Due to the increasing demand from the food and beverages packaging industry, the global polypropylene market is well poised to reach US$133.3 bn by the end of 2023. A new report by Transparency Market Research, titled “Polypropylene Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” has pegged the value of the market at US$81.6 bn in 2014. If the figures hold true, the market will report a steady CAGR of 5.7% between 2015 and 2023.
The market for polypropylene is also gaining significant impetus from the rising demand in the automotive segment, which in turn holds the second largest share in the market. This is due to the fact that polypropylene presents the desired levels of mechanical strength and flexibility and also because it provides quality surface finish in vehicles. Furthermore, polypropylene is 15% to 20% lighter than other plastics, which also helps the global polypropylene market witness rising demand. The market is therefore expected to significantly gain from the increasing demand for motor vehicles in developed and developing economies alike.
Regionally, the report has segmented the global polypropylene market in Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Among these regions, Asia Pacific led the global polypropylene market in 2015 with a share of over 50%. The region is expected to continue dominating the market through the report’s forecast period. The rising demand for polypropylene in India, China, and other countries in the ASEAN will aid the rapid expansion of the polypropylene market in Asia Pacific. The region’s flourishing packaging industry will also aid the market’s growth.
The market for polypropylene in Latin America is expected to grow at an above-average rate. However, the growth witnessed in Europe is projected to be stagnant. Nevertheless, demand from the automotive industry in Europe will contribute to the market’s growth in the region.
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To study the competition prevailing in the market, the report has also profiled companies such as BASF SE, LyondellBasell Industries N.V., Reliance Industries Limited, and others. Strengths and weaknesses of these companies have been discussed at length in the report. It also presents insights into threats and opportunities that these companies could face during the forecast period.