Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) -- According to our latest market study on "Polypropylene Fiber Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Material and End Use," the global polypropylene fiber market size was valued at US$ 6.44 billion in 2022 and is projected to reach US$ 8.66 billion by 2030; it is anticipated to record a CAGR of 3.8% from 2022 to 2030. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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Polypropylene Fibers Market: Competition Landscape
Beaulieu Fibres International; Chemosvit Fibrochem, s.r.o.; Indorama Ventures Public Company Limited; Mitsubishi Chemical Group Corporation; Radici Partecipazioni SpA; Fiberpartner Aps; Belgian Fibers Group NV; Intenational Fibers Group; ABC Polymer Industries, LLC; and Sika are a few of the major players operating in the global polypropylene fiber market. Many market players are focused on developing high-quality, innovative product offerings to fulfill the customer's requirements.
In 2022, Asia Pacific dominated the polypropylene fiber market. The polypropylene fiber market in Asia Pacific has witnessed major growth in recent years, owing to the well-established construction sector and increased emphasis on sustainable practices. Countries in the region are witnessing a growth in urbanization and an increase in residential construction, which offer ample opportunities for key market players in the polypropylene fiber market. China is among the largest markets for polypropylene fiber, driven by the country's large construction set-up. China is one of the fastest-growing economies in the world. Almost all industries in the country are flourishing due to improving living standards, increasing population, and growing per capita income. China is expected to spend US$ 13 trillion yearly on the construction of buildings by 2030. According to the National Bureau of Statistics of China, the construction output value in the country grew from US$ 1.51 trillion in 2010 to US$ 4.18 trillion in 2020. In addition to the continuous population growth, rising household income levels and the increasing number of people migrating from rural to urban areas favor the proliferation of the residential construction industry in the country. The augmented focus on affordable housing by the public and private sectors further contributes to progress in the residential construction industry, thereby boosting the demand for polypropylene fiber.
Further, the housing authorities of Hong Kong have launched various measures to encourage low-cost housing. The officials aim to offer 301,000 public housing units by 2030. Such proactive initiatives by the government of China fuel the polypropylene fiber market growth in the country. On the other hand, several emerging enterprises looking for cost-efficient manufacturing units are venturing into the Indian marketplace. Several international chemical and materials manufacturers are setting up their production units in India due to the remarkable availability of a cheap workforce in the country. According to Invest India, estimated FDIs in the construction development sector (housing, townships, built-up infrastructure, and construction development projects) and construction (infrastructure) activities reached US$ 24.72 billion in March 2021 to US$ 26.08 billion in April 2000. By 2025, the construction business in India is expected to rise to stand as the third largest in the world. The stable growth of the building and construction industry is supporting the growth of the polypropylene fiber market in India. The key investments related to the polypropylene fiber technologies in the region are projected to fuel the polypropylene fiber market during the forecast period.
The report includes the segmentation of the global Polypropylene Fibers market as follows:
The global polypropylene fiber market, based on material, is segmented into staple fiber and yarn. By end use, the market is segregated into textile, construction, healthcare, automotive, sanitary and hygiene, and others. By geography, the global polypropylene fiber market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global polypropylene fiber market in North America is further segmented into the US, Canada, and Mexico. The global polypropylene fiber market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global polypropylene fiber market in the Asia Pacific is further categorized into Australia, India, Japan, China, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. Further, the global polypropylene fiber market in South & Central America is categorized into Brazil, Argentina, and the Rest of South & Central America.
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Impact of COVID-19 Pandemic on Global Polypropylene Fiber Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 outbreak disrupted the supply chain of key raw materials and hampered the growth of the polypropylene fiber market. The adverse effects of the pandemic on the manufacturing industry reduced the demand for polypropylene fiber from these industries across the globe.
Various economies have started reviving their operations. As a result, the demand for polypropylene fiber has started increasing. The rising use of polypropylene fiber in construction and textile is expected to offer opportunities for the global polypropylene fiber market during the forecast period.Impact of COVID-19 Pandemic on Global Polypropylene Fiber Market
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