Polypropylene Market Size, Estimates, And Forecast To 2028
Polypropylene Industry Overview
The global polypropylene market size was valued at USD 117.8 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028.
Ascending application of polypropylenes in fiber, raffia, and film and sheet, coupled with the growing trend of the application of polypropylene (PP) in the automotive sector to manufacture lightweight vehicles for increased fuel efficiency, is anticipated to be the major factors driving the market over the forecast period.
Polypropylene is a lightweight material and has a broad range of superior properties, such as resistant to several chemical solvents, acids, and bases, high tensile strength, staining resistance, and low moisture resistance. Owing to its excellent chemical and mechanical properties, it is extensively used in manufacturing automotive components, packaging and labeling, medical devices, and construction, diverse laboratory equipment, among various others.
Gather more insights about the market drivers, restrains and growth of the Global Polypropylene Market
The rising application of polypropylene material in the packaging industry, where demand is especially associated with the ascending consumption of packed food and beverages, is expected to drive the product demand over the forecast period. Polypropylene helps in minimizing the possibility of food deterioration and has excellent moisture resistance, which increases its acceptability for effective food packaging solutions in the food and beverage industry.
Polypropylene (PP) material is also used for the manufacturing of automotive components, profiles, fashion apparel, and healthcare devices. Rising demand for the aforementioned components in various end-use industries, coupled with technological advancements and shifting consumer preferences towards lightweight electronics products, is expected to drive the demand for polypropylene in the coming years.
However, the lockdown imposed by various governments to contain the spread of the coronavirus pandemic has led to a decline in the consumption of polypropylene and has negatively impacted its demand in various applications. Manufacturers are witnessing difficulties in running production units owing to logistic restrictions and limitations on the movement of people, which are further cascading the negative impact on the product demand. However, the rising need for specialized polypropylene in the healthcare sector for manufacturing medical masks, gowns, and other safety kits is expected to support the product demand in the coming years.
As COVID-19 continues to spread across the world, work-from-home rules, order cancellations, and shipping complications are surging throughout the polypropylene industry. End-use industries such as automotive and construction are witnessing a sharp decline in terms of demand and production owing to the reducing discretionary spending, factory shutdowns, limitations on supply and transport, and a slowdown in infrastructure development activities across the globe.
Browse through Grand View Research’s Paints, Coatings & Printing Inks Industry Research Reports.
- Medical Device Packaging Market – The global medical device packaging market size was valued at USD 29.78 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2020 to 2028.
- Plastic Pallets Market – The global plastic pallets market size was valued at USD 6.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2021 to 2028.
Polypropylene Market Segmentation
Grand View Research has segmented the global polypropylene market on the basis of type, process, application, end use, and region:
- Polypropylene Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- Polypropylene Process Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- Injection Molding
- Blow Molding
- Polypropylene Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- Film and Sheet
- Polypropylene End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- Building & Construction
- Electrical & Electronics
- Polypropylene Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
Market Share Insights
- May 2021: Production of renewable plastics from 100% bio-based hydrocarbons through a collaboration with Neste and Toyota Tsusho was declared by Mitsui Chemicals Inc. The introduction of Neste-produced bio-based hydrocarbons as feedstock at the crackers will allow Mitsui Chemicals to manufacture renewable ethylene, propylene, C4 fraction, and benzene, among other chemicals, and process them into basic chemicals such as phenol, or plastics such as polyethylene and polypropylene, without altering the high quality of these derivatives.
- April 2021: Mitsubishi Chemical Corporation had an idea to get hold of all stakes in the overseas polypropylene (PP) compound-producing subsidiaries of its joint venture, Japan Polypropylene, by the beginning of July 2021. This action aimed to build up its PP compound business. Moreover, the company will pick up 55% and 50% shares in Japan Polypropylene’s subsidiaries in Beijing (China) and Thailand, respectively.
Key Companies profiled:
Some prominent players in the global polypropylene market include
- Exxon Mobil Corporation
- Lyondellbasell Industries Holdings B.V.,
- China Petrochemical Corporation
- BASF SE
- Eastman Chemical Company
- LG Chem
Order a free sample PDF of the Polypropylene Market Intelligence Study, published by Grand View Research.
Polypropylene Industry Overview The global polypropylene market size was valued at USD 117.8 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028. Ascending application of polypropylenes in fiber, raffia, and film and sheet, coupled with the growing trend of the application of polypropylene…
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