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.
Asia-Pacific to Register Significant Growth; North America to Lead the Charge
Speedy development in the automotive and packaging industries in India and China and technological advancements in Japan are factors that will propel the market for polypropylene in Asia-Pacific. The market in Europe is expected to grow at a considerable pace owing to rising demand for PP in pharmaceuticals, electronics, automotive, and food and beverages. However, North America is projected to lead the global polypropylene market share on account of well-established medical and electronics manufacturing industries in the region.
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.
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