Polypropylene Market Scenario
The global polypropylene market is anticipated to register a robust CAGR during the forecast period (2017-2023) owing to the extensive use of plastic as an insulating material in the electrical & electronics sector, asserts Market Research Future (MRFR). A thermoplastic material, polypropylene is used to manufacture molded materials or fibers and provides good chemical and mechanical resistance and translucent features. Flexibility, excellent stiffness, and lightweight properties are the important factors promoting the market confidently. Owing to such advantages, polypropylene is used in several applications such as automotive, agriculture, packaging, construction, electrical & electronics, and others. It can be easily customized and can be colored in several ways without degrading the original quality of the plastic.
Polypropylene Market Drivers and Constraints
With the increasing consumption of polypropylene in sectors such as automotive, agriculture, packaging, construction, electrical & electronics, and others, the global market for polypropylene is considered to flourish during the assessment period. The polypropylene market analysis is highly driven by the increasing demand for the product in food and beverage packing sector. Due to several properties, polypropylene has emerged as one of the most versatile polymers and is extensively used in geotextiles, construction, automobile, medical, and the electrical & electronics industries. Such widespread applications are considered to contribute to the market growth to a great extent. Moreover, with high demand of eco-friendly materials in the market, bio-based polypropylene is highly used which influences the market growth. Additionally, accelerating demand from the automotive and construction industries, rising demand for consumer disposable items, and preference in packaging industry are estimated to drive the market in the coming years.
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Global Polypropylene Market: Segmental Analysis
The global COVID-19 analysis on polypropylene market report has been segmented on the basis of application and region.
By mode of application, the global polypropylene industry has been segmented into automotive, agriculture, packaging, construction, and electrical & electronics. Among these, the automotive sector is considered to occupy the major market share owing to the extensive use of plastic in order to produce efficient and high-performance vehicles. The agricultural sector is also likely to exhibit a significant growth rate as the investors in the agricultural sector are encouraging the manufacturers to use materials which are light in weight to increase the production of food. The packaging sector is also estimated to expand rapidly owing to the benefits offered such as flexibility, ability to survive in extreme climatic conditions, and less storage space. Meanwhile, the electrical & electronic sector is anticipated to expand at a higher CAGR owing to the extensive consumption of plastic in tablets, mobile phones, computers, and others.
Polypropylene Market Competitive Dashboard
The prominent players operating the global polypropylene market are SABIC (Saudi Arabia), LyondellBasell (U.S.), Eni S.p.A. (Italy), LG Chem (South Korea), INEOS (Switzerland), The Dow Chemical Company (U.S.), LANXESS (Germany), Exxon Mobil Corporation (U.S.), Chevron Phillips Chemical Company (U.S.), and BASF SE (Germany).
Polypropylene Market Regional Insights
Geographically, the global polypropylene market span across regions namely, North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Among all the regions, the Asia Pacific region is considered to hold a major share in the global market owing to the increasing demand for polymers in automotive, agriculture, packaging, construction, and electrical & electronics sector. The automotive sector is anticipated to expand at a rapid pace owing to the increasing consumption of low-density materials in the production of efficient and high standard vehicles especially in the countries such as India, China, and Japan.
North America is anticipated to showcase a significant growth rate owing to the rising demand for thermoplastic materials in the medical, construction and buildings, and automobile sectors. The high disposable income coupled with the huge investments made in the major industries is expected to enhance the automobile segment, thereby driving the market growth during the assessment period.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of market and industries. Cordially get in touch for more details.