Global Polypropylene Market: Highlights
· Theglobal polypropylene market is projected to grow at aCAGR of more than 5.5% between 2019 and 2027. Thesubstantial growth from packaging and construction industry is anticipated todrive global polypropylene market during the forecast period.
· Polypropylenepossesses beneficial properties such as high surface hardness, good tensilestrength, and strong chemical resistance. Hence, it is one of the mostversatile polymers used in packaging, automobile, construction, electrical& electronics, and medical industries.
· Thelargest buyers of polypropylene resins are plastic convertors or OEMs. However,most polymer manufacturers are vertically integrated and captively consumepolypropylene for conversion into sheets, films, etc.
· Increasingconcern about adverse effects of plastics on the environment and volatile rawmaterial prices are likely to restrain growth of the polypropylene market.Polypropylene manufacturers are shifting their focus toward biobasedpolypropylene and are likely to provide significant opportunities by 2027.
· Variousgrades available commercially for polypropylene include homopolymers, blockcopolymers and random copolymers. Random copolymers have lower melting pointand offer more flexibility and optical clarity. Homopolymers are widely usedpolymers especially for automobile parts, textiles, pipes, electricalappliances, etc.
Global Polypropylene Market: Segmental Trends
· In termsof volume, packaging was the largest and fastest-growing segment of the globalpolypropylene market, accounting for more than 45% share in 2018. Polypropylenehas distinguished utilities in both flexible and rigid packaging due to itsability to resist strong chemicals and high temperature. It has good barrier tomoisture, odors and gases. Hence, widely used on food packaging especially forsnack foods, dried foods, etc.
· Medicalpackaging is one of the major segments of polypropylene market. It has severalapplications in medical devices and packaging. Owing to sterilization andtransparent processes polypropylene is projected to boost market growth in thecoming years.
· Automotiveaccounted for second largest share in global polypropylene market in 2018. Robustdemand for lightweight motor vehicles in emerging as well as developed regionsis estimated to accelerate growth of the polypropylene market. Polypropylene islightweight and offers optimal balance of mechanical properties and excellentsurface finish to vehicles. Hence, it easily replaces metal. Polypropylene is15% to 20% lighter than other plastics. Thus, it considerably reduces theoverall weight of vehicles. This, in turn, reduces fuel consumption and carbondioxide emissions. It is mainly used in the manufacturing of bumpers, cladding,car batteries and interior elements.
· Polypropylenealso finds wide application in fashion and sports industry. It has resistanceto environmental factors such as mold, bacteria, water and sun. It is used insports equipment, clothes, outdoor appliances, etc.
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Global Polypropylene Market: Regional Highlights
· In termsof volume, Asia Pacific accounted for over 55% share of theglobal polypropylene market in 2018 and is estimated toincrease its share by 2027. High demand for polypropylene isanticipated in China, India, Brazil, and countries in ASEAN due to increasingdemand for food containers in these countries. Furthermore, increase in thenumber of large supermarkets in these countries is augmenting demand forpolypropylene in packaging.
· Europe isa mature market for polypropylene; however, strong demand from the automotiveindustry is projected to drive the polypropylene market in the region duringthe forecast period. Automobile manufacturers in Europe have to meet toughdirectives from the European Union (EU) in order to achieve improvedenvironmental performance. EU’s ongoing drive has been established as part ofthe climate protection program.
· Themarket in Latin America is expected to expand at an above-average rate due tohigh demand for polypropylene in packaging, automotive, and constructionindustries. Evolving expenditure style that is inclined toward purchase ofpackaged materials in BRICS economies has driven demand for polypropylene.
· Automobilemanufacturers are setting up their assembling units in the Middle East due toavailability of cheap labor and raw material, thus propelling the polypropylenemarket in the region. Middle East of one of the major producer of polypropylenedue to ample availability of raw material in the region.
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Key Developments in Global Polypropylene Market
· In March2020, LyondellBasell licensed its Spheripol technology to HyosungVina Chemicals Co., Ltd. which will be used to produce 300 Kilo Tons ofpolypropylene plant to be built in Cai Mep Industrial Zone, Vung Tau Province,Vietnam.
· In October2019, LyondellBasell announced that Ulsan PP Co., Ltd., ajoint venture between PolyMirae Company Ltd, a 50-50partnership of LyondellBasell and Daelim, and SK Advanced brokeground for new polypropylene facility in the southeastern port city of Ulsan,South Korea.
· In October2019, Braskem America launched biobased polypropylene as per their commitmentto Circular Economy concept. The new product launched is as good as virginpolypropylene.
· In March2019, Braskem America partnered with U.S. distributor PolyQuest Inc.for expanding its reach and presence for polypropylene in U.S. market.
· In January2019, SABIC opened a dedicated technology & innovation center inNetherlands. This center would be committed to develop new materials for caps& closures.
· In December2018, SABIC expanded its polypropylene product portfolio by offeringnew impact copolymer suitable for home appliances and consumer goods withaesthetically appealing surface finish.
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Global Polypropylene Market: Competition Landscape
· Leadingplayers in market include BASF SE, LyondellBasell Industries N.V.,Total S.A., Braskem, SABIC, Sinopec, Borealis AG, Reliance Industries Limited,Formosa Plastics Corporation, Sasol, INEOS Group Holdings, Japan PolypropyleneCorporation, and Exxon Mobil Corporation.
· Most ofthe manufacturers are focusing on offering biobased polypropylene due togovernment regulations and consumer awareness for ecofriendly products.
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