Polypropylene Market Growth Analysis | 2023-2028

Market Insights

"The polypropylene market is estimated to grow from USD 126.19 billion in 2022 to USD 153.99 billion by 2028 at a CAGR of 3.34% during the forecast period".

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Market Dynamics

Introduction

Polypropylene is a thermoplastic polymer that is 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

The market is driven by a host of factors, some of which are noted below:

Surge in Demand for Polypropylene from Various End-Use Industries to Fuel Growth

Rising Demand from the Packaging Market: 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 Market: 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 Market: 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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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 during the forecast period"

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

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By Region

"Asia Pacific holds more than 45% of the share in 2022 for polypropylene during the forecast period"

Asia Pacific holds more than 45% of the share in 2022 for polypropylene during the forecast period. 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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Report Feature

This report provides intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players and those willing to enter the market.

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Research Methodology

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 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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.