A new Transparency Market Research report states that the global
polypropylene market was valued at US$81.6 bn in 2014 and is
predicted to reach US$ 133.3 bn by 2023. It is expected to expand at
a 5.7% CAGR in the forecast period between 2015 and 2023. The title
of the report is “Polypropylene Market - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2015 - 2023”.The rising
demand for polypropylene within the food and beverages packaging
industry, along with the rising demand for lightweight vehicles, is
predicted to fuel the market for polypropylene in the coming years.
On the other hand, the rising concern regarding the hazardous effects
of plastics on the environment and the unpredictable prices of raw
materials may inhibit the growth of the market for polypropylene in
the coming years. To overcome this obstacle, manufacturers of
polypropylene are focusing on biobased polypropylene, which will
bring in new opportunities by the end of 2023.
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On the basis of end user, the polypropylene market is segmented into
automotive, packaging, electrical and electronics, consumer products,
construction, and others including agriculture, medical, furniture,
etc. Amongst these, in 2014, packaging dominated the market,
representing a share of over 45% and is also the most swiftly
developing end-use segment in the polypropylene market. This is due
to the fact that polypropylene has significant uses in both rigid and
flexible packaging because of its resistance to high temperatures and
strong chemicals.
The automotive end-use segment trailed the packaging segment and took
the second biggest share in the market the same year. Polypropylene
presents the right amount of mechanical strength and flexibility and
provides a high-quality surface finish in vehicles. Polypropylene is
also lightweight – around 15-20% lighter when compared to other
plastics. This lowers the total weight of vehicles and as a result
reduces fuel consumption and resultant carbon dioxide emissions.
Hence, the growing demand for lightweight motor vehicles in
developing and developed economies is accelerating the global market
for polypropylene.
On the basis of geography, the polypropylene market is segmented into
Europe, North America, Latin America, Asia Pacific, and the Middle
East and Africa (MEA). Amongst these, in 2014, Asia Pacific
constituted a share of more than 50% in the global market for
polypropylene and is predicted to rise even more by 2023. The demand
for polypropylene is predicted to rise in India, China, Brazil, and
the Association of Southeast Asian Nations (ASEAN), owing to rising
demand for food containers within these countries. Additionally, the
increasing number of supermarkets within these countries is further
raising the demand for polypropylene in the packaging industry.
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On the other hand, Latin America is predicted to increase at an
above-average rate owing to rising polypropylene demand from the
automotive, construction, and packaging industries. Europe is a
stagnant market for polypropylene, however, the rising automotive
industry in this region is expected to fuel the polypropylene market
in the forecast horizon. BASF SE, Total S.A., Braskem, LyondellBasell
Industries N.V., SABIC, Borealis AG, Sinopec, and Reliance Industries
Limited, among others are the key players dominant in the market.
The
report segments the global polypropylene market as follows:
Polypropylene
Market - End-user Analysis
- Packaging
- Automotive
- Consumer products
- Electrical & electronics
- Construction
- Others (Including medical, agriculture, furniture, etc.)
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