New York City, NY -- (SBWIRE) -- 08/28/2020 -- By 2030, the global polypropylene market will be worth $226.8 billion, growing with a 5.7% CAGR from 2020 to 2030. The key reasons behind the increasing sale of this plastic are its wide usage in the packaging sector and rising demand for nonwoven polypropylene fiber.
Due to the lockdown initiated in the wake of the COVID-19 pandemic, the polypropylene market has been negatively affected. The production of the plastic has halted in the infected countries, whereas the demand for packaging material has also come down, as people are no longer purchasing non-essential stuff. However, due to the growing burden on the healthcare sector, the demand for gloves, N95 masks, and syringe plungers made of polypropylene has risen manifold.
Market research firm P&S Intelligence has made the following major propylene market projections for the next 10 years:
- Injection molding to be the largest application area of the plastic
- Highest polypropylene demand to come from the packaging sector
- Asia-Pacific (APAC) to be the most lucrative region for market players
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The consumption of the plastic for injection molding will be higher than raffia, film & sheet, blow molding, fiber, and other purposes, on account of its extremely low density, which ranges between 0.895 and 0.92 g/cm. This enables the plastic to be cast into various shapes and sizes, using the injection molding process, to create automotive & marine parts, household goods, and recreational vehicle (RV) products.
Similarly, the packaging category will hold a larger share in the polypropylene market, compared to medical, electrical, automotive, consumer goods, construction, and other end uses. This is because the high clarity, heat resistance, recyclability, and aesthetics of the plastic make it ideal for packaging purposes in the e-commerce, food & beverage, and automobile industries.
Browse report overview with detailed TOC on "Polypropylene Market Research Report: By Type (Homopolymer, Copolymer), Application (Injection Molding, Film & Sheet, Raffia, Fiber, Blow Molding), End Use(Packaging, Electrical, Medical, Consumer Goods, Automotive, Construction) - Global Industry Analysis and Demand Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/polypropylene-market-report
The major reasons behind APAC dominating the polypropylene market in the future would be the government support for sustainable polypropylene packaging and growing investments for research and development (R&D). Moreover, the expanding automotive, construction, textile, and packaging sectors in the regional countries are driving the consumption of this plastic.
Product launch has proven to be an effective way for propylene market players to target more customers and augment their revenue. For instance, Borealis and Abu Dhabi Polymers Company Ltd. (Borouge) brought mono material pouch solutions, made from polypropylene and polyethylene, to the market in October 2019. These sustainable solutions have been designed for demanding packaging applications as well as made recyclable. With this addition, the company has further bolstered its portfolio of sustainable solutions for the flexible packaging sector.
Similarly, SABIC PP PPA20, an impact copolymer (ICP)-grade material, was launched by SABIC in November 2018. The material is designed for the manufacturing of home appliances, furniture, high-end cosmetics, and other consumer goods. This material was an addition to the company's portfolio of polypropylene, which offers the manufacturers of consumer goods and home appliances cost savings and aesthetically appealing surfaces.
China Petroleum & Chemical Corporation, LyondellBasell Industries N.V., Braskem S.A., PetroChina Company Limited, SABIC, Borealis AG/Borouge, Reliance Industries Limited, and Exxon Mobil Corporation are the major players in the global polypropylene market.
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