Global Polypropylene Market Expected to Cross Value of US$ 164 Billion by 2027
Global Polypropylene Market Expected to Cross Value of US$ 164 Billion by 2027
Published by TMR Research Insights
Posted on August 4, 2021
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.
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.
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.
Demand for polypropylene is high in Europe especially from packaging and automotive segment. Germany, France and UK accounted for major share in Europe polypropylene market in 2018. European market is highly volatile due to upstream activities and dynamic demand of polypropylene.
In March 2020, LyondellBasell licensed its Spheripol technology to Hyosung Vina Chemicals Co., Ltd. which will be used to produce 300 Kilo Tons of polypropylene plant to be built in Cai Mep Industrial Zone, Vung Tau Province, Vietnam.
In October 2019, LyondellBasell announced that Ulsan PP Co., Ltd., a joint venture between PolyMirae Company Ltd, a 50-50 partnership of LyondellBasell and Daelim, and SK Advanced broke ground for new polypropylene facility in the southeastern port city of Ulsan, South Korea.
In October 2019, Braskem America launched biobased polypropylene as per their commitment to Circular Economy concept. The new product launched is as good as virgin polypropylene.
In March 2019, Braskem America partnered with U.S. distributor PolyQuest Inc. for expanding its reach and presence for polypropylene in U.S. market.
In January 2019, SABIC opened a dedicated technology & innovation center in Netherlands. This center would be committed to develop new materials for caps & closures.
In December 2018, SABIC expanded its polypropylene product portfolio by offering new impact copolymer suitable for home appliances and consumer goods with aesthetically appealing surface finish.
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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.
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.
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.
Demand for polypropylene is high in Europe especially from packaging and automotive segment. Germany, France and UK accounted for major share in Europe polypropylene market in 2018. European market is highly volatile due to upstream activities and dynamic demand of polypropylene.
In March 2020, LyondellBasell licensed its Spheripol technology to Hyosung Vina Chemicals Co., Ltd. which will be used to produce 300 Kilo Tons of polypropylene plant to be built in Cai Mep Industrial Zone, Vung Tau Province, Vietnam.
In October 2019, LyondellBasell announced that Ulsan PP Co., Ltd., a joint venture between PolyMirae Company Ltd, a 50-50 partnership of LyondellBasell and Daelim, and SK Advanced broke ground for new polypropylene facility in the southeastern port city of Ulsan, South Korea.
In October 2019, Braskem America launched biobased polypropylene as per their commitment to Circular Economy concept. The new product launched is as good as virgin polypropylene.
In March 2019, Braskem America partnered with U.S. distributor PolyQuest Inc. for expanding its reach and presence for polypropylene in U.S. market.
In January 2019, SABIC opened a dedicated technology & innovation center in Netherlands. This center would be committed to develop new materials for caps & closures.
In December 2018, SABIC expanded its polypropylene product portfolio by offering new impact copolymer suitable for home appliances and consumer goods with aesthetically appealing surface finish.
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
