Global Polypropylene Market: Snapshot
Owing to the different advantages that polypropylene provides like low sealing, and high impact resistance, the global market for polypropylene is estimated to witness remarkable growth in the years to come. Polypropylene may be formed readily by catalytic polymerization and is therefore a thermoplastic polymer. Raw materials availability is a major factor required for the production of polypropylene and the availability of such raw materials is again dependent on the reserves of natural gas and crude oil. Polypropylene is used for various purposes like medical industries, construction, automobile, and packaging industry as well.
The vendor landscape of the global market for polypropylene is projected to be fragmented because of the fact that there are a large number of players and each of them focus on developing new ideas and marketing strategies in order to stand out in the crowd and draw more revenue to their brand name. Key players are launching new products in the market and thus, they can also have a strong hold in the market and prove their sustainability.
The property of polypropylene is to have high amount of gloss and transparency with organoleptic property sensitive features. This property is used for storing fruits, meat, grains, vegetables, and dairy products. Not only that, polypropylene is also used for packaging condiments, toiletries, and detergents. Thus, the demand for polypropylene is high and is expected to go higher with the advent of time.
The hazardous impacts of plastics in the environment is rising with time and is creating concern in the market. Adding to that, the raw material prices are also highly volatile and this may also act as a hindrance to the overall growth of the global polypropylene market in the years to come. However, food and beverage industry demand for polypropylene in a huge amount for its packaging purposes and this is more likely to boost the growth and demand for the overall market for polypropylene in the world.
The global polypropylene market is estimated to earn US$ 133.3 bn by 2023. The forecast period is set to be from 2015 to 2023 and the CAGR of the market growth in this period is presumed to be 5.7 %.
Packaging Sector to Offer Lucrative Growth Opportunities in Market
The global polypropylene market is categorized on the basis of end users. With respect to end user segment, the market is categorized into construction, electrical and electronic, consumer product, packaging, and automotive industries. Among these, the polypropylene market is seen to be drawing more revenue shares from packaging sector since it has use in various other industries like that of food and beverage packaging. This is because it provides several benefits like low sealing threshold, high impact resistance, good optical property and flexibility. Adding to that, they have replaced paper, metals and cellophane in the packaging industry and offer competitive prices in the market.
Asia Pacific to Continue Dominating Market with Rise in Container Demand
The global polypropylene market is seen to be dominated by the regions of North America, Middle East and Africa, Asia Pacific, Latin America, and Europe. Among these, the market in Asia Pacific is seen to be contributing more share owing to the rise in polypropylene consumption in countries like India, China, and Brazil. This rise is due to the increased demand for containers for food in these nations. Apart from Asia Pacific, the polypropylene market in Latin America is also propelled to witness a remarkable rise in the years to come.
Major companies of the global polypropylene market are LyondellBasell Industries N.V, Reliance Industries Limited, INEOS Group Holdings, BASF SE, and Borealis AG.
Polypropylene is a thermoplastic polymer that can be readily formed by catalytic polymerization of propylene. Manufacture of polypropylene is largely dependent on the availability of raw materials. This, in turn, is dependent on crude oil and natural gas reserves. Polypropylene possesses beneficial properties such as high surface hardness, good tensile strength, and strong chemical resistance. As a result, it has gradually replaced other polyolefins in several applications. It is one of the most versatile polymers used in packaging, automobile, construction, electrical & electronics, and medical industries. Rising demand for polypropylene in the packaging industry is likely to augment the global polypropylene market in the next few years. Additionally, rising demand for lightweight vehicles is expected to drive growth of the polypropylene market during the forecast period. However, growing environmental issues and volatile raw material prices are projected to hamper growth of the market during the forecast period. Biobased polypropylene is likely to offer immense opportunities to polypropylene manufacturers from 2015 to 2023.
This report provides detailed analysis of the global polypropylene market in terms of volume (kilo tons) and revenue (US$ Mn) from 2014 to 2023. The market has been forecast for the period between 2015 and 2023, considering 2014 as the base year. The study also comprises drivers and restraints of the market and upcoming opportunities during the forecast period. The report offers detailed value chain analysis in order to measure value addition at each stage of the polypropylene value chain right from raw material suppliers to end-users. The report comprehends market attractiveness analysis and company market share analysis in order to provide a complete view of the market. The report analyzes the overall competition in the market through Porter’s Five Forces Model to study the impact of buyers, suppliers, new entrants, degree of competition, and substitutes. The report includes global average price trend analysis of polypropylene from 2014 to 2023.
The polypropylene market has been segmented on the basis of end-use industries, i.e., packaging, automotive, consumer products, electrical & electronics, construction, and others. Key regions considered in the report include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Each of these regions has been further analyzed on country level based on end-use demand for polypropylene from 2014 to 2023. The market numbers in the report have been derived based on demand for raw polypropylene in various end-user industries across all regions.
Secondary research sources referred for the study include company annual reports, investor presentations, safety data sheets, product description sheets, and SEC filings. In-depth interviews and discussions with a wide range of key industry participants and opinion leaders were conducted to compile this research report. Primary research represents bulk of research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. Major sources referred for this study include ICIS, FDA, Platts Magazine, Scottish Plastics and Rubber Association, and Plastemart Magazine. These helped validate and strengthen secondary research findings. Primary research further developed the analysis team’s expertise and market understanding. Top-down and bottom-up approaches were used to estimate the global polypropylene market from 2014 to 2023. The report also offers key primary findings of the global polypropylene market shared by key industry participants.
The report comprises profiles of key players operating in the global polypropylene market. These profiles include company details, business overview, product portfolio, key competitors, business strategies, and recent developments such as acquisitions, mergers, expansion, or product launch. Key companies include BASF SE, Braskem, Borealis AG, Sinopec, Formosa Plastics Corporation, Exxon Mobil Corporation, Reliance Industries Limited, Total S.A., SABIC, INEOS Group Holdings, Japan Polypropylene Corporation, PetroChina Company Limited, and LyondellBasell Industries N.V.
The report segments the global polypropylene market as follows:
- Polypropylene Market - End-user Analysis
- Consumer products
- Electrical & electronics
- Others (Including medical, agriculture, furniture, etc.)
- Polypropylene Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
- North America