Polypropylene, a thermoplastic material, has an extensive use to manufacturing fiber or molded materials. The compound is known for its extraordinary mechanical, chemical resistance, and translucent features. The global polypropylene market is all set to gain substantially from demands generated by end-user industries and it is expected to result in an impressive CAGR during the forecast period of 2020 to 2027. Market Research Future (MRFR) predicts possibilities are quite strong that the polypropylene market would record a valuation that would surpass the predicted one in the coming years.
Several factors are expected to launch high growth for the market. End-user industries like agriculture, automotive, construction, packaging, electrical & electronics, and others are definitely going to establish potential market expansion scope. Among others, its features like excellent stiffness, flexibility and lightweight properties can trigger pervasive entrance for the polypropylene market into associated industries.
MRFR has segmented the global polypropylene market into application for a better look at different prospects that the market has on offer.
Based on the application, the polypropylene market comprises construction, agriculture, automotive, packaging, and electrical & electronics. The automotive segment has a major market share due to the segment’s increasing use of plastic materials to manufacture efficient vehicles. In the agricultural sector, lightweight materials are in high demand, which has forced investors in initiating substantial change in the production materials and improve quality for better agricultural production.
The packaging segment is also anticipating high growth leveraging on the product’s features, such as less storage space, flexibility, and ability to withstand extreme conditions.
Smartphones, tablets, computers, and others from the electronics & electrical segment are expected to raise the mark for the segmental applications.
The polypropylene market, as per MRFR study, has been segmented regionally into five regions, namely, Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA).
The APAC market has the maximum market impact and its demand is on the rise due to easy percolation in industries like agriculture, automotive, construction, packaging, electrical & electronics. The automotive segment has a strong presence in the region as several market players are focusing on strategic expansion to this part of the world to increase their profitability by leveraging on cost-affordable raw materials and labor. Countries like China, Japan and India are expected to transform the global market.
North America’s market growth relies mostly on the demand for thermoplastic materials in construction and buildings, medical and automobile sectors. The high disposable income in the region can provide serious traction to the market and bring in investors to improve the automobile segment. Also, the demand of polypropylene glycol and propylene glycol in pharmacy and healthcare industries are on the rise, especially, in the US, Canada, and Mexico.
Europe’s market depends mostly on the consumption of lightweight materials in industries, such as glass, textile, automotive and industrial machinery. The region has also a robust presence of the automotive industry, which, along with innovation and technological advancement, is promoting the market. The U.K., Italy, Germany and France are expected to contribute substantially.
The Latin American market, boosted by industries like, chemical, construction & buildings, and energy sectors are expected to gain remarkably during the forecast period. Moreover, the MEA is generating notable demand for polypropylene polymers through oil & gas, petrochemical, energy and aviation sectors.
Various companies are expecting strong benefit from the global polypropylene market growth. Their tactical moves are expected to deliver a holistic enhancement of the market prospect in the coming years. These companies have been profiled by MRFR for a detailed understanding of strategies like merger, acquisition, innovation, collaboration, and others, and trends that are expected to provide thrust to the global market. These companies are LyondellBasell (U.S.), The Dow Chemical Company (U.S.), SABIC (Saudi Arabia), Exxon Mobil Corporation (U.S.), LANXESS (Germany), BASF SE (Germany), INEOS (Switzerland.), Eni S.p.A. (Italy), Chevron Phillips Chemical Company (U.S.), and LG Chem (South Korea).
In July 2019, Sumitomo Chemical Co. acquired Emas Plastik A.S. and its affiliated companies, a notable plastic compounder group operating out of Turkey. The step is to ensure advancement in the global polypropylene (PP) compound business.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Market Research Future®
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
+1 628 258 0071(US)
+44 2035 002 764(UK)
Email: [email protected]