Polypropylene Market Outlook
According to a new report by Expert Market Research titled, “Global Polypropylene Market Outlook, Size, Share, Analysis, Report and Forecast 2024-2032″, the global polypropylene market size reached a volume of almost 86.43 million metric tons in 2023. Aided by the rising demand from major end use sectors, the market is projected to further grow at a CAGR of 4.5% between 2024 and 2032 to reach a volume of almost 108.2 million metric tons by 2032.
Polypropylene, a thermoplastic polymer, is commonly derived from the polymerisation of propylene. Widely known for its resilience to fatigue, resistance to most solvents, and versatile nature, it finds extensive utility in numerous applications, including packaging materials and textiles as well as automotive components. Polypropylene is a modern-day scientific achievement which offers a blend of flexibility and durability.
The polypropylene market growth is being aided by the surge in its adoption within the packaging sector. Growing demand for sustainable and efficient packaging solutions by the consumers is driving businesses towards leveraging polypropylene. Its inherent properties of being lightweight and resistant to chemicals make it an ideal choice for packaging a number of goods, ranging from food to intricate electronic components.
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One of the major polypropylene market trends is the rising application of polypropylene in the automotive industry. The ongoing global shift towards lightweight vehicles which aim for fuel efficiency and reduced carbon emissions, has fuelled the incorporation of polypropylene in various car components.
The polypropylene market demand benefits from the growing bend towards its use in the healthcare sector. This dynamic shift is attributable to polypropylene’s biocompatibility, sterilisation capabilities, and chemical resistance which attributes quintessential for medical devices, syringes, and laboratory equipment.
The polypropylene market analysis highlights the Asia Pacific’s hold on a large share of the market. With countries like China, India, and Indonesia leading the industrial growth narrative, their growing manufacturing sectors serve as massive consumers of polypropylene. From textiles to electronics, all the sectors commonly use polypropylene in various applications, augmenting the market’s expansion globally.
The global market is set to witness an upward trajectory and consistent growth. As industries evolve and modernise, and as the global shift towards sustainability gains momentum, polypropylene’s role as a versatile, efficient, and sustainable material is expected to strengthen.
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Polypropylene Market Segmentation
The market can be divided based on application, end use, and region.
Market Breakup by Application
- Injection Moulding
- Fibre
- Film
- Other Extrusion
- Blow Moulding
- Extrusion Coating
- Others
Market Breakup by End Use
- Packaging
- Automotive
- Agriculture
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global polypropylene market. Some of the major players explored in the report by Expert Market Research are as follows:
- LyondellBasell Industries Holdings B.V.
- China Petrochemical Corporation
- PetroChina Company Limited
- Braskem S.A.
- Exxon Mobil Corporation
- Formosa Plastics Corporation
- Reliance Industries Limited
- TotalEnergies SE
- Others
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