Polypropylene Market
Polypropylene (PP) is a thermoplastic resin used to manufacture a variety of materials and fibres. Its flexibility and stiffness appeal to manufacturers in the packaging, automotive, construction, agriculture, and other industries. The global polypropylene market analysis by Market Research Future (MRFR) goes deep into the industry, giving essential trends and insights that executives will need to flourish from 2017 through 2023. (Period of forecast) The report details the COVID-19 virus’s unanticipated outbreak and its implications for the industry.
Polypropylene Market Scope
The demand for lightweight goods from end-use industries is likely to boost the global polypropylene market significantly over the forecast period. The employment of raffia and fiber in the automotive industry is one example of this. Many end-use industry manufacturers prefer PP because of its low moisture resistance, staining resistance, strong tensile strength, and chemical resistance.
Because of its capacity to protect contents and its small weight, which allows for speedy delivery, the packaging industry is one of the most vociferous promoters of PP. This may be seen in the food and beverage industry, which requires food to be packaged in a way that protects it from rotting. A large number of consumers spend on processed and packaged items as a result of their lifestyle, which bodes well for the global polypropylene market over the forecast period.
Many countries have declared a global quarantine in response to the spread of the COVID-19 virus, which may have a negative impact on propylene demand. However, the need for medical gowns and other protective equipment may rise during the projection period.
Concerns about its contribution to plastic trash, on the other hand, may stymie the market. Government activities and campaigns for polypropylene recycling, on the other hand, may contribute to its long-term viability and a boom in demand.
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Polypropylene Market Segmentation
Electrical and electronics, construction, agricultural, automotive, and packaging are the five application groups that make up the market.
Because of the increased use of plastic materials in the construction of high-performance and cost-effective cars, the automobile sector has a substantial portion of the market.
Furthermore, the packaging segment is predicted to grow significantly in the market due to the benefits of flexibility, low storage space, and the ability to withstand unfavourable conditions. Additionally, personal care items such as detergents, soaps, and toiletries can be profitable for the sector. The sale of hygiene goods focused at infants, women, and adults may boost PP demand in the coming years.
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Polypropylene Market Regional Analysis
The global polypropylene market is segmented across five regions in the world namely Asia Pacific (APAC), Latin America, North America, Europe, and the Middle East & Africa (MEA).
The increased need for polymers in the electrical and electronics, agriculture, automotive, packaging, and construction industries has given APAC a significant market share. The rise of the automotive industry in India, China, and Japan, as well as rising demand for low-density materials for the construction of high-quality, fuel-efficient automobiles, are significant drivers of the regional polypropylene market.
Because of the growing need for thermoplastic materials in the packaging, construction and building, medical, and vehicle industries, North America is expected to be a lucrative location for PP manufacturers to invest in. During the projection period, rising discretionary income levels and significant investments in major industries are expected to drive polypropylene demand. Lightweight product consumption in the automotive and consumer electronics sectors is expected to boost the market.
Because of the demand for light materials in the industrial machinery, glass, textile, and automotive industries, the worldwide propylene market in Europe is expected to grow at a faster-than-average rate. Finally, large expenditures in end-use sectors in Latin America and the Middle East and Africa (MEA) can stimulate strong demand for polypropylene.
Competition Outlook
Chevron Phillips Chemical Company, Eni S.p.A., The Dow Chemical Company, LG Chem, LyondellBasell, SABIC, LANXESS, Exxon Mobil Corporation, BASF SE, and INEOS are key players of the global polypropylene market.
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