Dublin, July 21, 2023 (GLOBE NEWSWIRE) -- The "Global Polypropylene Market Analysis and Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global polypropylene market was valued at US$116.79 billion in 2022 and is projected to reach US$159.66 billion by 2028. The market experienced growth due to factors such as increased utilization of polypropylene, its extensive use in different industry verticals, and rising demand for packaging material and automotive applications.
Market Segmentation Analysis
The global polypropylene market can be segmented based on type, industry, application, and region.
In terms of type, there are two main categories: Homopolymer Polypropylene and Copolymer Polypropylene. Homopolymer polypropylene, composed solely of propylene units, is the most commonly used form and offers excellent stiffness and strength properties. It finds applications in automotive parts, packaging, and consumer goods.
The market can be further divided into eight industry verticals, including Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Electrical & Electronics, Agriculture, Healthcare & Pharmaceuticals, and Others. Packaging holds the maximum share due to the growing food and beverages industry and the increasing demand for environmentally friendly packaging.
In terms of application, the market can be categorized into Injection Molding, Film & Sheet, Raffia, Fiber, Blow Molding, and Others. The Film & Sheet segment is expected to witness the fastest growth, driven by the e-commerce industry, sustainable packaging materials, and flexible packaging solutions.
Geographically, the market can be divided into Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific dominates the market due to its affordability and quality, making it a favored region for polypropylene production.
Global Polyethylene Market Dynamics
The growth of the polypropylene market is fueled by several drivers. The rise in e-commerce sales has increased the demand for packaging materials, with polypropylene being a preferred choice due to its lightweight, durability, and product protection properties. Additionally, factors such as automobile production, urbanization, demand for plastic, packaged food, and disposable income contribute to market expansion.
However, challenges such as fluctuating crude oil prices and the availability of substitutes impact the market. Polypropylene production relies on propylene derived from petroleum crude oil, making it susceptible to price fluctuations. Technological advancements in production processes, including the use of metallocene catalysts, are notable trends that improve efficiency, quality, and flexibility in polypropylene manufacturing.
Impact Analysis of COVID-19 and Way Forward
The COVID-19 pandemic significantly affected the polypropylene market, leading to reduced demand across various industries. Lockdowns, economic slowdown, supply chain disruptions, and fluctuating raw material prices were major challenges. As economies recover, there has been a rebound in demand, especially in automotive, construction, and consumer goods sectors. Sustainability and environmental consciousness have become key focuses in the post-pandemic era, driving the adoption of recycled polypropylene and initiatives promoting the circular economy.
Competitive Landscape and Recent Developments
The polypropylene market is fragmented, with numerous players operating globally. Strategic partnerships, capacity expansions, and new polymer type developments are common strategies employed by industry players. For example, LyondellBasell launched Beon3D, an innovative PP product range that enables the production of high-quality 3D printed objects. This demonstrates the continuous efforts of companies to enhance product offerings and cater to diverse market needs.
In conclusion, polypropylene is a versatile plastic with a wide range of applications. The market is expected to witness steady growth, driven by factors such as increasing utilization, demand for packaging material, and technological advancements. Despite challenges posed by crude oil price fluctuations, the market continues to evolve, emphasizing sustainability and innovation.
Key Topics Covered
1. Executive Summary
2. Introduction
2.1 Polypropylene: An Overview
2.2 Polypropylene Segmentation: An Overview
2.2.1 Polypropylene Segmentation
3. Global Market Analysis
3.1 Global Polypropylene Market: An Analysis
3.2 Global Polypropylene Market: Type Analysis
3.3 Global Polypropylene Market: Industry Analysis
3.4 Global Polypropylene Market Demand: An Analysis
3.5 Global Polypropylene Market Demand: Application Analysis
3.6 Global Polypropylene Market Production Capacity: An Analysis
4. Regional Market Analysis
4.1 Asia Pacific Polypropylene Market: An Analysis
4.2 Europe Polypropylene Market: An Analysis
4.3 North America Polypropylene Market: An Analysis
4.4 Rest of the World Polypropylene Market: An Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on Polypropylene Market
5.1.2 Post COVID Scenario
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Upsurge in E-Commerce Sales
6.1.2 Escalating Automobile Production
6.1.3 Rapid Urbanization
6.1.4 Upsurge in Demand for Plastic
6.1.5 Increase in Demand for Packaged Food
6.1.6 Surge in Disposable Income
6.2 Challenges
6.2.1 Fluctuating Crude Oil Prices
6.2.2 Availability of Substitutes
6.3 Market Trends
6.3.1 Surging Application of Polypropylene in Agriculture
6.3.2 Growing Focus on Sustainability
6.3.3 Technological Advancements in Production Processes
7. Competitive Landscape
7.1 Global Polypropylene Market Players: Financial Comparison
7.2 Global Polypropylene Market Players: Production Capacity
8. Company Profiles
8.1 LyondellBasell Industries
8.1.1 Business Overview
8.1.2 Operating Segments
8.1.3 Business Strategy
8.2 SABIC
8.3 Repsol Group
8.4 ExxonMobil Corporation
8.5 Mitsubishi Chemical Group Corporation
8.6 INEOS Group Holdings SA
8.7 LG Chem Ltd.
8.8 Braskem SA
8.9 Ensinger GmbH
8.10 China National Petroleum Corp (CNPC)
8.11 RTP Company
For more information about this report visit https://www.researchandmarkets.com/r/eemvzg
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