Sep 23, 2021, 04:30 ET
NEW YORK, Sept. 23, 2021 /PRNewswire/ -- The global polypropylene market value, which was $94.3 billion in 2020, will reach $165.6 billion by 2030, growing at a CAGR of 5.7%.
During the COVID-19 pandemic, the polypropylene market was hit severely as the shutting down of most manufacturing plants led to a reduced demand for the plastic. Although the demand for it increased for the production of N95 masks, plungers, and gloves for the healthcare sector, curtailed industry operations led to a low-volume output despite the falling prices of raw materials, most importantly crude oil.
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The homopolymer bifurcation dominated the type segment of the polypropylene market in the past. The higher strength-to-weight ratio of homopolymers makes them stronger and stiffer than polypropylene copolymers. Other benefits of homopolymers are high tolerance to chemical exposure and extreme temperatures, high thermoforming performance, and good weldability.
In the coming years, the injection molding category will hold the largest value share in the polypropylene market, based on application. The mass density of polypropylene, which is among the lowest of all plastics, allows it to be injection-molded, to manufacture household goods, recreational vehicle (RV) products, and automotive & marine parts.
Packaging was the largest category in the polypropylene market historically, and it will continue being so during this decade, under segmentation by end use. The ruggedness of this polymer allows it to be used for containers that must be in direct contact with food. Other properties of the plastic that make it ideal for packaging purposes are high clarity, heat resistance and recyclability, and good aesthetics.
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The major factors propelling the demand for this common plastic are:
- Booming Packaging Sector: Polypropylene accounted for the highest production volume among all plastics in 2019 due to its rising usage in packaging applications, according to PlasticsEurope. Apart from food packaging, including sweet & snack wrappers, this polymer is also used to make hinged caps, pipes, microwave containers, automotive parts, and banknotes.
- Rising Demand for Nonwoven Polypropylene Fiber: The increasing demand for nonwoven polypropylene fiber is also propelling the polypropylene market, as such material is widely consumed to make needle punch durables, which are themselves consumed during the production of geotextiles, coating substrates, vehicle components, indoor & outdoor carpets, upholstered furnishing, blankets, and bedding.
Asia-Pacific (APAC) is the largest and fastest-growing region in the polypropylene market on account its high-volume production of this material. The region is home to some of the largest petrochemical companies in the world, including Reliance Industries Limited, China Petroleum & Chemical Corporation, and PetroChina Company Limited. In addition, the burgeoning demand for electrical components and flexible packaging in China is propelling the market growth.
Major companies in the global polypropylene market are LyondellBasell Industries B.V., SABIC, Sinopec Group, PetroChina Company Limited, Reliance Industries Limited, Braskem S.A., Total S.A., Formosa Plastic Corporation, Exxon Mobil Corporation, INEOS Group Holdings S.A., and Borealis AG.
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