Dublin, Nov. 07, 2022 (GLOBE NEWSWIRE) — The “Polypropylene-Plastic Material And Resins Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
The global polypropylene-plastic material and resins market is expected to grow from $114.74 billion in 2021 to $126.93 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The market is expected to grow to $185.02 billion in 2026 at a CAGR of 9.9%.
The polypropylene market consists of the sale of polypropylene and related services. Polypropylene is a thermoplastic polymer produced by chain-growth polymerization of the monomer propylene and is used in automotive fittings and industrial fibers. It is resilient and resistant to fatigue and highly resistant to most acids and alkalis.
The main product types of polypropylene are homopolymer, copolymer. Homopolymer is a polymer-like polyethylene that contains identical monomer units. The applications are fiber, film and sheet, raffia, and other applications. The end-use industries are packaging, automotive, consumer products, electrical and electronics, other end-user industries.
Asia Pacific was the largest region in the polypropylene market in 2021. North America was the second-largest region in the polypropylene market. The regions covered in the polypropylene report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Rising demand for thermoplastic materials contributed to the growth of the polypropylene market. Due to their unique chemical properties, thermoplastic materials can be recycled and remolded without affecting their physical properties. Thus, making thermoplastic materials much useful in many applications such as clothing, packaging, food, and beverages. Additionally, they are also used in heavy-duty applications such as aerospace, military, and medical industries. According to American Freedonia Group data, the global Thermoplastic elastomer (TPE) market surpassed $ 24 billion and market demand reached 6.7 million tons in 2019, which will grow at a rate of 5.2% every year in the future. The rising demand for thermoplastic materials increased the demand for the polypropylene market thereby driving the market.
Variations in the prices of raw materials such as crude oil prices have always been a major challenge in the polypropylene market. Fluctuating crude oil prices increases the operating expense affecting the bottom line of manufacturing companies in this market. For instance, according to the forecast in the most recent Short-Term Energy Outlook from the US Energy Information Administration (EIA) in 2021, Brent crude oil prices averaged $62.26 per barrel and $60.74 per barrel in 2022. Crude oil is the main source of petrochemicals as plastics are produced primarily from petroleum products and therefore crude oil prices are one of the key factors affecting plastic costs, making them very volatile. Volatile prices thereby have a negative impact on the polypropylene market, affecting the market’s growth.
Eco-friendly polypropylene compounds are increasingly being used due to strict rules and regulations of the government over recycling and environmental protection. The polypropylene compounds possess unique qualities, making them more favorable and an alternative in the automotive industry. For example, Grand Siam Composites, a joint venture between SCG Chemicals, Mitusui Chemicals Inc., and Prime Polymer, has developed new technologies and inventions to produce high-quality products that are environmentally friendly. With those advancements, GSC’s polypropylene compounds are producing high-quality automobile parts such as consoles, instrument panels, bumpers, door panels, and various accessories.
1) By Product Type: Homopolymer; Copolymer
3) By Application: Fiber; Film and Sheet; Raffia; Other Applications
2) By End User Industry: Packaging; Automotive; Consumer Products; Electrical and Electronics; Other End-user Industry
Key Topics Covered:
1. Executive Summary
2. Polypropylene Market Characteristics
3. Polypropylene Market Trends And Strategies
4. Impact Of COVID-19 On Polypropylene
5. Polypropylene Market Size And Growth
6. Polypropylene Market Segmentation
7. Polypropylene Market Regional And Country Analysis
8. Asia-Pacific Polypropylene Market
9. China Polypropylene Market
10. India Polypropylene Market
11. Japan Polypropylene Market
12. Australia Polypropylene Market
13. Indonesia Polypropylene Market
14. South Korea Polypropylene Market
15. Western Europe Polypropylene Market
16. UK Polypropylene Market
17. Germany Polypropylene Market
18. France Polypropylene Market
19. Eastern Europe Polypropylene Market
20. Russia Polypropylene Market
21. North America Polypropylene Market
22. USA Polypropylene Market
23. South America Polypropylene Market
24. Brazil Polypropylene Market
25. Middle East Polypropylene Market
26. Africa Polypropylene Market
27. Polypropylene Market Competitive Landscape And Company Profiles
29. Key Mergers And Acquisitions In The Polypropylene Market
29. Polypropylene Market Future Outlook and Potential Analysis
- Exxon Mobil
- Reliance Industries
- Formosa Plastics
- Asahi Kasei Plastics
- Mitsui Chemicals
- Total S.A.
- China Petrochemical Corporation
- LG Chem
- Sumitomo Chemical
- Dynachem Co. Ltd.
- E.I. du Pont de Nemours
- HMC Polymers Co., Ltd
- K Polymers, Inc.
- Scott Bader Company Limited
- The Dow Chemical Company
- BASF SE
- Toray Industries, Inc.
- Reliance Industries Limited
- Lotte Chemical UK Ltd.
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