Recycled polypropylene market was valued US$ 7.69 Bn. 2020 and is expected to reach US$ 11.83 Bn. by 2027, at a CAGR of 6.34% during a forecast period.
Polypropylene is a thermoplastic in nature, and it provides many features such as lightweight, resistance to chemicals, acids, and bases, strength, low moisture resistance. Due to its great chemical and mechanical properties, it is widely used in many sectors. Recycled polypropylene is one of the most used materials due to its environmentally friendly property. Due to this, the usage of plastic is rising rapidly in comparison to other materials. Recycled polypropylene is one of the most used polymers that is used in the packaging, labeling, textiles, and plastic parts. With the increasing use of plastic, there are many side effects on the environment, and due to this, the demand for recycled plastic is rising across the globe. Among the recyclable polymers, polypropylene is one of the best polymers, and it can be used many times in the chemical and mechanical process.
Raising the application of recycled polypropylene in various Industries, including packaging where the demand is connected with the consumption of packaged food, and beverages are expected to drive the market growth in the Recycled Polypropylene Market Forecast period. The application of recycled polypropylene in the food industry minimizes the possibility of big food deterioration and great moisture resistance that keeps the good safe for days, and it is effective in packaging solutions in the food and beverage industry. Recycled polypropylene is also used in automotive sectors, fashion, and healthcare devices. With the huge application of environment-friendly polypropylene, the Recycled Polypropylene Market Demand is increasing rapidly.
According to Recycled Polypropylene Market Analysis, the Global Recycled Polypropylene Market will reach $10 billion with a CAGR rate of 6% in the forecast period. With the ban of plastic materials due to climate change and environmental problems, the use of recycled polypropylene has increased, and it has a positive impact on the Recycled Polypropylene Market. There is a huge range of applications of polypropylene in the automotive sector, and it is used to make different automobile parts. As a result, the rising automotive sector boosting the Recycled Polypropylene Market Growth. The government initiatives on making environmental-friendly materials also increase the Recycled Polypropylene Market Size in the forecast period.
The world economy is down amidst coronavirus. And many sectors, including both government and private, suffering at this time. To reduce the spread of the virus government is taking Initiatives to shut down the business sectors, educational sectors, and other sectors as well. Due to the imposition of lockdown and social distancing guidelines, the production work of companies is at a halt. Food and beverages Industries have stopped production temporarily, and demand has reduced because people are not going out from their homes most of the time. And it is the same in the case of the automotive industry. The financial crisis of people has stopped people from investing their money in the automotive sector. Due to the shortage of laborers, automotive production is also low, and therefore the demand has also decreased. And due to all these reasons, the Recycled Polypropylene Market Demand has decreased. In these tough times, the key players are trying their best to maintain the Recycled Polypropylene Market Growth. And the Global Recycled Polypropylene Market is expected to see a rise in demand after the covid-19 pandemic.
Global Recycled Polypropylene Market Share, by Application, 2017 (%):
Source: MRFR Analysis
Just like other markets, there are some key factors that create an impact on the Recycled Polypropylene Market Growth. The positive factors of the market are market drivers, and the factors responsible for hampering the demand of the market are called market restraints.
One of the major drivers of the Recycled Polypropylene Market Size is the increasing demand for packaged foods and beverages. Recycled polypropylene has a huge application in food packaging. Polypropylene reduces deterioration, resists moisture from entering, and keeps the foods safe. All these properties make the demand high in the food industry. It is also cost-effective, and recycled polypropylene has a less negative impact on the environment. As a result, it is Recycled Polypropylene Market Size is increasing. Another driver of the market is the usages of recycled polypropylene in the automotive industry. Recycled polypropylene is used to make different parts in the automotive sector, and the adoption of environment-friendly plastic is fueling the demand for Recycled Polypropylene Market. With the growth of the population, the need for environment-friendly polymers is rapidly increasing, and it is driving the Recycled Polypropylene Market. And the market will grow more in the Recycled Polypropylene Market Forecast period. The increasing demand for advanced medical equipment is one of the major drivers on the market. Polypropylene is used in the manufacturing of different medical devices, and the growing medical sector is fueling the Recycled Polypropylene Market.
The government is taking important steps to use less dangerous plastic materials that can be recyclable and less dangerous to the environment. Therefore, many Industries are now adopting recycled polypropylene to make better products that are safe for the environment. As a result, it is generating opportunities for the Recycled Polypropylene Market. According to the Recycled Polypropylene Market Analysis, the market will see tremendous growth owing to the increasing demand for safe packaging products.
Although recycled polypropylene is less dangerous, it doesn't eliminate the full risk of the side effects. In many countries, polypropylene is banned as a result, and it has become a market restraint. The raw materials price is too high to make recycled polypropylene, and it has become another restraint for the market.
Just like other markets, the Recycled Polypropylene Market is also facing challenges. Consumer awareness of the negative impact of polypropylene in the body has become a challenge for the market. The production of recycled polypropylene needs high investment, and it is another challenge for the market. But the Recycled Polypropylene Market is expected to grow by overcoming these challenges with the help of Recycled Polypropylene Market Key Players.
Cumulative Growth Analysis:
The market will grow more in the coming year, owing to the demand for recycled polypropylene. The wide range of applications of recycled polypropylene, with great properties, will play a huge role in Recycled Polypropylene Market Growth. The Recycled Polypropylene Market Analysis the Global Recycled Polypropylene Market will reach $10 billion with a CAGR rate of 6% in the forecast period.
The Recycled Polypropylene Market is divided on the basis of Type, application, market end-user, and regions.
The major regions in the Recycled Polypropylene Market are North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific holds the highest Recycled Polypropylene Market Share due to the huge demand for recycled polypropylene in the food & beverage sectors. The rapid growth of the population is boosting the Recycled Polypropylene Market Demand in this region. North America holds the second-highest Recycled Polypropylene Market Share due to the wide application of polypropylene in various sectors in this region. The strong economy and increasing demand for advanced medical equipment are driving the market in this region. Europe follows North America, and it holds the third-highest share in the market due to the huge high number of automotive sectors and increasing demand for advanced automobiles in this region. All these regions will see rapid growth in the market in the forecast period.
The Major Key Players in the Recycled Polypropylene Market are:
Among Custom Polymers (US), MBA Polymers Inc. (Austria), Veolia Polymers NL B.V. (The Netherlands), SUEZ (France), KW Plastics (US), Jayplas (UK), B&B Plastics Inc. (US), Joe's Plastic, Inc. (US), Ultra Poly Corporation (US), and PLASgran Ltd. (UK), the major key player in the market is MBA Polymers Inc. (Austria),
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Process, Source and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||MBA Polymers Inc. (Austria), Veolia Polymers NL B.V. (The Netherlands), SUEZ (France), KW Plastics (US), Jayplas (UK), B&B Plastics Inc. (US), Custom Polymers (US), Joe's Plastic, Inc. (US), Ultra Poly Corporation (US), and PLASgran Ltd. (UK)|
|Key Market Opportunities||With the huge application of environment-friendly polypropylene, the Recycled Polypropylene Market Demand is increasing rapidly.|
|Key Market Drivers||The demand is connected with the consumption of packaged food, and beverages are expected to drive the market growth|
The recycled polypropylene market is projected to grow at a 6% CAGR between 2018-2023.
The recycled polypropylene market is predicted to touch USD 10 billion by 2023.
North America is expected to dominate the recycled polypropylene market.
Some of its major applications include textiles, building and construction, automotive, and packaging.
Growing packaging industry and increasing demand in the auto industry is boosting market growth.