Polypropylene Market Expected to Reach US $ 108.57 Billion By 2028; Extensive adoption of plastics in packaging industry to ensure stable market growth, says Fortune Business Insights ™
Top Companies Covered In The Polypropylene Market Research Report Are Beaulieu International Group (Belgium), Borealis AG (Austria), Repsol (Spain), Braskem (Brazil), Formosa Plastic Group (Taiwan), Ducor Petrochemicals (Netherlands), China Petroleum & Chemical Corporation (China), China National Petroleum Corporation (China), LyondellBasell Industries NV (Netherlands) and other high-profile players.
Pune, India, July 07, 2021 (GLOBE NEWSWIRE) – The global polypropylene market is projected to reach USD 108.57 billion by 2028, a CAGR of 5.2% over the forecast period. As per Fortune Business Insights ™ report, titled Polypropylene Market Size, Share, and COVID-19 Impact Analysis, By Type (Homopolymer, Copolymer), By End-User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods / Lifestyle, Healthcare) & Pharmaceuticals, Electrical & Electronics, Agriculture, Others) and Regional Forecast, 2021-2028 “, the market volume in 2020 was USD 75.12 billion and is estimated at USD 76.00 billion in 2021.
Effects of COVID-19
Polypropylene market growth collapsed 1.1% in 2020 as demand for polymers from the automotive industry declined sharply in the wake of the COVID-19 pandemic. Due to numerous restrictions around the world, automakers have had to close many of their plants to comply with government regulations. In addition, vehicle adoption is falling around the world as a large proportion of people work from home, resulting in an unprecedented decline in car use around the world.
Advances in plastics recycling technologies to create new growth opportunities
Plastic pollution has become a development scourge for the planet. Now, with the support of governments and international bodies, chemical companies are taking concerted steps to address this problem directly with advanced recycling technologies.
For example, in April 2021 INEOS received the ISCC Plus Award from the International Sustainability & Carbon Certification Organization for its successful commercial trials of next-generation recycling technology to produce polypropylene (PP), high-density polyethylene (HDPE), propylene and ethylene. In the same month, the US Polypropylene Recycling Coalition, a cross-industry collaboration, approved USD 1 million at three facilities to promote the recycling of PP in the US. Hence, the growing recognition and improved funding of the plastics circular economy will play a vital role in developing this market.
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Highlights of the report
The report provides an in-depth study of the various factors influencing the growth path of the market as well as a detailed analysis of the obstacles the market is facing. Additionally, the report includes an extensive study of the regional and competitive dynamics affecting the market, as well as a careful assessment of each of the market segments.
Integration of PP into electric vehicles to accelerate market growth
As vehicle pollution has reached an all-time high in major economies, adoption of electric vehicles (EVs) is increasing worldwide. For example, according to data released by the International Energy Agency (IEA), global sales of electric cars reached 2.1 million in 2019. The key to increasing the energy efficiency of electric vehicles is to reduce their weight by using lightweight materials in the manufacture of their components. The thermoplastic polypropylene is perfectly suited for this purpose, mainly because of its low density. Because of this, many electric vehicle manufacturers are actively integrating PP into their products to make them more energy efficient.
For example, the Skoda Scala is equipped with 10% low-talc PP from Borealis, which was used for the manufacture of the center console, the glove box and the dashboard of the car. Similarly, Renault’s B4D engine uses a PP blend for the air intake manifold, which weighs 15% less than manifolds made from traditional polyamide-based materials. To sum up, the use of PP based materials in electric vehicles is the new thriving trend in the plastics industry driving the market.
Promising growth in the packaging industry in support of the Asia Pacific market
Supported by the spectacular growth of the packaging industry, the Asia-Pacific region will dominate the polypropylene market share in the forecast period. The advancement of the packaging industry in this region is being driven by rapid urbanization in India and China, where packaged foods, beverages and consumer goods are in high demand. The region’s market size in 2020 was $ 39.95 billion.
The North American market is expected to make significant progress due to the extensive use of polypropylene in electronics manufacturing in the region, albeit with a lower CAGR than the Asia-Pacific region. In Europe, the main driver for the PP market is the enormous production and consumption of automobiles.
Depending on the type, the market is divided into homopolymers and copolymers.
On the basis of end users, this market has been divided into Packaging, Automotive, Infrastructure & Construction, Consumer Goods / Lifestyle, Healthcare & Pharma, Electrical & Electronics, Agriculture, and others. The consumer goods / lifestyle segment had a 7.1% share of the world market in 2020.
By region, the market has been divided into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
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Key players launch breakthrough products to electrify the market
As the demand for novel polymer formulations continues to grow, key players in this market are strategically investing in research and development to create groundbreaking polypropylene-based products. These offers are designed for different applications in all industries, which in turn will deepen the market position of the companies.
Fortune Business Insights ™ lists some of the well-known companies that are present in the polypropylene market. They are as follows:
Beaulieu International Group (Belgium)
Borealis AG (Austria)
Formosa Plastic Group (Taiwan)
Ducor Petrochemicals (Netherlands)
China Petroleum & Chemical Corporation (China)
China National Petroleum Corporation (China)
LyondellBasell Industries NV (Netherlands)
MOL Group (Hungary)
BASF SE (Germany)
Total SA (France)
Reliance Industries Limited (India)
SABIC (Saudi Arabia)
ExxonMobil Chemical (USA)
Key Industry Development
December 2020: LyondellBasell introduces Beon3D, an innovative suite of PP products that combines additive manufacturing solutions with polymer technologies. The new line was developed to facilitate the design and production of complex and high quality 3D objects.
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