Market synopsis
According to MRFR, the global polypropylene market 2020 is poised to observe a substantial market value over the review period at a significant CAGR.
Market scenario
Rising polypropylene demand in developing markets is the main factor driving the growth of this sector. Increasing focus on the consumption of energy and lower carbon emissions will drive safer manufacturing alternatives, such as polypropylene. In the manufacture of breathable membranes and non-woven fabrics often used in masks, polypropylene is used. Environmental concerns and rising raw material prices are known as market-limiting factors. The market-related challenges mainly impact the polypropylene environment, in particular with regard to plastic waste disposal.
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Segmentation
The global polypropylene is segmented into application.
The market is further classified into agricultural , manufacturing, building, processing, electrical electronics on the basis of use.
The automotive industry has a wide market share among these, owing to the rising use of plastic materials to build high-performance and durable vehicles. Agricultural sector investors encourage farmers to use lightweight goods to increase the quality and production of food in the agricultural sector.
In addition, due to the advantages of the commodity, such as longevity, less storage capacity and the capacity to survive under severe conditions, the packaging segment is expected to witness steady growth in the industry.
Owing to the unrestricted use of plastics in mobile phones , smartphones, servers and others, the electrical electronics segment is projected to grow at a greater CAGR. Furthermore, in the automotive and electrical electronics markets, the increasing substitution of lightweight materials for heavy metals is expected to drive the market.
Regional Analysis
The demand for polypropylene is split into five regions worldwide, namely Asia Pacific, North America , Europe, Latin America , and the Middle East Africa.
In these, due to increasing demand for polymers in various industries, Asia Pacific has a large market share. Analysis in developing countries such as India has contributed to the use of indigenous low-cost propylene swabs for the analysis of COVID-19 patients. In the first quarter of this year, with the onset of the pandemic in China, the demand for face masks in the region witnessed a spurt.
As the demand for thermoplastic materials in the building and homes, medical and automotive industries grows, the North American industry is increasing dramatically. Strong disposable income and high expenditure in major industries is expected to force the automotive segment to lead the industry in the forecast period. Growing demand in the pharmaceutical, healthcare and automotive industries for polypropylene glycol and propylene glycol has driven countries such as the U.S., Canada , and Mexico to achieve phenomenal market growth.
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Due to the increasing use of lightweight materials in end-use industries, there has been a phenomenal growth in demand for the European industry. With the new pandemic, which is projected to trigger production, production and demand instability for the European economy, the oil markets remain in disarray. The United Kingdom's largest demand for polypropylene is attributable to the introduction of different grades of resin that offer better guidance.
The growing use of thermoplastic materials in the pharmaceutical, building housing and energy industries is expected to lead to a recognised increase in the Latin American area in the sector. Moreover, due to increased demand for polypropylene polymers in the oil gas, petrochemical, transport and aviation industries, the Middle East Africa is expected to see faster market growth.
Key Players
Some of the prominent players operating in the global polypropylene market are The Dow Chemical Company (U.S.), LyondellBasell (U.S.), Exxon Mobil Corporation (U.S.), SABIC ( Saudi Arabia), INEOS (Switzerland.), LANXESS (Germany), Chevron Phillips Chemical Company (U.S.), Eni S.p.A. ( Italy), BASF SE ( Germany), and LG Chem ( South Korea) among others.
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