Polypropylene Market to Grow with 5.7% CAGR till 2030: P&S Intelligence

NEW YORK, March 17, 2021 /PRNewswire/ -- Global polypropylene market revenue will likely rise to $226.8 billion by 2030 growing at a 5.7% CAGR during 2020–2030, according to the market research report published by P&S Intelligence.

In essence, the key driver for the polypropylene market is the rising demand for the staple fibers made from this material, particularly needle punch durables, among the manufacturers of vehicle components, upholstered furnishings, geotextiles, coating substrates, blankets, indoor & outdoor carpeting, and bedding. In addition, spun-bond polypropylene is being increasingly consumed in the production of infant and adult diapers, feminine hygiene pads, and toddler training pants.

Key Findings of Global Polypropylene Market Report

• Demand shifting from polypropylene homopolymers to copolymers
• Packaging sector accounts for highest consumption of polypropylene
• COVID-19 raising demand for polypropylene plungers, N95 masks, and gloves
• APAC offering lucrative opportunities to market investors
• Market has consolidated nature
• Chemical companies launching advanced variants of polypropylene

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The polypropylene market was initially negatively impacted by the COVID-19 pandemic due to the factory closures around the world. Moreover, the slump in oil and gas exploration and production (E&P) activities drastically reduced the availability of the raw materials required for creating this plastic. However, due to the rapid increase in the number of infected individuals, medical supply procurement is on a historic high currently. As a result, companies offering polypropylene gloves, N95 masks, and plungers are prospering.

The homopolymer bifurcation dominated the polypropylene market in the past, on the basis of type. Homopolymers are more rigid and resistant to chemical exposure and extreme temperatures and offer better weldability and thermoforming performance than copolymers. Additionally, the approval of polypropylene homopolymers by the U.S. Department of Agriculture (USDA), National Science Foundation (NSF), and Food and Drug Administration (FDA) and their 3-A Dairy compliance with the natural color attributes make them usable for manufacturing orthotic & prosthetic devices, plenums & manifolds, plating & anodizing process equipment, pump components, storage tanks, secondary containment, valve bodies, washers, and medical devices and in chemical processing & storage and metal finishing.

Browse detailed report with COVID-19 impact analysis on Polypropylene Market Research Report: By Type (Homopolymer, Copolymer), Application (Injection Molding, Film & Sheet, Raffia, Fiber, Blow Molding), End Use (Packaging, Electrical, Medical, Consumer Goods, Automotive, Construction) - Global Industry Analysis and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/polypropylene-market-report

The packaging category will continue to hold the largest share in the polypropylene market in the near future, under segmentation by end use. The material is used widely to package food and beverages, especially when the content has to be in direct contact with the package/container. This, coupled with the ruggedness and resistance of polypropylene to several chemical solvents, leads to its high-volume consumption in the production of thermoformed pots, thermoformed trays, and injection-molded pots.

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Historically, Asia-Pacific (APAC) contributed the highest revenue to the polypropylene market, and this region will also grow the fastest throughout this decade. With the expansion of the packaging, transportation, consumer & institutional, furniture & furnishings, machinery, building & construction, and electrical & electronic industries, the demand for this plastic is rising. Moreover, the establishment of new polypropylene factories and advancements in the rigid packaging technology are aiding the regional market advance.

The global polypropylene market competitive landscape is characterized by numerous companies, such as Sinopec Group, PetroChina Company Limited, LyondellBasell Industries B.V., INEOS Group Holdings S.A., SABIC, Braskem S.A., Reliance Industries Limited, Exxon Mobil Corporation, Borealis AG, Total S.A., and Formosa Plastic Corporation.

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SOURCE P&S Intelligence