NEW YORK, September 23, 2021 / PRNewswire / – The value of the global polypropylene market, which has been $ 94.3 billion in 2020, will reach $ 165.6 billion by 2030, with a CAGR of 5.7%.
During the COVID-19 pandemic, the polypropylene market was hit hard as the closure of most manufacturing plants resulted in reduced demand for plastic. Although demand has increased for the production of N95 masks, pistons and gloves for the healthcare sector, the reduction in industry operations has resulted in low production despite falling commodity prices, mainly petroleum. raw.
Get sample pages in this report at: https://www.psmarketresearch.com/market-analysis/polypropylene-market-report/report-sample
Homopolymer bifurcation has dominated the types segment of the polypropylene market in the past. The higher strength-to-weight ratio of homopolymers makes them stronger and more rigid than polypropylene copolymers. Other advantages of homopolymers are high tolerance to chemical exposure and extreme temperatures, high thermoforming performance and good weldability.
In the coming years, the injection molding category will hold the largest share of value in the polypropylene market, depending on the application. Polypropylene’s mass density, which is among the lowest of all plastics, allows it to be injection molded, used in housewares, recreational vehicle (RV) products, and automotive and marine parts.
Packaging has been the most important category in the polypropylene market historically, and will continue to be so over this decade, under segmentation by end use. The strength of this polymer allows it to be used for containers that must be in direct contact with food. Other properties of plastic that make it ideal for packaging purposes are high clarity, heat resistance and recyclability, as well as good aesthetics.
Browse the Detailed Polypropylene Market Analysis and Growth Forecast to 2030 Report
The main factors driving the demand for this common plastic are:
- Booming packaging sector: Polypropylene accounted for the highest production volume among all plastics in 2019 due to its increasing use in packaging applications, according to PlasticsEurope. Besides food packaging, including candy and snack packaging, this polymer is also used to make hinged caps, pipes, microwave containers, auto parts, and banknotes.
- Growing Demand for Non-Woven Polypropylene Fibers: The growing demand for non-woven polypropylene fibers is also propelling the polypropylene market, as this material is widely used to make durable needled fibers, which are themselves consumed in the production of geotextiles, coating substrates, vehicle components, interiors and outdoor carpets, upholstery, blankets and bedding.
Asia Pacific (APAC) is the largest and fastest growing region in the polypropylene market due to its high volume production of this material. The region is home to some of the world’s largest petrochemical companies, including Reliance Industries Limited, China Petroleum & Chemical Corporation, and PetroChina Company Limited. In addition, the growing demand for electrical components and flexible packaging in China propels market growth.
The main companies in the global polypropylene market are LyondellBasell Industries BV, SABIC, Sinopec Group, PetroChina Company Limited, Reliance Industries Limited, Braskem SA, Total SA, Formosa Plastic Corporation, Exxon Mobil Corporation, INEOS Group Holdings SA and Borealis AG.
Browse more related reports
Plastic recycling market – Geographically, Asia Pacific held the largest share of the plastic recycling market in 2018, due to the high availability of household waste, imports of plastic waste and low labor costs in the region. The availability of cheap labor facilitates labor-intensive Allied operations, such as collection, sorting and cleaning.
Polytetrafluoroethylene Market – Asia Pacific consumed the highest volume of PTFE in the recent past, and it is expected to adopt this material at the fastest rate in the years to come. This can be attributed to the growing production of automobiles, increased industrial processing activities and the growing demand for consumer electronics in the region.
On P&S Intelligence
P&S Intelligence is a provider of market research and consulting services addressing the market information needs of growing industries around the world. Providing the bedrock of market intelligence, P&S as an enterprising research and consulting company, believes in providing in-depth landscape analyzes on the ever-changing market scenario, to enable companies to make informed decisions. and to base their business strategies with astuteness.
Phone: + 1-347-960-6455
E-mail: [email protected]
Follow us: LinkedIn Twitter
SOURCE P&S Intelligence