Global Polypropylene Market: Key Highlights
- The global demand for polypropylene stood nearly US$ 100 Bn in 2018 and is projected to reach over US$ 164 Bn by 2027. Increasing demand for polypropylene in the food & beverages packaging industry coupled with rising demand for lightweight vehicles is expected to boost growth of the polypropylene market in the next few years.
- Polypropylene, a thermoplastic polymer, is manufactured by catalytic polymerization of propylene. Polypropylene possesses beneficial properties such as high surface hardness, good tensile strength, and strong chemical resistance. Hence, it is one of the most versatile polymers used in packaging, automobile, construction, electrical & electronics, and medical industries.
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- Rising awareness about usage of plastics and replacement of sustainable packaging solution is likely to hamper the growth of polypropylene in coming years. However, manufacturers are focusing on developing competent biobased polypropylene which is anticipated to bring immense opportunities in the market.
Global Polypropylene Market: Segmental Insights
- Automotive, packaging and construction are major growth contributor to global polypropylene market. Superior barrier properties, good surface finish and high tensile strength make ideal material for packaging. However, polypropylene is facing strong competition from polyethylene.
- In terms of volume, packaging accounted for more than 45% share in global polypropylene market in 2018. Polypropylene has distinguished utilities in both flexible and rigid packaging due to its ability to resist strong chemicals and high temperature. Polypropylene films offer phenomenal optical clarity and low moisture transmission and hence preferred material for food packaging.
- Robust demand for lightweight motor vehicles in emerging as well as developed regions is estimated to accelerate growth of the polypropylene market. Polypropylene is lightweight and offers optimal balance of mechanical properties and excellent surface finish to vehicles. Hence, it easily replaces metal. Polypropylene is 15% to 20% lighter than other plastics. Thus, it considerably reduces the overall weight of vehicles. This, in turn, reduces fuel consumption and carbon dioxide emissions.
- Other end-use industries include electronics, graphic arts, logos, sports equipment, medical devices & packaging, etc.
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Global Polypropylene Market: Regional Insights
- In terms of volume, Asia Pacific accounted for nearly 55% share of the global polypropylene market in 2018 and is estimated to increase its share by 2027. High demand for polypropylene is anticipated in China, India, Brazil, and countries in ASEAN due to increasing demand for food containers. However, consumer shift to ecofriendly material is likely to hamper the growth of the market in the coming years.
- The market in Latin America is expected to expand at an above-average rate due to high demand for polypropylene in packaging, automotive, and construction industries. Evolving expenditure style that is inclined toward purchase of packaged materials in BRICS economies has driven demand for polypropylene.
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