The PP Homopolymer market is set to grow at a 5.4% CAGR from 2021-2026, driven by demand in packaging and automotive sectors.
According to a new report published by Future Market Insights titled “PP Homopolymer Market: Global Industry Analysis and Opportunity Assessment, 2016–2026”, the global PP homopolymer market was valued at US$ 42.87 Bn in 2015 and is anticipated to register a CAGR of 5.5% during the forecast period (2016 – 2026). The report throws light on the key drivers, trends, and restraints likely to impact the growth and performance of the global PP homopolymer market over the next 10 years and offers information on opportunities for PP homopolymer manufacturers operating in the global PP homopolymer market.
According to Future Market Insights, an increasing consumption of PP homopolymer in the packaging industry along with a high growth of the retail sector is likely to boost the demand for PP homopolymer and subsequently drive market growth over the forecast period. PP homopolymer plays a major role in decreasing carbon emissions from vehicles and manufacturers around the world are increasingly using PP homopolymer in vehicle production to comply with various government and environmental regulations regarding the reduction of carbon emissions from vehicles. Use of PP homopolymer in automotive applications leads to reduced weight of the vehicle, consequently increasing its fuel efficiency. This is another factor fuelling the growth of the global PP homopolymer market. In order to capitalise on the opportunities in the market, market players are introducing new grades of PP homopolymer for various new applications to increase their market share in the global market.
However, in the last few years, automobile OEMs have been switching from PP homopolymer to PP copolymer and aluminium for manufacturing specific vehicle parts as PP copolymer and aluminium provide better toughness and durability than PP homopolymer. This is likely to restrict the growth of the global PP homopolymer market over the forecast period.
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Segmentation highlights
The global PP homopolymer market is segmented on the basis of processing technology into Injection Moulding, Film, Other Extrusion, Fibre, and Others (blow moulding, sheet etc.); and on the basis of end use into Packaging (Flexible Packaging, Rigid Packaging), Electrical and Electronics, Textile, Automotive, Building and Construction, and Others.
Regional analysis
The global PP homopolymer market is segmented into the seven key regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa (MEA). The APEJ regional market is estimated to dominate the global PP homopolymer market in terms of value and register a CAGR of 5.8% over the forecast period. The MEA homopolymer market is anticipated to witness a CAGR of 5.4% during the forecast period, making MEA the second largest market in terms of CAGR.
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Vendor insights
The global PP homopolymer market report features some of the top companies operating in this market. LyondellBasell Industries, Braskem S.A., The Dow Chemical Company, Reliance Industries Limited, L.C.Y. Chemical Corporation, Total Petrochemicals USA Inc., IRPC Public Company Limited., Sasol Limited., National Petrochemical Industrial Company, and The Polyolefin Company (Singapore) Pte Ltd. are the companies profiled in the report. Global manufacturers are introducing new grades of PP homopolymer in order to meet different technical and regulatory requirements for various end-use industries.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth of the PP Homopolymer market, projected to witness a 5.4% CAGR from 2021 to 2026.
What factors are driving the PP Homopolymer market growth? Increased demand in packaging and automotive sectors.
Which region is leading the market growth? The Asia Pacific excluding Japan (APEJ) region is leading with a 5.8% CAGR.
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