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Future Market Insights (FMI) estimates that in 2021, the worldwide polypropylene market will increase by 3.5% year over year (YoY). Between 2022 and 2030, the demand for polypropylene is anticipated to increase at a rate of 4.5% CAGR. According to Future Market Insights (FMI), the market would be worth more than US$ 86,995.4 Mn in 2022.
Revising its market forecast to negative 2.1% (volume) for 2020, the ESOMAR-certified market research and consulting firm remains bullish on the long-term prospects of the market.
According to the study, “despite a bearish rally for polypropylene over the last three months, a more positive outlook for oil will pave way for brighter polypropylene settlements in the near term.”
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Polypropylene demand decline has been more pervasive vis-à-vis its other plastic variants in automotive and this will continue till resumption of manufacturing operations. However, high sales of spun-bound and meltblown polypropylene grades in the production of PPE and masks can offset some of the losses, opines FMI’s new study.
“The production of polypropylene requires a substantial amount of capital investment. Re-use and recyclability will not only reduce overall investment cost but also substantially reduce carbon emissions” says an FMI analyst.
Key Takeaways of Global Polypropylene Market Study
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Competitive Landscape of Polypropylene Market
Borealis, one of the key players has been continuously extending support to all its partners in the polypropylene value chain to make the shift to polypropylene solutions that are viable in sustainable packaging.
Both Sabic and BASF have engineered newer processes to recycle polypropylene from a low-value, low-quality plastic to a pre-consumer plastic that can be effectively used in a number of food packaging applications. BASF has also collaborated with Jaguar to convert plastic waste into high-end automotive parts.
SCG has come out with a technology called as SMX that minimizes the utilization of plastic and paves way for applications in film packaging and chemical drums with more impact resistance and perforation.
Lucrative Market Conditions in China and India Make East Asia a Regional Goliath
East Asia’s prominence in the polypropylene market is likely to continue unabated owing to its fast growing automotive and construction sectors.
Another key factor driving growth of polypropylene market in East Asia is the focus of manufacturers on customization of product portfolio as per specific applications. In East Asia, polypropylene is being prominently used in BOPP film, injection moldings, and Raffia/Thermoforming.
With viral epicenters having shifted to countries such as India, demand for polypropylene grades is robust in packaging and medical applications. Production appetite for bottle caps and closures in medical, hygiene and pharmaceutical applications has led to significant improvements in the demand outlook for East Asia
Market report on Polypropylene published by Future Market Insights brings to the fore a pin-point analysis of the market, and offers comprehensive information with historical demand data for 2015-2021 and forecast statistics for 2022-2030. The study offers insightful information on the global Polypropylene market based on various categories–product grade (HP, RCP, ICP and TPO), and application (BOPP Film, Raffia/Thermoforming, Fibres & Filaments, Spun Bond Non-Wovens, Melt Blown Non-Wovens, Injection Moldings, Blow Moldings, Cast & Water Quenched Film, Cast & Water Quenched Film, Pipe & Sheet, and Transparent TPO). This study highlights the key market players, who are well-known market vendors, and have proven themselves as key shareholders in the global polypropylene market. Some of the market players included in the report are BASF SE, SABIC, Exxon Mobil Corporation, Lotte Chemical, LG Chem, Petro China Company Limited, Rongsheng Petrochemical Co., Ltd., Formosa Plastics Corporation, Japan Polypropylene Corporation, and Braskem, among others.
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Explore FMI’s Extensive Coverage on Chemicals & Materials Domain
Polypropylene Random Copolymers Market Size: The global polypropylene random copolymers market was worth US$ 8.3 Billion in revenue in 2021, and it is expected to grow at a CAGR of 5.8% between 2022 and 2032. As of 2022, the market is expected to be valued at US$ 8.8 Billion, projected to reach US$ 15.46 Billion.
Expanded Polypropylene (EPP) Foam Market Share: The global expanded polypropylene (EPP) foam market is projected to have a rapid-paced CAGR of 11.40% during the forecast period. The current valuation of the market is US$ 1,685.97 million in 2022.
Polypropylene Fibre Market Outlook: Polypropylene fibre has been recognized as one of the fastest growing synthetic fibres. There has been a significant rise in the demand for non-woven fabrics in the past few years
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware – 19713, USA T: +1-845-579-5705 For Sales Enquiries: [email protected]
The post Polypropylene Market Worth US$ 117,513.8 Mn by 2030 | CAGR 4.5% – By FMI appeared first on Future Market Insights.
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