Transparency Market Research has published a new report titled “Polypropylene Market for Packaging, Automotive, Consumer Products, Electrical & Electronics, Construction, and Other End-user Industries – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2023.” According to the report, the global polypropylene market was valued at US$ 81.6 Bn in 2014 and is anticipated to reach US$ 133.3 Bn by 2023, expanding at a CAGR of 5.7% between 2015 and 2023.
Rising demand for polypropylene in food & beverage packaging coupled with increase in the number of lightweight vehicles is projected to boost the global polypropylene market between 2015 and 2023. However, increase in environmental concerns regarding usage of plastics and volatility in prices of raw materials are likely to hamper market growth during the forecast period. Biobased polypropylene is anticipated to provide significant opportunities to polypropylene manufacturers in the next few years. Furthermore, emerging applications in agriculture and medical fields are estimated to create immense opportunities for market players in the near future.
In terms of volume, Asia Pacific accounted for the largest share of more than 50% of the polypropylene market in 2014. China dominated the polypropylene market in the region in terms of demand in 2014. Ready availability of raw materials, cheap labor, and significant growth in packaging and automobile industries are the primary factors driving the polypropylene market in Asia Pacific. Furthermore, increase in the number of supermarkets in emerging economies such as China, India, and ASEAN countries is projected to augment the demand for polypropylene in packaging applications.
Europe was the second-largest market for polypropylene in 2014. Rising demand for polypropylene in the automobile industry is driving the market in Europe. Countries such as Germany and the U.K. were the major consumers of polypropylene in the region in 2014.
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The polypropylene market in North America is likely to witness high demand for polypropylene in packaging and consumer applications. This is anticipated to boost the polypropylene market in the region during the forecast period. Latin America is one of the largest markets for polypropylene in Rest of the World. However, increase in construction activities in the Middle East is estimated to offer higher opportunities for the polypropylene market in the next few years. Large multinational automobile companies are establishing assembly plants in Middle East & Africa, thus propelling the polypropylene market in the region.
The polypropylene market is fragmented. The top five companies accounted for nearly 30% share in 2014.Companies such as LyondellBasell Industries N.V., INEOS Group, Braskem, ExxonMobil, and Reliance Industries Ltd. operate across the value chain. This gives them competitive edge over other players. Capacity expansions are likely in Asia Pacific and the Middle East. For instance, in November 2014, Japan Polypropylene Corporation announced plans to expand its polypropylene (PP) compounding capacity in China.
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