Polypropylene Market Size to Hit USD 105.49 Billion by 2027; Rising Usage in Automobile Manufacturing will Aid Growth, Says Fortune Business Insights™
Fortune Business Insights
6 min read
Top players covered in the polypropylene market are LyondellBasell Industries N.V. (Netherlands), ExxonMobil Chemical (U.S.), China National Petroleum Corporation (China), INEOS (UK), China Petroleum & Chemical Corporation (China), SABIC (Saudi Arabia), Ducor Petrochemicals (Netherlands), Reliance Industries Limited (India), Formosa Plastic Group (Taiwan), Total S.A. (France), Braskem (Brazil), BASF SE (Germany), Repsol (Spain), Borouge (UAE), Borealis AG (Austria), MOL Group (Hungary), Beaulieu International Group (Belgium), and other key players profiled
Pune, Oct. 05, 2020 (GLOBE NEWSWIRE) -- The global polypropylene market size is expected to gain impetus from its extensive usage in the manufacturing of automobiles. The Plastic Trade Association declared that PP accounts for the highest share of 32% amongst all the different types of plastics used in the automotive industry. Fortune Business Insights™ presented this information in a new study, titled, “Polypropylene Market Size, Share & COVID-19 Impact Analysis, By Type (Homopolymer, Copolymer), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceuticals, Electrical & Electronics, Agriculture, Others), and Regional Forecast, 2020-2027.” The study further states that the market size stood at USD 78.22 billion in 2019 and is projected to reach USD 105.49 billion by 2027, exhibiting a CAGR of 5.0% during the forecast period.
Low Demand from Automotive Industry amid COVID-19 to Decline Growth
The outbreak of the COVID-19 pandemic is affecting the supply of polypropylene severely. It is currently showcasing lower demand from the building & construction and automotive industries. Also, the reduced prices of crude oil are impacting the demand for PP. We are offering in-depth research reports to help you regain business confidence at a difficult time like this.
Which organizations are set to generate the largest revenues?
What are the current, historical, and estimated sizes of the market?
How will the COVID-19 pandemic affect the market in the coming years?
What are the strategies followed by key companies to intensify sales of polypropylene products?
Drivers & Restraints
Rising Demand from Agriculture Sector to Propel Growth
Polypropene is nowadays utilized in the production of sports equipment, fashion apparels, and toys as it offers high flexibility and durability. Other than that, it can be molded easily in various shapes, without hampering the quality. In the agriculture sector, this material is gaining high popularity because of the rising demand for various tools, namely, nozzles, microtubes, and drippers. However, the frequent fluctuations in the prices of crude oil are affecting the cost of the final product. This factor is likely to obstruct the polypropylene market growth throughout the forthcoming years.
Segment
Packaging Segment to Hold Largest Share Fueled by Usage in Various Applications
Based on the end-use industry, the packaging segment is likely to hold the largest polypropylene market share in the coming years. This growth is attributable to the increasing usage of PP in the packaging of cosmetics, surgical equipment, auto components, and drugs. The consumer goods/lifestyle segment, on the other hand, generated 7.2% in terms of share in 2019.
Regional Analysis
Increasing Usage in Pharmaceuticals Industry to Favor Growth in Europe
In 2019, Asia Pacific procured USD 40.41 billion in terms of revenue. The region is set to showcase high growth in the near future on account of the major contributions of India, Japan, and China. The expansion of automobile, packaging, and food & beverages industries in these countries would drive growth. Europe, on the other hand, is expected to exhibit a significant growth stoked by the increasing usage of PP in the pharmaceuticals, healthcare, and electrical & electronics industries.
Key Players Focus on Bagging New Orders from Renowned Firms to Intensify Competition
The companies present in this market are trying to establish robust distribution networks and enhance their product portfolios. A few of the local players are aiming to surge sales by gaining new orders for PP from reputed organizations.
Below are two latest industry developments:
June 2020: HP is planning to provide its new PP material for additive manufacturing. The new 3D High Reusability PP is enabled by BASF. It is a chemically resistant, durable, and versatile material that is best suited for those customers present in the medical, industrial, consumer, and automotive sectors.
August 2019: PureCycle Technologies signed an agreement with L’Oréal to deliver Ultra-Pure Recycled Polypropylene (UPRP). This would help the former to boost the commercialization and build-out of its technology in the industry to cater to the increasing demand.
List of the Leading Companies Profiled in the Global Polypropylene Market are:
LyondellBasell Industries N.V. (Netherlands)
ExxonMobil Chemical (U.S.)
China National Petroleum Corporation (China)
INEOS (UK)
China Petroleum & Chemical Corporation (China)
SABIC (Saudi Arabia)
Ducor Petrochemicals (Netherlands)
Reliance Industries Limited (India)
Formosa Plastic Group (Taiwan)
Total S.A. (France)
Braskem (Brazil)
BASF SE (Germany)
Repsol (Spain)
Borouge (UAE)
Borealis AG (Austria)
MOL Group (Hungary)
Beaulieu International Group (Belgium)
Other Key Players
Browse Detailed Summary of Research Report With TOC:
Polyethylene Market Size, Share & COVID-19 Impact Analysis, By Type (HDPE, LDPE, LLDPE), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Agriculture, Others), and Regional Forecast, 2020-2027
Plastics Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene), By End-Use Industry (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics), and Regional Forecast, 2020-2027
Polyethylene Terephthalate Market Size, Share & Industry Analysis, By Grade (Textile, Bottle, Film), By End-Use Industry (Packaging, Textiles, Automotive, Electrical and electronics) and Regional Forecast, 2019-2026
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