Polypropylene Market Growth Analysis | 2023-2028

Market Insights

The polypropylene market was estimated at USD 126.19 billion in 2022 and is likely to grow at a CAGR of 3.34% during 2023-2028 to reach USD 153.99 billion in 2028.

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Market Dynamics

Introduction

Polypropylene is a thermoplastic polymer produced by combining propylene monomers with catalysts. As thermoplastic polymers are recyclable, their applications are growing in a wide array of industries such as packaging, automotive, building & construction, electrical & electronics, medical, and others. They are of basically two types i.e. homopolymer and copolymer.

Market Drivers

• Rising Demand from the Packaging Industry: The polypropylene market is expanding due to increasing packaging demand for food and beverages, as well as its moisture barrier properties, making it ideal for food and beverage packaging and automobile manufacturing due to its ease of processability and stiffness.
• Rising Demand from the Manufacturing Industry: Polypropene's high durability and flexibility make it a promising material for the agricultural sector, with increasing demand for tools like drippers and microtubes driving growth.
• Rising demand from the Industrial Industry: Polypropylene's high rigidity and transparency properties, particularly in packaging electrical spares and parts, are expected to boost its demand across various industries due to its efficient properties.

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Key Players

The following are the key players in the polypropylene market:

• LyondellBasell Industries Holdings B.V.
• Exxon Mobil Corporation,
• SABIC,
• DuPont,
• INEOS,
• Formosa Plastics Corporation,
• China Petrochemical Corporation, and LG Chem,
• Eastman Chemical Company,
• BASF SE,
• Reliance Industries Limited,
• Westlake Chemical Corporation,
• Braskem,
• Haldia Petrochemicals Limited,
• Lotte Chemical UK LTD.,
• Trinseo,
• HPCL- Mittal Energy Limited,
• Brahmaputra Cracker And Polymer Limited,
• SACO AEI

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Type

"The Homopolymer shares more than 80% in 2022 and is expected to maintain its position during the forecast period."

The market is segmented as homopolymer and copolymer. The Homopolymer shares more than 80% in 2022 and is expected to maintain its position during the forecast period. Homopolymer polyethylene is widely used in many industries such as packaging, automotive, building & construction, and electrical & electronics owing to its better mechanical properties.

By Application Type

"Film and sheet share nearly 35% in 2022 of the market."

The polypropylene market comprises injection molding, fiber & raffia, film & sheet, and blow molding. Film and sheet share nearly 35% in 2022 of the market owing to their widespread usage in carpets, carpet backing, and tapes. Injection molding is expected to remain the second-largest segment owing to the growing demand for molded products in an increasing number of end-use industries.

By End-Use Industry Type

"The packaging segment shares more than 35% in 2022."

The polypropylene market is segmented as packaging, automotive, building & construction, electrical & electronics, medical, and others. The packaging segment shares more than 35% in 2022. Polypropylene is used in the packaging of food and consumer products.

Regional Insights

"Asia Pacific holds more than 45% of the share in 2022."

Asia Pacific holds more than 45% of the share in 2022 for the polypropylene market. China, Japan, South Korea, Taiwan, and India are the largest consumers of polypropylene in the region. Significant economic development in the region is paving the path for electrical & electronic, packaging, building & construction, and automotive industries.

Further, a huge consumer base and significant economic development in the region are likely to boost the demand for polypropylene in the region. North America and Europe are also expected to witness a healthy demand for polypropylene material owing to the revival of the construction industry from the global economic slowdown.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s polypropylene market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Feature

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The polypropylene market is segmented into the following categories:

By Type

• Homopolymer
• Copolymer

By Application Type 

• Injection Molding
• Fiber & Raffia
• Film & Sheet
• Blow Molding

By End-Use Industry Type 

• Packaging, Automotive
• Building & Construction
• Electrical & Electronics
• Medical
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Segmentation

• Current market segmentation by any one of the technology types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.