Wilmington, Delaware, United States, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -Polypropylene generated US$ 102.7 billion in 2022. TMR estimates the Polypropylene market to reach US$ 142.6 billion by 2031. A CAGR of 6.3% is predicted for the market between 2023 and 2031.
Many packaging materials are made from polypropylene (PP), and its demand is often correlated with packaging sector growth. Packaging applications ranging from food to consumer goods and industrial packaging are favored by polypropylene due to its lightweight, versatile nature. In addition to packaging and automotive, polypropylene is widely used in construction, textiles, and consumer goods because of its wide range of applications. Consumer spending and economic growth often boost these sectors' demand.
Polypropylene, derived from crude oil and natural gas, is converted into polypropylene. The cost structure of polypropylene production and, consequently, its market dynamics can be impacted by fluctuations in the prices and availability of these feedstocks. Changing political environments can affect polypropylene market dynamics, trade relationships, and supply chains.
Environmental concerns caused increased scrutiny for the plastics industry, including polypropylene production. Alternatives to traditional plastics are increasingly being developed that are environmentally friendly, so the polypropylene market may be impacted. Bio-based polypropylene was developed along with technological advances in recycling.
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Global Polypropylene Market: Key Players
Polypropylene manufacturers are investing in cutting-edge technologies to gain a competitive advantage. A growing number of companies are expected to enhance their customer bases due to the adoption of sophisticated technologies. In addition, companies can increase production output through improved polypropylene production methods.
- Sinopec
- LyondellBasell Industries N.V.
- BASF SE
- Formosa Plastics Corporation
- ExxonMobil Corporation
- Reliance Industries Limited
- Borealis AG
- Total S.A.
- Sasol
- Japan Polypropylene Corporation
- Braskem
- INEOS Group Holdings
- SABIC
Economic growth in emerging markets also influenced polypropylene demand. The development of these economies led to an increase in demand for polypropylene-based products, such as textiles, consumer goods, and packaging materials. Petrochemical factors influence the polypropylene market as polypropylene is made from petroleum. A wide range of factors can affect the availability and price of polypropylene, including oil costs, geopolitical events, and disruptions in supply chains.
Key Findings of Market Report
- Rising automotive demand in the market is expected to drive demand for polypropylene demand in the market.
- Increasing demand for packaging and automobiles is a major factor in the growth of Asia Pacific's polypropylene industry.
- Changing consumer preferences and technological advancements are driving the polypropylene market.
- The demand for eco-friendly and recyclable materials has increased due to an increased focus on sustainability.
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Global Polypropylene Market: Growth Drivers
Plastics such as polypropylene are widely used in food, pharmaceutical, and industrial packaging. Polypropylene's demand increases as e-commerce grows, as well as the need for durable, low-cost, and lightweight packaging materials. As an integral component of interior, exterior, and under-the-hood components, polypropylene plays a vital role in the automotive industry. Increasing fuel efficiency and increasing automotive industry expansion may increase polypropylene demand.
Consumer goods made from polypropylene include textiles, household appliances, and household products. As consumers' preferences and lifestyles change, polypropylene demand can also change. Technology and production process innovations can impact the polypropylene market. New grades with improved properties, production efficiency, and cost-effectiveness can increase market demand.
Sustainable and recyclable materials are becoming more popular as environmental concerns and regulatory scrutiny increase. Due to its recyclable properties, polypropylene may be able to benefit from these trends. Several economic factors influence the overall demand for polypropylene, including GDP growth, the rate of inflation, and international trade conditions. Demand may decline during economic downturns, while consumption may increase during economic expansions.
Global Polypropylene Market: Regional Landscape
Asia Pacific region is expected to drive polypropylene demand in the market. Several Asian Pacific countries, such as China, India, and South Korea, have traditionally been significant consumers of polypropylene. The growth in automotive sales and production in these regions will contribute significantly to the growth of demand in the coming years.
Various building components and pipes, such as insulation, are made of polypropylene. Many Asia Pacific countries continue to develop their infrastructure and urbanize, which drives polypropylene demand in the construction sector. Polypropylene is used in appliances, furniture, textiles, and other consumer goods to contribute to the region's overall consumption.
Key Developments
- In June 2023, Braskem and TotalEnergies have signed an agreement to explore polypropylene collaboration opportunities. A new polypropylene plant in Brazil will be built in the following month with investments of US$ 2.0 billion. Production is expected to begin in 2026.
- In October 2023, ExxonMobil Corporation began producing polypropylene at a new facility in Baton Rouge, Louisiana. It can process 500,000 tons of material per year. A 15% increase in polypropylene production was achieved as a result of this move.
Global Polypropylene Market: Segmentation
- End-user Industry
- Packaging
- Automotive
- Consumer products
- Electrical & Electronics
- Construction
- Others
- By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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