Global Polypropylene Market, By Type (Homopolymer, Copolymer), Process (Injection Molding, Blow Molding, Extrusion, Others), Application (Fiber, Film and Sheet, Raffia, Foam, Tape, Others), Chemical Structure (Isotactic, Syndiotactic, Atactic), End Use (Packaging, Building and Construction, Automotive, Furniture, Electrical and Electronics, Medical, Consumer Products, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
In the forecast period, rising plastic consumption in various end-use sectors is predicted to boost polypropylene demand. With technological breakthroughs and greater research efforts, it may be predicted that the technology roadmap will alter in the future, leading to new cost-effective ways for mass production of polymer composites. As a result of these determinants, the market is anticipated to have a positive outlook.
Global Polypropylene Market was valued at USD 120.50 billion in 2021 and is expected to reach USD 167.47 billion by 2029, registering a CAGR of 4.20% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Homopolymer, Copolymer), Process (Injection Molding, Blow Molding, Extrusion, Others), Application (Fiber, Film and Sheet, Raffia, Foam, Tape, Others), Chemical Structure (Isotactic, Syndiotactic, Atactic), End Use (Packaging, Building and Construction, Automotive, Furniture, Electrical and Electronics, Medical, Consumer Products, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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LyondellBasell Industries Holdings B.V. (Netherlands), Exxon Mobil Corporation (U.S.), SABIC (Saudi Arabia), DuPont (U.S.), INEOS AG (Switzerland), Formosa Plastics Corporation (Taiwan), China Petrochemical Corporation (China), LG Chem (South Korea), Eastman Chemical Company (U.S.), BASF SE (Germany), Reliance Industries Limited (India), Westlake Chemical Corporation (U.S.), Braskem (Brazil), Haldia Petrochemicals Limited (India), Trinseo (France), HPCL- Mittal Energy Limited (India), Brahmaputra Cracker And Polymer Limited (BCPL) (India), SACO AEI Polymers (U.S.)
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Market Opportunities
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Market Definition
Polypropylene is a thermoplastic material that is used for the manufacture of molded products or fibers. Along with translucent features, it provides strong mechanical and chemical resistance. The significant patterns and factors that confidently promote the industry are excellent rigidity, versatility and lightweight properties.
Polypropylene Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Demand Across End Users
The key growth driver for the polypropylene market is increasing demand from end-use sectors such as packaging, automotive, building and construction, healthcare, and electricals and electronics. Different elements, such as bumpers, instrument panels, and door trims, are made of polypropylene. It is also utilized for insulating building coverings and insulating electronics goods in the building and construction and electrical and electronics industries. China's Ministry of Industry and Information Technology expects electric vehicle sales to quadruple in the next several years. All of these elements are important growth drivers for polypropylene.
- Surging Recognition of its Beneficial Properties
The increasing awareness about its various advantageous properties will further propel the growth rate of polypropylene market. Polypropylene is a low-cost plastic with outstanding mechanical and moldability qualities. Polypropylene accounts for more than half of the plastic used in the automobile industry as a result of this. Polypropylene is a good material for packing because of its low density, lightweight, excellent heat resistance, durability, and great clarity.
Additionally, the growing demand for convenient packaging will also drive market value growth. The factors such as growth of the e-commerce business coupled with the growing online food delivery market are projected to bolster the growth of the market.
Opportunities
- Surge in Investments and Electric Vehicle
Furthermore, growth in various investments for development purposes will provide various growth opportunities within the market. In addition, the rapid expansion of electric vehicles is creating new potential for polypropylene. The rise of electric vehicles is linked to increased government laws aimed at reducing greenhouse gas emissions from conventional automobiles and great fuel efficiency and noiseless operation. This factor is likely to open up various prospects for polypropylene as a result of these considerations.
Restraints/Challenges
- Availability of Substitutes
Other plastics include polystyrene (PS), polyethylene terephthalate (PET), polyurethane (PUR), polyvinyl chloride (PVC), and polyethylene terephthalate (PET) (PE). Polypropylene faces significant competition from these plastic compounds. Polyethylene is the most widely used and manufactured of these plastic polymers. Polyethylene can be made into both soft and flexible products as well as rigid and durable ones. Polyethylene may be molded into a variety of shapes, ranging from the most basic to the most sophisticated. Polyethylene is a good alternative for polypropylene because of these characteristics. In addition, the availability of alternative comparable polymers puts polypropylene under a lot of pressure.
- Growth in Plastic Recycling Method
Polypropylene was rarely recycled in the past. Through concerted attempts to develop secondary markets, it is now becoming a highly recyclable item. Demand for post-consumer recycled polypropylene for packaging applications is being driven by companies like Unilever and Procter & Gamble. Many businesses are also following this trend in order to improve their brand image by committing to zero waste and environmental conservation. The new recycling trend for plastics materials is restraining the growth of plastics and, as a result, the polypropylene industry. Recycling available plastic/polypropylene reduces or eliminates plastic/polypropylene manufacturing. Therefore, this factor is projected to pose as a challenge for the polypropylene market growth rate.
This polypropylene market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the polypropylene market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Polypropylene Market
The recent outbreak of coronavirus had a negative impact on the polypropylene market. Several countries ordered full or partial lockdowns to curb the virus from spreading, resulting in a drop in polypropylene consumption and a severe impact on its demand in numerous applications. Polypropylene key players faced various challenges, including logistical constraints, limits on people's movement, labor shortages, and a scarcity of raw materials, all of which impede production and have a detrimental influence on the product's demand. On the brighter side, the market is estimated to revive as individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand.
Additionally, the use of specialist polypropylene in the healthcare sector for medical masks, gowns, and other safety kits is driving up product demand throughout the review period. Work-from-home policies, shipment issues, and other cancellations are all on the rise in the polypropylene business as the epidemic spreads around the globe. The polypropylene market is expected to grow fast in the forecast period as a result of these factors.
Recent Development
- In May, 2021, Mitsui Chemicals Inc. announced a collaboration with Neste and Toyota Tsusho to manufacture renewable polymers made entirely of bio-based hydrocarbons. Mitsui Chemicals will be able to produce renewable ethylene, propylene, C4 fraction, and benzene, among other chemicals, and process them into basic chemicals like phenol or plastics like polyethylene and polypropylene, thanks to the introduction of Neste-produced bio-based hydrocarbons as feedstock at the crackers. Their quality is comparable to that of conventional goods.
- In April, 2021, Mitsubishi Chemical Corporation planned to buy out all of its joint venture Japan Polypropylene's overseas polypropylene (PP) compound-producing businesses. This move was made to strengthen the company's PP compound business. In addition, the business would purchase 55 percent and 50 percent stakes in Japan Polypropylene's subsidiaries in Beijing (China) and Bangkok (Thailand), respectively. Japan Polypropylene has a global PP compound production capacity of 219,000 tonnes per year and a domestic capacity of 1 million tonnes per year.
Global Polypropylene Market Scope
The polypropylene market is segmented on the basis of type, process, chemical structure, end use and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Homopolymer
- Copolymer
- Process
- Injection Molding
- Blow Molding
- Extrusion
- Others
Application
- Fiber
- Film and Sheet
- Raffia
- Foam
- Tape
- Others
Chemical Structure
- Isotactic
- Syndiotactic
- Atactic
End Use
- Packaging
- Building and Construction
- Automotive
- Furniture
- Electrical and Electronics
- Medical
- Consumer Products
- Others
Polypropylene Market Regional Analysis/Insights
The polypropylene market is analyzed and market size insights and trends are provided by country, type, process, chemical structure, end use and application as referenced above.
The countries covered in the polypropylene market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the growing demand for product from the automotive and packaging sector along with prevalence of various market players within the region.
North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing use of packaging in the food and beverage industry along with rising consumer demand for lightweight automotive components and electronic products in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Polypropylene Market Share Analysis
The polypropylene market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to polypropylene market.
Some of the major players operating in the polypropylene market are
- LyondellBasell Industries Holdings B.V. (Netherlands)
- Exxon Mobil Corporation (U.S.)
- SABIC (Saudi Arabia)
- DuPont (U.S.)
- INEOS AG (Switzerland)
- Formosa Plastics Corporation (Taiwan)
- China Petrochemical Corporation (China)
- LG Chem (South Korea)
- Eastman Chemical Company (U.S.)
- BASF SE (Germany)
- Reliance Industries Limited (India)
- Westlake Chemical Corporation (U.S.)
- Braskem (Brazil)
- Haldia Petrochemicals Limited (India)
- Trinseo (France)
- HPCL- Mittal Energy Limited (India)
- Brahmaputra Cracker And Polymer Limited (BCPL) (India)
- SACO AEI Polymers (U.S.).
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