Polypropylene Market is set to reach USD 146.0 Billion by 2027 registering a CAGR of 3.0% from 2020-2027.
Polypropylene is known as a thermoplastic material that is used for the manufacturing of molded materials along with fibers. These offer good and reliable resistance of chemical and mechanical. These materials are known for the excellent stiffness, and commendable properties related to the weight and product flexibility offered. Also, these are the important trends that are likely to help the polypropylene market grow by the end of the forecast period in 2027. The use of these thermoplastic materials is wide and vibrant. Many fields like agriculture, construction sites, automotive, electrical, packaging, and electronics amongst others are playing a wide growth and use of the market.
Most of the market segments like construction, automotive, and agriculture are likely to present the best growth opportunities to the global polypropylene market based on the historic market trends and figures. Also, the packaging sector for the market is gearing up for generating demand on a wide scale and is predicted to witness extremely rapid growth.
COVID 19 Analysis
The market end-users of the global polypropylene as an ingredient have witnessed a lot of functional issues due to the implementation of temporary and permanent lockdown imposed by the government to stop the spread of the global coronavirus pandemic. Most of the industries like electricals, building, electronics, construction businesses, automotive, and packaging are functioning in a limited capacity with only half of the workforce. This is temporarily disrupting the supply chain mechanism and the market is witnessing losses as well. The medical, pharmaceutical, and healthcare industry is the only one that has witnessed demand and registered good sales in the pandemic period beginning in 2020. The unavailability of raw material for production is an added factor that is drawing the inability to supply the goods and services as per requirement.
However, the government is largely focusing on investing in the development of raw materials available to different polypropylene market end-users. The aim is to help them lend their goods and services and cater to the demand and help the supply chain mechanism attain normalcy. Further, the prominent market players are also expanding their research and development initiates by allotting a larger budget segment for the same that helps in increasing their product portfolio in the international market.
The polypropylene industry is dependent on its growth on the key market players and the growth strategies and developments undertaken by them. These product portfolios and developments by the key market players will help in expanding the supply chain mechanism. Also, the mergers and acquisitions will help the polypropylene market to increase its operations and gain a larger customer audience. The key polypropylene market players are:
There is a huge demand for the polypropylene market end-users like automotive, healthcare, electricals, packaging, electronics, and many more. This is known to be an inexpensive material that is packed with excellent moldability along with commendable mechanical properties. Also, the automotive sector makes the maximum use of polypropylene. It is put to use in a huge lane of products like door trims, bumpers, along with the instrumental panels.
There are many other plastic variants available in the market apart from polypropylene like polyurethane, polyvinyl chloride, polystyrene, polyethylene amongst others. These materials are rising the competitive edge for polypropylene. Amongst the competitive materials that are available, polyethylene has the maximum use and production. These are soft and flexible along with being hard and very strong. Hence, rising competition from substitutes and their reliable features are rising concerns for the growth of the global polypropylene market by the end of the global forecast period in 2027.
Climate change is one of the most addressed issues these days and the rising concerns related to the same are largely focusing on the development of such materials. Also, these markets are known to improve fuel efficiency in automotive products. Also, there is a widescale increase of awareness related to the combined greenhouse emissions. Moreover, there have been constant developments in resolving the issues related to energy security which is having a major impact on creating and driving the demand for automotive that is light in weight. Also, this is gaining a worldwide trend and is likely to continue by the end of the global polypropylene market forecast period in 2027.
Global Polypropylene Market share by application
Source: MRFR analysis
The polypropylene plastic market is segmented based on the type, application, global regions, the market end-users. The segmentation is important for the analysis of the reachable market valuation and CAGR growth for the global market by the end of the future forecast in 2027. The segmentations are:
Based on type
The polypropylene market includes homopolymers and copolymers as its global types
Based on application
The market applications range from fiber and raffia, blow molding, injection molding, along film and sheets.
Based on market end-users
The polypropylene market report discusses the market end-users as the medical sector, building sector, construction sites, electricals and electronics, packaging industries, and automotive industry.
Based on regions
The polypropylene market is functional in global regions like North America, South America, Europe, the APAC region along the Middle East, and Africa.
In the historic forecast period, the Asian Pacific countries led the way for the market growth both considering the polypropylene market value along with the volume of growth. A similar trend is expected for the market in the current forecast period ending in 2027 that will help the APAC market grow as per its maximum potential. The main reason behind this staggering demand is due to the growing demand for polypropylene in various sectors like building and construction units, automotive, packaging amongst others. The medical and healthcare facilities available in the APAC countries like India and China are playing a major role in helping the region emerge as a dominant force by the end of the global forecast period in 2027.
The global polypropylene market is expected to reach a considerable CAGr quantum by the end of the global forecast period in 2027. The market report consists of a general market overview that discusses the market functioning and the end-users of the produce. However, the emergence of the pandemic harmed the market and the report further discusses the market growth in the form of drivers and opportunities. The report also discusses the restraints for the impact. Also, it is important to note the functioning of the market segments in 5 major geographical locations that will help the polypropylene market grow till 2027.
|Market Size||2027: USD 146 Billion|
|CAGR||2019–2027: 3.0% CAGR|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||The Dow Chemical Company (U.S.), LyondellBasell (U.S.), Exxon Mobil Corporation (U.S.), SABIC ( Saudi Arabia), INEOS (Switzerland.), LANXESS (Germany), Chevron Phillips Chemical Company (U.S.), Eni S.p.A. ( Italy), BASF SE ( Germany), and LG Chem ( South Korea) among others.|
|Key Market Opportunities||Excellent stiffness, flexibility and lightweight properties are the important trends and factor.|
|Key Market Drivers||The growing demand from packaging segment is predicted to witness a rapid growth|
Frequently Asked Questions (FAQ) :
Major applications of polypropylene include agricultural products, automotive fittings, construction products, packaging products, insulation for use in electrical and electronic products, and others.
The leading application of polypropylene is in agriculture, which held a 32% share in the global polypropylene market in 2016.
Major drivers for the polypropylene market include the rising use of plastic components in automotive design and the growing demand for packaging materials.
Asia Pacific is the leading regional market for polypropylene due to the growing demand from the construction, packaging, and electronics industries.
Leading players in the polypropylene market include Dow, LANXESS, SABIC, LyondellBasell, and Chevron Phillips.