PUNE, India, Jan. 13, 2021 (GLOBE NEWSWIRE) -- The Global Polypropylene Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global polypropylene market size was estimated to be US$ 110 billion in 2019 and expected to reach US$ 155 billion by 2030 at a CAGR of 3.2% through 2030. Polypropylene is a thermoplastic polymer used across wide range of applications. Produced by catalytic polymerization of propylene, polypropylene possesses good tensile strength, strong chemical resistance and high surface hardness. Polypropylene is widely used in the production of rigid packaging, industrial containers, furniture, automotive components, industrial components, and so on. Rising demand for processed food & beverages has resulted in increased demand for flexible and reliable packaging materials without impacting the properties of packaged food. This has significantly fuelled the adoption of polypropylene in the packaging of food & beverage.
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Rising demand for lightweight materials for manufacturing of automotive components, construction equipment, and consumer electronic products has significantly contributed towards the growth of the global polypropylene market during past decade. However, rising concerns regarding hazards of polypropylene on environment, growing awareness regarding environment protection, and implementation of stringent regulations is anticipated to hinder the growth of the global polypropylene market. The production of polypropylene during first quarter of 2020 has witness steady growth compared to previous year. However, implementation of region wise lockdown across major polypropylene production countries amidst the COVID-19 pandemic has disrupted the supply chain of the global polypropylene market, thereby impacting the growth of global market. The global polypropylene market is expected to witness steady growth during the forecast period.
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High strength, elasticity and resistivity to chemicals to drive the growth of homopolymer polypropylene
The global polypropylene market is segmented on the basis of type, application, end use industry, and geography. Based on type, the global polypropylene market is segmented into homopolymer and copolymer. The homopolymer polypropylene contributed the largest share to the global polypropylene market in 2019 and is anticipated to be the fastest growing segment during the forecast period. The homopolymer polypropylene is widely used across different industries owing to the high strength, elasticity, and resistivity to chemicals compared to the copolymer polypropylene. Increasing demand for copolymer polypropylene from healthcare applications fuelled by high impact strength is anticipated to fuel the growth of copolymer polypropylene in coming years.
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Strong demand from food & beverage packaging to drive market growth
Based on end use industry, the global polypropylene market is segmented into automotive, building & construction, packaging, healthcare, consumer electronics, and others. The packaging segment contributed a dominating share to the global polypropylene market in 2019 and is anticipated to be a dominating segment throughout the forecast period. Polypropylene is widely used for packaging of food & beverages owing to leak proof packaging and does not interfere with quality of food. Automotive segment is anticipated to witness prominent growth during the forecast period owing to increasing adoption of polypropylene for insulating high voltage carrying cables and in for interior components.
Based on geography, the global polypropylene market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific contributed the largest share to the global polypropylene market in 2019 and is expected to be the fastest growing market during the forecast period owing to strong demand from packaging, automotive, and building & construction industries. North America contributed a prominent share to the global polypropylene market in 2019 and is anticipated to witness steady growth during the forecast period.
Major players active in the global polypropylene market include BASF SE, Borealis AG, Braskem, Exxon Mobil Corporation, Formosa Plastics Corporation, INEOS Group Holdings, Japan Polypropylene Corporation, LyondellBasell Industries N.V., Reliance Industries Limited, SABIC, Sasol, Sinopec, and Total S.A.
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