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.