The global polypropylene market size was at US 114.77 billion in 2019 and expected to surpass around USD 173.49 billion by 2027 with a CAGR of 5.3% from 2020 to 2027.
In 2019, the global volume of polypropylene market stood at nearly 72.03 Million Tons and expected to register a growth rate of nearly 4.5% over the forecast period.
Increasing application of polypropylene across various end-use industries including automotive, packaging, medical, building & construction, and many others drives the demand for the product over the upcoming years. Polypropylene is a light weight material that offers broad range of superior properties such as high tensile strength, low moisture resistance, staining resistance, and resistant to various chemical solvents, acids, & bases because of which it is largely preferred in the aforementioned industries.
Shifting trend towards lighter materials in automotive sector in order to improve the fuel efficiency and curb the pollution rate act as a booming factor for the market growth of polypropylene in the industry. Similarly, it is highly preferred as a packaging solution in food & beverage industry owing to its excellent moisture resistance property that increases the life of the packaged food and prevents it from degradation.
On the other hand, lockdown imposed by different governments to control the spread of COVID-19 pandemic has significantly impacted to the consumption of polypropylene as well as its demand has declined rapid across various end-use industries. Manufacturers are facing difficulties while running production lines because of insufficient supply of raw material and restrictions on logistics along with limitations for the movement of people that further cascade negative impact towards the product demand. Besides this, increasing requirement for specialized polypropylene particularly in the healthcare sector in order to manufacture medical gowns, masks, and other safety equipment expected to propel the demand for the product in the upcoming years.
Homopolymer dominated the global polypropylene market and accounted for around 83% revenue share in the year 2019. Increasing demand for homopolymer polypropylene in the manufacturing of different components that include prosthetic devices & orthotic, secondary containments, pump components, and storage tanks, for different end-use sectors, for example automotive, healthcare, and construction anticipated to prosper the growth of the segment during the analysis period.
However, the counterpart of homopolymer, copolymer polypropylene is comparatively softer, though has high strength and is more durable compared to homopolymer. Because of its toughness at low temperature along with higher stress crack resistance, the demand for copolymer expected to witness significant growth over the forecast timeframe.
Film & sheet accounted for the highest revenue share of nearly 36% in the global market for polypropylene in 2019. The growth of the segment is mainly attributed to the rising demand for polypropylene in boxes, binders, packaging materials, and portfolios due to its high temperature stability, excellent chemical resistance, better chemical resistance, high temperatures stability, excellent moisture barrier, and exceptional contact clarity.
Prominent growth of the packaging sector, mainly in countries that include China and India, because of growing penetration of e-commerce platform to purchase products projected to impact positively on the growth of the segment over the forthcoming years.
Fiber estimated to be the second largest application segment accounting for a value share of around 30% in 2019. Rising demand from automotive industry in seat cover construction, pull straps, automotive flooring, and seam reinforcement predicted to bolster the demand for polypropylene in the forthcoming years.
The Asia Pacific emerged as the market leader and accounted for a revenue share of approximately 50% in the year 2019. Furthermore, the region also predicted to grow at a prominent rate over the predicted time period. Increasing demand for polypropylene particularly from the packaging and automotive sectors, predominantly in countries such as China, India, and Japan anticipated to thrive the market growth in the region. Additionally, the region is a home of market leaders such as LG Chem, China Petrochemical Corporation, Formosa Plastics Group, and Sumitomo Chemical that accounted as the another prime factor to augment the market size during the coming years.
North America accounted for a value share of 16% in 2019 owing to its rising application for packaging in the food & beverage industry. In addition to this, rising number of R&D centers coupled with increasing demand for lightweight automobiles and their parts estimated to propel the demand for polypropylene in the region.
Key Companies & Market Share Insights
The global polypropylene market is characterized by the presence of numerous small as well as medium scale companies. These players are largely focused towards forward integration via raw material production, product manufacturing, and distribution across various industry verticals.
Some of the prominent players in the polypropylene market include:
Report Scope of the Polypropylene Market
|Market Size||USD 173.49 Billion by 2027|
|Growth Rate||CAGR of 5.3% from 2021 to 2027|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2021 to 2027|
|Segments Covered||Product, Application, Region|
|Companies Mentioned||Lyondellbasell Industries Holdings B.V., Exxon Mobil Corporation, SABIC, China Petrochemical Corporation, Eastman Chemical Company, BASF SE, LG Chem, Trinseo S.A., Total S.A, Westlake Chemical Corporation|
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of process, type, application, end-use, and region:
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client