At a CAGR of 5.6% – Polypropylene Market is Projected to Reach USD 99.17 Billion By 2022

The polypropylene market size is projected to reach USD 99.17 billion by 2022, at a CAGR of 5.6% between 2017 and 2022. Polypropylene is a thermoplastic polymer which is used in a variety of applications, and is produced by the combination of the propylene monomer with catalysts. It is majorly used in the packaging industry for consumer products, food containers, cosmetic products, beverages, and others. Polypropylene is also used in the automotive industry to manufacture plastic parts, car bumpers, dashboards, and others. There has been a growing demand for polypropylene since the last few years from applications, such as injection molding, fiber and raffia, film and sheet, blow molding, and others.

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Expansions, new product developments, and agreements were the key strategies adopted by the major players to achieve growth in the global polypropylene market between 2013 and 2017. The major players in the polypropylene market are LyondellBasell (The Netherlands), SABIC (Saudi Arabia), Exxon Mobil Corporation (US), DuPont (US), INEOS (Switzerland), Total S.A. (France), Formosa Plastics Group (Taiwan), China Petrochemical Corporation (China), LG Chem (South Korea), and Sumitomo Chemicals (Japan).

LyondellBasell Industries Holdings B.V. is a Netherlands based chemical producer. The company majorly operates through five business segments, namely, olefins & polyolefins Americas; olefins & poly-olefins Europe, Asia, international; intermediates & derivatives; refining; and technology. The company produces polypropylene through its olefins and polyolefins segments. The company offers polypropylene for applications in packaging, construction, and automotive industries. In September 2017, LyondellBasell started a new 20 kilotons per year polypropylene compounding plant in Dalian, China. Through this expansion, the company aimed to serve the demand from China’s growing automotive market.

SABIC is a Saudi Arabia based producer of polypropylene. The company operates through four business segments, namely, chemicals, agri-nutrients, metals, and corporate. The company produces polypropylene through its chemicals segment. It produces polypropylene for applications in packaging, automotive, and electronic industries. In September 2017, SABIC continued its global expansion with the establishment of a new polypropylene pilot plant in Geleen, Netherlands. Through this expansion, the company aims to serve the rising demand for polypropylene.

The global polypropylene market size is projected to reach USD 99.17 billion by 2022, at a CAGR of 5.6% between 2017 and 2022. Polypropylene is a thermoplastic obtained by polymerizing propylene, a gaseous by-product of oil refining. Rising use of polypropylenes in applications, such as injection molding, fiber and raffia, film and sheet, and blow molding is leading to the high growth of the market. Growing trends of using polypropylene in the automotive sector to reduce the weight of the vehicle for increased fuel efficiency; and growing demand from the Asia Pacific are expected to be the major drivers of the global polypropylene market during the forecast period. Competition and the availability of other substitutes for polypropylene, such as PE, PVC, and PS, and growing environmental concerns are factors restraining the growth of the polypropylene market.

Homopolymer is the fastest-growing type in the overall polypropylene market, as it provides a high strength to weight ratio and is stiffer than the copolymer. Excellent chemical resistance and weldability enable the use of the polypropylene homopolymer for many corrosion resistant structures. The common applications of the polypropylene homopolymer are orthotic and prosthetic devices, secondary containments, pump components, and storage tanks.

Blow molding is the fastest-growing application of the overall polypropylene market. This process requires melted plastic to be inserted into a hollow container design, after which air is blown into the design to inflate the plastic into the shape of the hollow design. Polypropylene is majorly used in blow molding applications due to its ability to withstand elevated temperatures. It can be easily stream sterilized and has a high melting point.

Medical is the fastest-growing end-use industry for the overall polypropylene market. Polypropylene has a good mixture of heat resistance and structural properties of polycarbonate, impact resistance of polyester, radiation resistance of polystyrene or Polyethylene (PE), and the flexibility or soft feel of flexible polyvinyl chloride. It also has excellent chemical resistance.

Asia Pacific is the fastest-growing market for polypropylene, followed by the Middle East & Africa. The high demand in the Asia Pacific can be attributed to rising innovations and technological advancements in end-use industries, such as packaging, automotive, building & construction, electrical & electronics, and medical. The polypropylene market in the Asia Pacific is driven by increased government support for the manufacture of automobiles in the region.