Polypropylene Market Research Report: By Type (Homopolymer, Copolymer), Application (Injection Molding, Film & Sheet, Raffia, Fiber, Blow Molding), End Use (Packaging, Electrical, Medical, Consumer Goods, Automotive, Construction) - Global Industry Analysis and Demand Forecast to 2030
New York, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polypropylene Market Research Report: By Type, Application, End Use - Global Industry Analysis and Demand Forecast to 2030" - https://www.reportlinker.com/p05982475/?utm_source=GNW
The major factor driving the demand for polypropylene (PP) is the rising usage of the chemical in the packaging sector and nonwoven fibers. As a result, from $122.7 billion in 2019, the polypropylene market is projected to grow to $226.8 billion by 2030, witnessing a 5.7% CAGR during 2020–2030 (forecast period). One of the most commonly used plastics, PP is made up of multiple monomers of propylene. It is a crystalline and rigid linear resin obtained from hydrocarbons.
Copolymer and homopolymer are the bifurcations under the type segment of the industry. Of these, the homopolymer bifurcation held the larger share in the polypropylene market during the historical period (2014–2019), on account of the higher rigidity of homopolymers than copolymers, which makes the former more popular. This product easily tolerates chemical exposure and extreme temperatures, is easily weldable, and offers appreciable thermoforming performance. Moreover, it has been approved for a number of applications by the Food and Drug Administration (FDA), U. S. Department of Agriculture (USDA), and National Science Foundation (NSF).
The polypropylene market is divided into blow molding, film & sheet, injection molding, fiber, raffia, and others, on the basis of application. In 2019, the industry was dominated by the injection molding category, due to PP’s extremely low mass density, which allows it to be cast into any shape and size via the injection molding process. Additionally, the good mold in or “living hinge” capabilities, moisture resistance, impact strength, chemical resistance, and cost-effectiveness of the plastic make it popular for marine and automotive parts, household goods, and recreational vehicle (RV) products.
The largest region in the polypropylene market is Asia-Pacific (APAC), and it is also expected to witness the highest CAGR during the forecast period, as a result of the advancements in rigid and flexible packaging materials and increase in the number of PP production plants in the region. PetroChina Company Limited, Reliance Industries Limited, and China Petroleum & Chemical Corporation are some of the largest PP manufacturers in the region, and they also supply the material to other countries.
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