The latest research study by IMARC Group, “Polypropylene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” offers a comprehensive analysis of the industry, which comprises insights on global polypropylene market price . The market size reached US$ 127.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 160.8 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
Polypropylene (C3H6) n, also represented as polypropene, refers to a crystalline and flexible thermoplastic resin obtained by the polymerization reaction of propylene gas and a catalyst. It provides resistance against chemicals, heat, and extreme temperatures, which makes it secure to design plastic casings in electrical appliances, cables, and piping systems. Additionally, polypropylene has an adjustable strength and resistance to mold, moisture, bacteria, and chemical corrosion, making it ideal for medical usage, especially in sterilization methods. As a result, this substance is widely utilized in injection molding applications as (C3H6) n is smoothly set into various shapes without changing the original product quality.
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Polypropylene Market Trends and Drivers:
The escalating product demand, owing to its excellent insulating properties, dielectric strength, and arc resistance, is among the primary factors driving the polypropylene market. In addition to this, the elevating requirement for (C3H6) n in the automotive industry to manufacture energy-efficient, lightweight, and cost-effective vehicles is further augmenting the market growth. Moreover, the emerging trend of food ordering and online shopping is bolstering the need for effective packaging materials made with polypropylene, on account of its durability, low density, and heat resistance properties, which is also catalyzing the global market. Apart from this, the growing product utilization in the food and beverage (F&B) industry, as it retains the authentic flavor of meals and minimizes deterioration, is acting as another significant growth-inducing factor. Besides this, the increasing need for this substance in the healthcare sector for manufacturing safety kits, such as gowns and medical masks, owing to the rising cases of infectious diseases, is also stimulating the market growth. Furthermore, the extensive usage of (C3H6) n in several construction activities, including carpet textiles, piping systems, air and moisture barrier membranes, and insulating building wraps, is anticipated to propel the polypropylene market over the forecasted period.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- BASF SE
- China Petrochemical Corporation
- Daelim Co. Ltd
- Exxon Mobil Corporation
- Formosa Plastics Corporation
- HPCL-Mittal Energy Limited (HMEL)
- INEOS, LG Chem Ltd.
- LyondellBasell Industries N.V.
- Saudi Basic Industries Corporation (Saudi Arabian Oil Co.)
- Sumitomo Chemical Co. Ltd.
- TotalEnergies SE
- Trinseo PLC and Westlake Corporation.
Polypropylene Market Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- Homopolymer
- Copolymer
Breakup by Process:
- Injection Molding
- Blow Molding
- Extrusion
- Others
Breakup by Application:
- Film and Sheet
- Fiber
- Raffia
- Others
Breakup by End User:
- Packaging
- Automotive
- Building and Construction
- Medical
- Electrical and Electronics
- Others
By Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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