Polypropylene random copolymer market is substantially driven by the food packaging industry.
Sellbyville, DE -- (SBWIRE) -- 11/09/2018 -- The polypropylene random copolymer market is majorly dependent petrochemicals for its raw materials. Naphtha and ethylene are the primary raw materials used for the production process and further result in desired product. Escalating petrochemicals and crude oil prices are likely to create growth barriers for the global polypropylene random copolymer market in future years. Polypropylene Random Copolymer Market is likely to reach USD 9 billion by 2024 according to this new research report.
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Polypropylene random copolymer market is substantially driven by the food packaging industry. The product finds extensive application in vessels used for the storage of dairy products, fruits, vegetables, meat and grain. Containers made from the product is preferred in household applications owing to its transparency and ease for recognition and labeling. Flexible characteristics, decent optical and superior impact resistance are the key factors driving huge demand in the food packaging industry. in addition to these, the product also offers heat resistance, light weight, gloss and helps maintain the organoleptic properties of food which makes them feasible for use. Polypropylene random copolymer market is positively influenced by the rising per capita disposable income, which, in turn fuels processed and packed food demand.
Healthcare industry is significantly driving the global polypropylene random copolymer market owing to extensive use of the product in bottles, labware, syringes and other medical applications. The global revenue of the healthcare industry was valued close to USD 1 trillion in 2015 and is likely to grow at a decent CAGR in the forecast timespan.
Based on end user industries, the global polypropylene random copolymer market is segmented into three major categories. Huge demand in the packaging industry owing to thermal resistance and high transparency, is likely to augment the polypropylene random copolymer market growth in coming years. Moreover, increasing number of working population is driving the demand for packed and processed food which will further enhance the market in coming years.
In 2015, healthcare segment for polypropylene random copolymer market was valued at over USD 1 billion and will reflect healthy gains in the upcoming years. Increasing medical equipments demand is likely to boost the market growth in the forecast years.
Rapidly growing healthcare sector in the U.S. is likely to propel the regional market demand in the North America. The U.S. polypropylene random copolymer market was valued at over USD 950 million in 2015 and is likely to exhibit significant gains. Moreover, the country is one of the major food packaging manufacturer and consumer and accounts for a major chunk of share in the global polypropylene random copolymer market. This in turn, will further augment the industry growth and open new avenues for the market.
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Asia Pacific holds a significant amount of share in the global polypropylene random copolymer market in 2015 and is likely to grow at a decent CAGR in the coming years. Countries such as India, Japan and China are propelling the market growth owing to changing lifestyles, rising standard of living and increasing disposable income.
Prominent players operating in the global polypropylene random copolymer market are Reliance Industries Limited, LyondellBasell, INEOS Olefins & Polymers USA, Flint Hills Resources, Sasol, Total Petrochemicals & Refining USA, Inc., Entec Polymers, Formosa Plastics, Braskem, and Pinnacle Polymers LLC
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