Polypropylene Industry Analysis, Leading Players, Growth and Future Scope
With the expanding plastic packaging sector, the global polypropylene market revenue is expected to increase from $122.7 billion in 2019 to $226.8 billion in 2030, at a 5.7% CAGR between 2020 and 2030. PlasticsEurope says that 359 million tons of plastics was produced in 2018, globally, owing to the high demand for such materials in the building & construction and packaging industries. That year, polypropylene accounted for around 19.3% of the total plastics produced, as it is widely used in sweet & snack wrappers, food packaging, microwave containers, hinged caps, automotive parts, pipes, and banknotes.
In addition, the technology is advancing, consumers are demanding health and wellness products, lifestyle is changing and becoming busier, world is witnessing rapid urbanization, and number of single-person households is rising. All these factors, combined with the demand for sustainable packaging, are shaping the packaging industry trends. This is having a positive effect on the growth of the polypropylene market, as this plastic has a high tensile strength, which makes the packaging material durable.
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Till 2030, the homopolymer bifurcation, under segmentation by type, would continue holding the larger polypropylene market value share, on account of its higher rigidity, which makes it the more popular form of the plastic. Additionally, this variant finds wide usage in plating & anodizing process equipment, orthotic & prosthetic devices, pump components, plenums & manifolds, storage tanks, secondary containment, metal finishing, valve bodies, medical devices, chemical processing & storage, and washers. This is attributed to homopolymer polypropylene’s temperature and chemical stability, high performance in thermoforming, and good weldability.
Asia-Pacific was the largest polypropylene market till 2019, and it will maintain its market dominance in the coming years. This would be a result of the rising number of production plants and rapid innovations in rigid and flexible packaging materials in the region. Moreover, APAC is home to several giant polypropylene producers, such as PetroChina Company Limited, Reliance Industries Limited, and China Petroleum & Chemical Corporation, which further leads to the region’s largest share in the global industry.
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