Polypropylene Market Set for Robust Growth, Valued at US$ 118.53 Billion in 2022
In a recent report, the global Polypropylene Market is poised for significant expansion, with a valuation of US$ 118.53 billion in 2022 and an anticipated growth rate of 5.81% through the forecast period. Polypropylene, a versatile synthetic resin derived from the polymerization of propylene, is a key player in various industries due to its attributes such as toughness, flexibility, light weight, and heat resistance.
Driving Forces:
The demand for polypropylene is soaring, driven by its crucial role in the packaging sector. With a surge in the consumption of packaged foods and beverages, polypropylene's ability to provide efficient packing solutions, block moisture, and reduce the likelihood of food spoilage has become instrumental.
Furthermore, the expanding market for electric vehicles is unlocking new opportunities for polypropylene. Its use in manufacturing lightweight components contributes to the fuel efficiency and extended range of electric cars, aligning with government regulations aimed at reducing greenhouse gas emissions.
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Research methodology:
This report estimates and validates the size of the global Polypropyleneg market using top-down and bottom-up methodologies. In order to compile a comprehensive list of current and notable participants, players strictly abide by a range of industry classification requirements. The market companies that are most relevant to the inquiry are chosen after a thorough validation procedure. Priority rankings are arranged in accordance with the revenue from the most recent quarter using subscription databases like Factiva, Bloomberg, and others. Last but not least, a survey that focuses on the key target categories was especially created to meet all requirements for primary data collection by appointment only. This makes it easier for us to collect information on a range of issues, such as player earnings, operating expenses, profit margins, and the growth of different goods and services. A variety of secondary sources, including the World Bank, associations, company websites, SEC filings, OTC BB, USPTO, EPO, annual reports, press releases, and more are used to validate roughly 70-80% of the data before it is utilized.
Polypropyleneg Market Dynamics:
Examining the key market dynamics in both developed and developing regions of the globe is achievable with the use of MMR Analysis, a focused and practical research methodology. To help customers and businesses flourish in specialised industries and expand in new global marketplaces, MMR specialists also conduct in-depth studies of geographic locations. The dynamic Player landscape that affects the market's development is also discussed in this market research analysis.
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Polypropylene Market Segment:
by type
Homopolymer
Copolymer
Polypropylene was divided into two segments based on type outlook: homopolymer and copolymer. The homopolymer segment dominated the market because it is made from a single type of monomer and can be used in various processing technologies, including injection moulding, blow moulding, film, fibre, sheet extrusion, and thermoforming. Homopolymers offer a wide range of properties that can be used in packaging, household goods, textiles, film, healthcare, and pipe applications, in addition to applications in the automotive and electrical industries.
by Process
Injection Molding
Blow Molding
Extrusion
Other
The polypropylene market is divided into four segments based on the processes used: injection moulding, blow moulding, extrusion, and other. The reason injection moulding dominated the market was A thermoplastic addition polymer created by combining multiple propylene monomers is polypropylene injection moulding material. It has a broad range of uses, including consumer product packaging and plastic components for sectors like the automotive industry. Plastic jars and containers, as well as other plastic parts for rigid walls, can be produced by injection moulding machines. Because the scrap can be recycled again, injection moulding produces very little waste.
by end user
Automotive
Building & Construction
Packaging
Medical
Electrical & Electronics
Others
The polypropylene market is divided into several segments based on the end user, including automotive, building & construction, packing, medical, electrical & electronics, and others.
The packaging segment dominated the market because polypropylene's excellent barrier qualities, high strength, smooth surface, and affordable price make it perfect for a variety of packaging uses. Polypropylenes work well in sheet thermoforming and blow moulding applications for food, personal hygiene, health, medical, and labware, as well as household chemicals and cosmetics.
Polypropyleneg Market Key players:
1. LyondellBasell Industries
2. Exxon Mobil Corporation
3. SABIC
4. DuPont
5. INEOS
6. Formosa Plastics Corporation
7. China Petrochemical Corporation
8. LG Chem
9. Eastman Chemical Company
10.BASF SE
11.Reliance Industries Limited
12.Westlake Chemical Corporation
13.Braskem
14.Haldia Petrochemicals Limited
15.Lotte Chemical UK LTD.
16.Trinseo
17.HPCL- Mittal Energy Limited
18.Brahmaputra Cracker And Polymer Limited
19.SACO AEI Polymers
20.Borealis AG
21. China National Petroleum Corporation (China)
22.Ducor Petrochemicals (Netherlands)
23.Total S.A. (France)
24.Repsol (Spain)
25.Borouge (UAE)
26.Beaulieu International Group (Belgium)
27.MOL Group (Hungary)
28. Other Key Players
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Regional Insights:
Asia-Pacific dominates the market, with significant contributions from the automotive and packaging sectors. North America holds the second-largest market share, driven by the food and beverage industry's increasing use of packaging and rising consumer demand for lightweight automotive and electronic components.
Europe's polypropylene market is expected to grow, fueled by factors such as an aging population, demand for convenient packaging, and the growth of the e-commerce and online food delivery markets.
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