Polypropylene (PP) Market is Expected to Grow at a CAGR of 5.90% by 2030 | ChemAnalyst

According to ChemAnalyst report, “Polypropylene (PP) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Polypropylene market has witnessed significant growth as it reached 68.25 million tonnes in 2020 and is anticipated to achieve a healthy global CAGR of 5.90% in the forecast period until 2030. Rapidly increasing demand for high-quality plastic by various end-user industries including packaging, automotive, consumer goods, medical and others is likely to boost the Polypropylene market across the globe in upcoming years. Rising demand from the flourishing packaging industry coupled with the ascending consumption of packed food and beverages will further propel the global polypropylene market in the future. The production of Polypropylene is highly associated with the safety concerns on environment and human health before it can be manufactured and introduced in the market around.

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Polypropylene (PP), also known as Polypropene, is a thermoplastic polymer which is produced from the polymerization of propylene monomers in the presence of Ziegler-Natta or metallocene catalyst. Polypropylene belongs to the group of Polyolefins and is tough, rigid, non-polar and crystalline in nature. Polypropylene is the second-most widely produced plastic after Polyethylene. Polypropylene can be easily copolymerized with other polymers including polyethylene, which significantly changes the material properties, allowing for more robust applications and making it an ideal material for end-use industries.

Polypropylene is a versatile polymer that possesses excellent properties such as high fatigue resistance, high chemical resistance, high insulation, high elasticity and toughness, and high transmittivity. It is an important commodity plastic used in numerous household and industrial applications like the packaging for consumer products, plastic parts for various industries including the automotive, consumer goods, textiles, medical, and others. Polypropylene is extensively used in the manufacturing of plastic moldings, roofing membranes, electrical insulators, ropes, carpets, rugs, ropes, etc. one of the most common application for PP is as biaxially oriented polypropylene (BOPP), which are used in the making of variety of materials including clear bags, etc.

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Global Polypropylene Market is segmented on the basis of type, end-use, sales channel and region. Based on different type, the global Polypropylene market is segmented into Polypropylene Homopolymers (PPH) and Polypropylene Copolymers (PPC). These polymers are widely utilized in packaging, healthcare, textiles, automotive, electrical, and other applications. On the basis of end-use industry, the Polypropylene market is segmented into packaging, automotive, medical, building & construction, electrical & electronics, and others. Rising demand of Polypropylene from these end-use industries is driving the market growth of polypropylene across the globe. The packaging industry dominates the global Polypropylene market as it is the most widely used plastic, which mostly find its application in food packaging. The automotive industry's growing demand of Polypropylene is anticipated to accelerate the global Polypropylene market in upcoming years. As polypropylene is a low-cost material with versatile mechanical properties, a large number of plastic is used in the automotive sector for instrumental panels, bumpers, door trims, etc. exponentially increasing demand for electric and hybrid electric vehicles (EV/HEV) is further propelling the demand of PP by the automotive industry and is likely to drive the market growth in the future. Surging demand of Polypropylene from building & construction and electricals & electronics industries for insulation purposes is forecasted to bolster the global Polypropylene market he next few years.

In 2020, the pandemic caused by the outbreak of COVID-19 triggered an unprecedented decline in the Polypropylene market across the globe which led to countrywide lockdowns and strict restrictions across several nations to contain the spread of deadly corona virus. During the first half of 2020, many end-use industries including construction, automotive, electrical & electronic, and others witnessed a drastic decline in terms of demand and production. However, Healthcare industry witnessed a positive impact owing to the increased demand for specialized polypropylene for medical masks, gowns, and other safety kits during the covid times.

Among different regions, the Asia Pacific region dominated the global Polypropylene market in the 2020 and is projected to maintain its dominance over the next ten years. Rapidly increasing demand for Polypropylene from the packaging and automotive industry, especially in emerging economies like China, Japan, and India is expected to drive the Polypropylene market in the Asia Pacific region. Growing demand of Polypropylene for Building and construction activities in the Asia Pacific region will further accelerate the Polypropylene market worldwide in the future. Surging demand of Polypropylene by the food and beverage industry in countries like U.S., Canada, and Mexico, will augment the Polypropylene market in North America.

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Polypropylene Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Polypropylene market include Formosa Plastics Group, Braskem, China Petrochemical Corporation, LG Chem, SABIC, DuPont, Sumitomo Chemical, LyondellBasell Industries Holdings B.V., Exxon Mobil Corporation, INEOS, Eastman Chemical Company, Westlake Chemical Corporation, BASF SE, Reliance Industries Limited, Haldia Petrochemicals Limited, Lotte Chemical UK LTD., Trinseo, HPCL- Mittal Energy Limited, and Others.

“Rapidly growing demand of Polypropylene from the flourishing packaging and automotive industry, in emerging economies like China, Japan, India, and others is likely to boost the global Polypropylene market in the Asia Pacific region, which will further boost the global Polypropylene market over the next ten years. “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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