Polypropylene Market Demand, Application, COVID-19 Analysis, Share, Forecast 2023
Polypropylene Market
Polypropylene (PP) is a thermoplastic resin used in the manufacture of various materials and fibers. Its flexibility and stiffness are attractive to manufacturers in industries of packaging, automotive, construction, agriculture, and others. The global polypropylene market report by Market Research Future (MRFR) takes a deep dive into the industry and gleans pertinent trends and insights necessary for leaders to sustain for the period of 2017 to 2023 (forecast period). The sudden outbreak of the COVID-19 virus and its implications on the industry has been included as a part of the report.
Market Scope
The global polypropylene market is expected to experience a huge windfall over the forecast period owing to the call for lightweight products from end-use industries. This is exemplified by the use of raffia and fiber in the automotive sector. Properties of PP such as low moisture resistance, staining resistance, high tensile strength, and chemical resistance are attractive to many end-use industry manufacturers.
The packaging industry is one of the biggest proponents of PP owing to its ability to protect the content and its light weight ensuring its speedy delivery. This is witnessed in the food and beverage industry which requires packaging that minimizes food spoilage. The large number of consumers spending on processed and packaged foods owing to their lifestyle can bode well for the global polypropylene market over the forecast period.
The lockdown enforced by various nations globally owing to the propagation of the COVID-19 virus can negatively impact the demand of propylene. But the need for medical gowns and other protective equipment can revive its demand during the forecast period.
However, concerns over its contribution to plastic waste can hamper the market. But efforts and campaigns by governments for recycling of polypropylene can lead to its sustainability and lead to a surge in demand.
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Segmentation
On the basis of application, the market is segmented into electrical & electronics, construction, agriculture, automotive, and packaging.
Among these, the automotive segment holds a major share in the market owing to growing use of plastic materials to produce high performing and efficient vehicles.
Moreover, the packaging segment is estimated to witness a rapid growth in the market due to advantages of flexibility, low storage space, and ability to survive in extreme conditions. In addition, the sale of personal care products such as detergents, soaps, and toiletries can bode well for the market. The sale of hygiene products targeted at infants, women, and adults can bolster the demand for PP in the coming years.
Regional Analysis
The global polypropylene market is segmented across five regions in the world namely Asia Pacific (APAC), Latin America, North America, Europe, and the Middle East & Africa (MEA).
Among these, APAC commands a large market share due to the growing demand for polymers in electrical & electronics, agriculture, automotive, packaging, and construction sectors. The growth of the automotive sector and growing consumption of low density materials for production of high standard and efficient vehicles in countries of India, China, and Japan are key drivers of the regional polypropylene market.
North America is predicted to be a lucrative region for investment to PP manufacturers owing to the increasing demand for thermoplastic materials in packaging, construction and buildings, medical, and automobile sectors. The high disposable income levels and heavy investments in major industries are likely to support the demand for polypropylene during the forecast period. Consumption of lightweight products in automotive and consumer electronic sectors is likely to augur favorably for the market.
The global propylene market in Europe can expand at an above-average growth rate owing to the demand for light materials in industrial machinery, glass, textile, and automotive industries. Lastly, Latin America and MEA regions can induce heavy demand for polypropylene owing to heavy investments in end-use industries providing a strong stimulus.
Competition Outlook
Chevron Phillips Chemical Company, Eni S.p.A., The Dow Chemical Company, LG Chem, LyondellBasell, SABIC, LANXESS, Exxon Mobil Corporation, BASF SE, and INEOS are key players of the global polypropylene market.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.
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