Global Polypropylene Market: Highlights
·
The global polypropylene market is projected
to grow at a CAGR of more than 5.5% between 2019 and 2027. The
substantial growth from packaging and construction industry is anticipated to
drive global polypropylene market during the forecast period.
·
Polypropylene
possesses beneficial properties such as high surface hardness, good tensile
strength, and strong chemical resistance. Hence, it is one of the most
versatile polymers used in packaging, automobile, construction, electrical
& electronics, and medical industries.
·
The
largest buyers of polypropylene resins are plastic convertors or OEMs. However,
most polymer manufacturers are vertically integrated and captively consume
polypropylene for conversion into sheets, films, etc.
·
Increasing
concern about adverse effects of plastics on the environment and volatile raw
material prices are likely to restrain growth of the polypropylene market.
Polypropylene manufacturers are shifting their focus toward biobased
polypropylene and are likely to provide significant opportunities by 2027.
·
Various
grades available commercially for polypropylene include homopolymers, block
copolymers and random copolymers. Random copolymers have lower melting point
and offer more flexibility and optical clarity. Homopolymers are widely used
polymers especially for automobile parts, textiles, pipes, electrical
appliances, etc.
Global Polypropylene Market: Segmental Trends
·
In terms
of volume, packaging was the largest and fastest-growing segment of the global
polypropylene market, accounting for more than 45% share in 2018. Polypropylene
has distinguished utilities in both flexible and rigid packaging due to its
ability to resist strong chemicals and high temperature. It has good barrier to
moisture, odors and gases. Hence, widely used on food packaging especially for
snack foods, dried foods, etc.
·
Medical
packaging is one of the major segments of polypropylene market. It has several
applications in medical devices and packaging. Owing to sterilization and
transparent processes polypropylene is projected to boost market growth in the
coming years.
·
Automotive
accounted for second largest share in global polypropylene market in 2018. Robust
demand for lightweight motor vehicles in emerging as well as developed regions
is estimated to accelerate growth of the polypropylene market. Polypropylene is
lightweight and offers optimal balance of mechanical properties and excellent
surface finish to vehicles. Hence, it easily replaces metal. Polypropylene is
15% to 20% lighter than other plastics. Thus, it considerably reduces the
overall weight of vehicles. This, in turn, reduces fuel consumption and carbon
dioxide emissions. It is mainly used in the manufacturing of bumpers, cladding,
car batteries and interior elements.
·
Polypropylene
also finds wide application in fashion and sports industry. It has resistance to
environmental factors such as mold, bacteria, water and sun. It is used in
sports equipment, clothes, outdoor appliances, etc.
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Global Polypropylene Market: Regional Highlights
·
In terms
of volume, Asia Pacific accounted for over 55% share of the
global polypropylene market in 2018 and is estimated to
increase its share by 2027. High demand for polypropylene is
anticipated in China, India, Brazil, and countries in ASEAN due to increasing
demand for food containers in these countries. Furthermore, increase in the
number of large supermarkets in these countries is augmenting demand for
polypropylene in packaging.
·
Europe is
a mature market for polypropylene; however, strong demand from the automotive
industry is projected to drive the polypropylene market in the region during
the forecast period. Automobile manufacturers in Europe have to meet tough
directives from the European Union (EU) in order to achieve improved
environmental performance. EU’s ongoing drive has been established as part of
the climate protection program.
·
The
market in Latin America is expected to expand at an above-average rate due to
high demand for polypropylene in packaging, automotive, and construction
industries. Evolving expenditure style that is inclined toward purchase of
packaged materials in BRICS economies has driven demand for polypropylene.
·
Automobile
manufacturers are setting up their assembling units in the Middle East due to
availability of cheap labor and raw material, thus propelling the polypropylene
market in the region. Middle East of one of the major producer of polypropylene
due to ample availability of raw material in the region.
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Key Developments in Global Polypropylene Market
·
In March
2020, LyondellBasell licensed its Spheripol technology to Hyosung
Vina Chemicals Co., Ltd. which will be used to produce 300 Kilo Tons of
polypropylene plant to be built in Cai Mep Industrial Zone, Vung Tau Province,
Vietnam.
·
In October
2019, LyondellBasell announced that Ulsan PP Co., Ltd., a
joint venture between PolyMirae Company Ltd, a 50-50
partnership of LyondellBasell and Daelim, and SK Advanced broke
ground for new polypropylene facility in the southeastern port city of Ulsan,
South Korea.
·
In October
2019, Braskem America launched biobased polypropylene as per their
commitment to Circular Economy concept. The new product launched is as good as
virgin polypropylene.
·
In March
2019, Braskem America partnered with U.S. distributor PolyQuest Inc.
for expanding its reach and presence for polypropylene in U.S. market.
·
In January
2019, SABIC opened a dedicated technology & innovation center in
Netherlands. This center would be committed to develop new materials for caps
& closures.
·
In December
2018, SABIC expanded its polypropylene product portfolio by offering
new impact copolymer suitable for home appliances and consumer goods with
aesthetically appealing surface finish.
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Global Polypropylene Market: Competition Landscape
·
Leading
players in market include BASF SE, LyondellBasell Industries N.V.,
Total S.A., Braskem, SABIC, Sinopec, Borealis AG, Reliance Industries Limited,
Formosa Plastics Corporation, Sasol, INEOS Group Holdings, Japan Polypropylene
Corporation, and Exxon Mobil Corporation.
·
Most of
the manufacturers are focusing on offering biobased polypropylene due to
government regulations and consumer awareness for ecofriendly products.
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