The global polypropylene market is poised to attain a market value of USD 122.31 billion by 2026, registering a CAGR of 5.5% during the forecast period. One of the key drivers of the global polypropylene market growth is the rising demand for the polymer in the automotive industry. Polypropylene is widely used in automobile manufacturing owing to its moldable properties and low costs. Within this industry, this polymer is primarily used in fender lines, battery trays and cases, instrumental panels, and interior and door trims. Additionally, polypropylene offers a variety of other benefits, such as high chemical resistance and excellent impact balance, that make it a highly valuable material in the automotive industry.
Fortune Business Insights covers some of the important players in the global polypropylene market competition:
- Formosa Plastics Group
- China National Petroleum Corporation
- Reliance Industries Limited
- ExxonMobil Chemical
According to the Fortune Business Insights report, titled “Polypropylene Market Size, Share & Industry Analysis, By Type (Homopolymer, Copolymer), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceuticals, Electrical & Electronics, Agriculture, Others), and Regional Forecast, 2019-2026”, the global polypropylene market value in 2018 was USD 79.85 billion. The report also contains an in-depth analysis and evaluation of the factors, trends, and dynamics that will influence the market during the forecast period.
Polypropylene (PP) is a linear hydrocarbon resin that is essentially is a rigid, tough, and crystalline thermoplastic derived from propene monomer. It is one of the cheapest and the most widely used plastics available currently.
By End User
- Infrastructure & Construction
- Consumer Goods/Lifestyle
- Healthcare & Pharmaceuticals
- Electrical & Electronics
- North America (U.S., and Canada)
- Europe (Germany, France, Uk, Italy, Spain, and Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, and Rest of Middle East & Africa)
Expansion of Operations to Intensify Competition
Key players are adopting different strategies, such as operational expansion and development of novel products, to reinforce their position in the global polypropylene market. For example, in September 2019, LyondellBasell upgraded their polypropylene compounding plant in Germany by installing a fifth production line at the site. Commitment to sustainable development goals by private companies is giving rise to innovations in terms of recycling of plastic. For instance, Procter and Gamble recently collaborated with PureCycle Technologies to recycle polypropylene to an odour-free and clear-coloured product.
Have a Look at Related News:
Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.