypropylene Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
