Polypropylene Market Is Expected To Grow As Of Its Rising Application In The Packaging Industry
Polypropylene Industry Overview
The global polypropylene market size is expected to reach USD 151.8 billion by 2028, according to a report by Grand View Research, Inc., expanding at a CAGR of 3.4% from 2021 to 2028. Increasing product demand from the packaging, automotive, electrical and electronics, and a few other application industries is expected to propel market growth. Moreover, growing demand for lightweight product from these sectors is expected to be a key driver for the market.
Polypropylene Market Segmentation
Grand View Research has segmented the global polypropylene market report on the basis of type, process, application, end use, and region:
Based on the Type Insights, the market is segmented into homopolymer and copolymer.
Homopolymer led the market and accounted for 83.4% share of the global revenue in 2020. Rising application of homopolymer polypropylene in manufacturing of various components, such as orthotic and prosthetic devices, pump components, secondary containments, and storage tanks, for various end-use industries, such as healthcare, automotive, and construction, is expected to drive the segment over the forecast period.
Homopolymer polypropylene offers a high isostatic index, resulting in high melting point, and thus is widely used in applications where high-temperature resistance is required, such as steam sterilization and hot filling.
In comparison to a homopolymer, copolymer polypropylene is softer, but has a stronger impact strength and is more durable than homopolymer propylene. It is widely being used in the medical industry.
Copolymer polypropylene has higher stress crack resistance and toughness at low temperatures, which is expected to drive the demand for copolymer polypropylene over the forecast period.
Based on the Process Insights, the market is segmented into injection molding, blow molding, extrusion and other.
Injection molding led the market and accounted for over 36% share of the global revenue in 2020. A wide range of applications of injection-molded polypropylene in various end-use markets, such as automotive, packaging, and electrical and electronics, owing to its excellent high impact strength, moisture resistance, and chemical resistance is expected to drive the demand for injection molded polypropylene products over the forecast period.
Blow molding process held the second-largest revenue share in 2019. The blow molding process is majorly used in manufacturing hollow polypropylene containers, such as food containers, plastic bottles, containers, and milk jugs, for various applications such as packaging.
Based on the Application Insights, the market is segmented into fiber, film and sheet, raffia and other.
Film and sheet segment led the market and accounted for nearly 35% share of the global revenue in 2020. Rising application of polypropylene in packaging materials, binders, boxes, and portfolios owing to its better chemical resistance, high temperature stability, excellent moisture barrier, high temperatures stability, excellent chemical resistance, and exceptional contact clarity is expected to propel the segment growth over the forecast period.
Fiber emerged as the second-largest application segment and captured a revenue share of over 29% in 2020. Rising demand from the automotive sector for automotive flooring, pull straps, seat cover construction, and seam reinforcement is expected to boost the product demand in the coming years.
Based on the End-use Insights, the market is segmented into automotive, building & construction, packaging, medical, electrical & electronics and others.
Packaging segment led the market and accounted for a 35.8% share of the global revenue in 2020. Product properties such as high flexibility and the ability to survive in extreme conditions are expected to drive the demand for polypropylene in the packaging segment.
Moreover, demand for polypropylene in packaging is expected to shift severely toward food packaging applications owing to the shutdown of restaurants and foodservice outlets caused by the pandemic.
The electrical and electronic segment is expected to witness significant growth over the forecast period owing to the rising consumption of polymers in computers, mobiles, tablets, and mobile phones.
Shifting preferences of consumers from heavy metal to lightweight material in the electrical and electronics, and the automotive segment is anticipated to fuel the demand for polypropylene over the forecast period.
Polypropylene Regional Outlook
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is characterized by the presence of various small- and medium-scale companies catering to global and local demand. It is characterized by forward integration through raw material production, polypropylene manufacturing, and distribution to various application industries.
Some of the prominent players in the global polypropylene market include:
SABIC
Exxon Mobil Corporation
Lyondellbasell Industries Holdings B.V.,
China Petrochemical Corporation
BASF SE
Eastman Chemical Company
LG Chem
Order a free sample PDF of the Polypropylene Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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