The global polypropylene market is poised to attain a market value of USD 122.31 billion by 2026, registering a CAGR of 5.5% during the forecast period. One of the key drivers of the global polypropylene market growth is the rising demand for the polymer in the automotive industry. Polypropylene is widely used in automobile manufacturing owing to its moldable properties and low costs. Within this industry, this polymer is primarily used in fender lines, battery trays and cases, instrumental panels, and interior and door trims. Additionally, polypropylene offers a variety of other benefits, such as high chemical resistance and excellent impact balance, that make it a highly valuable material in the automotive industry.
Fortune Business Insights covers some of the important players in the global polypropylene market competition:
- Formosa Plastics Group
- China National Petroleum Corporation
- Reliance Industries Limited
- ExxonMobil Chemical
According to the Fortune Business Insights report, titled “Polypropylene Market Size, Share & Industry Analysis, By Type (Homopolymer, Copolymer), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceuticals, Electrical & Electronics, Agriculture, Others), and Regional Forecast, 2019-2026”, the global polypropylene market value in 2018 was USD 79.85 billion. The report also contains an in-depth analysis and evaluation of the factors, trends, and dynamics that will influence the market during the forecast period.
Polypropylene (PP) is a linear hydrocarbon resin that is essentially is a rigid, tough, and crystalline thermoplastic derived from propene monomer. It is one of the cheapest and the most widely used plastics available currently.
By End User
- Infrastructure & Construction
- Consumer Goods/Lifestyle
- Healthcare & Pharmaceuticals
- Electrical & Electronics
- North America (U.S., and Canada)
- Europe (Germany, France, Uk, Italy, Spain, and Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, and Rest of Middle East & Africa)
Extensive Applicability in the Packaging Industry to Favor Market Growth
Rapidly developing packaging industry on account of growing e-commerce activities is raising the demand for polypropylene and is turning out to be one of the major factors leading the expansion of the global polypropylene market size. The wide usage of polypropylene in packaging is attributable to the polymer’s exceptional welding qualities and chemical resistance properties as well as other structural and molecular advantages. For example, in food packaging, PP is a preferred option owing to its low moisture and water vapor transmission and high optical clarity.
Have a Look at Related News: