Growing demand for packaging applicability is expected to drive the recycled propylene market during the forecast period, 2024-2028
According to TechSci Research report, “Recycled Propylene Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global recycled propylene market is anticipated to grow at an impressive rate during the forecast period 2024-2028. Sales of numerous consumer items have surged due to the worldwide e-commerce market’s explosive expansion. The need for diverse packaging goods has quickly expanded due to e-commerce sales growth. As a result, the demand for recycled plastic in product packaging is increasing swiftly. Additionally, the need for recycled propylene as a packaging material has grown significantly due to the increasing popularity of online shopping for gadgets such as computers, mobile phones, and tablets. Thus, in the next five years, the global market for recycled propylene is expected to rise due to the growing demand from the packaging sector.
Furthermore, the market is being further stimulated by the extensive use of recycled propylene as footwear application; many footwear players such as Adidas, Puma, and Reebok are increasingly using recycled propylene for manufacturing shoes and other footwear products.
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The Global Recycled Propylene Market is segmented based on process, source, and application.
Based on process, the market is bifurcated into mechanical and chemical. Chemical is expected to hold the largest market share in the forecast period, 2024-2028. The production of recycled propylene from the chemical process produces high-grade and suitable quality. Thus, it is more in demand in its segment and dominates.
Based on source, the market is divided into bottles & containers, films, bags, foams, industrial & agricultural waste, and others. Bottles & containers are the dominating market, which share for the production of recycled propylene, as they help reduce non-degradable plastic waste and provide financial help to the country.
Based on application, the market is segmented into packaging, automobile, building & construction, textiles, Pharmaceuticals, Electronics, and Others. As per estimates, the packaging segment is expected to experience the highest market share during the forecast period. In order to provide high moisture resistance and reduces the likelihood of significant food degradation, recycled propylene plays a vital role. This is projected to boost the future market outlook for Recycled Propylene.
Major operating companies operating in the Global Recycled Propylene market are:
- LyondellBasell Industries Holdings B.V.
- Haldia Petrochemicals Limited
- Reliance Industries Limited
- Westlake Chemical Corporation
- Formosa Plastics Corporation
- Custom Polymers Inc.
- Joe’s Plastic Inc.
- MBA Polymers Inc.
- Veolia Polymers NL B.V
- SUEZ SA
In November 2022, Milliken further expanded recycling plastic production capacity in the German manufacturing plant by 60%.
Berry focuses on having access to over 600 million lbs of recycled plastic material every year by 2025 according to an announcement in November 2021.
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“In the coming years, Asia Pacific is expected to dominate the worldwide market for recycled polyethylene due to its supportive governmental policies, industrial application, and the ability for innovation. The Global Recycled Propylene Market is anticipated to increase due to the continuous usage in textile, pharmaceuticals, and electronics domain.
The primary drivers of the market are corporate activity, rising R&D investment, and regulatory restrictions on trade and export. The growing demand for building & construction and the automotive industry will be the main factors driving market growth through the year 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Recycled Propylene Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Process (Mechanical, Chemical), By Source (Bottles & Containers, Films, Bags, Foams, Industrial & Agricultural Waste, Others), By Application (Packaging, Automobile, Building & Construction, Textiles, Pharmaceuticals, Electronics, Others), By Region, and Competition, has evaluated the future growth potential of global recycled propylene market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global recycled propylene market.”
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