Polypropylene (PP) also known as polypropene, is one of the largest and single most consumed polymer resin in the world. It is a synthetic, high molecular weight thermoplastic polymer, which can be easily formed by catalytic polymerization of propylene. Due to its superior quality, its demand is increasing, especially in consumer disposable and automobile industry. This has resulted in countless opportunities for the global polypropylene market. Additionally, the trend of replacing metal with polypropylene is another factor contributing to the growth of the global polypropylene market.
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Polypropylene Market: Opportunities, Drivers & Restraints
Polypropylene, owing to its numerous properties, has emerged as one of the most versatile polymers and is widely used in applications, such as construction, geotextiles, medical, automobile, electrical and electronics industries. These widespread applications are expected to have a progressive impact on the global polypropylene market. Opportunities are emerging in the use of eco-friendly materials, as such, demand for bio-based polypropylene is on the rise. Volatile prices of polypropylene, largely dependent on crude oil are the restraining factors for global polypropylene market.
Polypropylene Market: Segmentation
Global polypropylene market can be segmented on the basis of its end-user industry and geographic regions. Depending on the end-user industry, global polypropylene market can be segmented into automotive, electrical, consumer durable, construction, and packaging. Packaging segment accounts for largest share in global polypropylene market, followed by automotive and electrical segments.
Polypropylene Market: Region-wise Outlook
Global polypropylene market is anticipated to expand at a high single-digit CAGR from 2015 to 2025. Depending on the geographic regions, global polypropylene market is segmented into key regions: North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America is expected to witness a decline in its share of global polypropylene market. On the other hand, China is one of the largest consumers of polypropylene in terms of production and consumption because of increasing disposable income and changing lifestyles. Adding to this, capacity additions in China and Middle East are expected to boost the market growth.
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Polypropylene Market: Key Players
Some of the key participants in global polypropylene market are SABIC, Reliance Industries Ltd, PetroChina Company Limited, Sinopec Ltd, Exxon Mobil Corporation, Borealis AG, Formosa Plastics Corporation, and Japan Polypropylene Corporation.