Polypropylene market projected to grow at a CAGR of 5.6% during the forecast period
Polypropylene is a thermoplastic polymer which is used in a variety of applications, and is produced by the combination of the propylene monomer with catalysts. It is majorly used in the packaging industry for consumer products, food containers, cosmetic products, beverages, and others. Polypropylene is also used in the automotive industry for the manufacture of plastic parts, car bumpers, dashboards, and others. There is a growing demand for polypropylene from applications, such as injection molding, fiber and raffia, film and sheet, blow molding, and others.
Homopolymer is projected to be the fastest-growing type of polypropylene during the forecast period
Homopolymers are the most-widely used polypropylene type, and are also known as Polypropylene Homopolymers (PPH). Homopolymers provide high strength to weight ratio and are stiffer than copolymers. The excellent chemical resistance and weldability enable the use of the polypropylene homopolymer for various corrosion resistant structures. Increasing demand for polypropylene in the automotive and medical industries in the Asia Pacific is expected to fuel the growth of homopolymer market during the forecast period. Rapid industrialization in China and India over the next six years is projected to drive the demand for polypropylene in the Asia Pacific.
Injection molding application is projected to account for the largest share of the polypropylene market during the forecast period
Injection molding application is projected to account for the major share of the overall polypropylene market in terms of volume during the forecast period. This is associated with the large demand for polypropylene for the manufacture of molded plastic products due to the features of polypropylene, such as low density, excellent moisture resistance, high impact strength, and chemical resistance.
Medical is projected to be the fastest-growing end-use industry of the polypropylene market during the forecast period
The medical industry is projected to be the fastest-growing consumer of polypropylene, as it has a good mixture of heat resistance and structural properties of polycarbonate, impact resistance of polyester, radiation resistance of polystyrene or Polyethylene (PE), and flexibility or soft feel of flexible polyvinyl chloride. It also has excellent chemical resistance.
Asia Pacific projected to be the fastest-growing market for polypropylene during the forecast period
Asia Pacific is projected to be the fastest-growing market for polypropylene during the forecast period, due to rising automotive production in the region. China is projected to be the fastest-growing market for polypropylene in the Asia Pacific, followed by India and South Korea. The automotive sector is developing rapidly in Southeast Asian countries, such as Thailand, Indonesia, and Malaysia. These countries are an emerging hub for car production due to the growing demand and purchasing power of the middle-class population. All these factors act as key growth drivers for the polypropylene market in the Asia Pacific.
Extensive primary interviews were conducted to determine and verify the market size for several segments and subsegments and information gathered through secondary research.
The break-up of primary interviews is given below:
- By Company Type - Tier 1 - 50%, Tier 2 - 37%, and Tier 3 - 13%
- By Designation - Director Level - 31%, C level - 23%, and Others* - 46%
- By Region - North America - 17%, Europe - 32%, Asia Pacific - 31%, South America - 13%, Middle East & Africa - 7%
Note: The tiers of the companies are defined on the basis of their total revenues, as of 2016: Tier 1 = >USD 500 million, Tier 2 = USD 100 million to USD 500 million, and Tier 3 = <USD 100 million.
*Others include sales managers, marketing managers, and product managers.
The companies profiled in this market research report include LyondellBasell (The Netherlands), SABIC (Saudi Arabia), Exxon Mobil Corporation (US), DuPont (US), INEOS (Switzerland), Total S.A. (France), Formosa Plastics Group (Taiwan), China Petrochemical Corporation (China), LG Chem (South Korea), and Sumitomo Chemicals (Japan).
Research Coverage:
This research report categorizes the polypropylene market on the basis of type, application, and region. The report includes detailed information regarding the major factors influencing the growth of the polypropylene market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been undertaken to provide insights into business overviews, products & services, key strategies, expansions, new product developments, agreements and recent developments associated with the market.
Reasons to Buy the Report
The report will help market leaders/new entrants in this market in the following ways:
1. This report segments the polypropylene market comprehensively and provides the closest approximations of market sizes for the overall market and subsegments across verticals and regions.
2. The report will help stakeholders understand the pulse of the market and provide them information on the key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders understand the major competitors and gain insights to enhance their positions in the business. The competitive landscape section includes expansions, new product developments, and agreements.
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Executive Summary
Companies Mentioned
- BASF SE
- Brahmaputra Cracker and Polymer Limited
- Braskem
- China Petrochemical Corporation
- Dupont
- Eastman Chemical Company
- Exxon Mobil
- Formosa Plastics Group (FPG)
- Haldia Petrochemicals Limited
- HPCL- Mittal Energy Limited
- INEOS
- LG Chem
- Lotte Chemical UK Ltd.
- Lyondellbasell Industries Holdings B.V.
- Reliance Industries Limited
- SABIC
- Saco Aei Polymers
- Sumitomo Chemical
- Total S.A.
- Trinseo
- Westlake Chemical Corporation
