According to a new research report by Transparency Market Research (TMR), the global market for polypropylene is highly competitive and fragmented due to the presence of a large pool of participants. Some of the key players in this market is BASF SE, Borealis AG, Sasol, Total S.A., LyondellBasell Industries N.V, SABIC, Braskem, Reliance Industries Ltd., and INEOS Group Holdings. These players are focusing on technological advancements of their products to remain in the competition, states the research report.
According to the research report, the global market for polypropylene is estimated to rise at a CAGR of 5.70% during the period from 2015 to 2023. The opportunity in this market, which was worth US$81.6 bn in 2014 is projected to rise to US$ 133.3 bn by the end of the period of the forecast. The automotive, electrical and electronics, packaging, consumer products, agriculture, medical, construction, and the furniture industries have surfaced as the key end users of polypropylene across the world, notes the study.
Increasing Demand for Polypropylene in Food and Beverage Packaging to Drive Growth
“The increasing demand for polypropylene in the industry of food and beverages packaging is boosting the growth of the global polypropylene market, significantly,” says a TMR analyst. The augmenting demand for lightweight vehicles is likely predicted to fuel the demand for polypropylene in the coming years, reflecting greatly on the market’s growth.
On the flip side, the rising concerns over the hazardous impacts of plastics on the environment and the highly volatile prices of raw materials may impede the growth of this market over the forthcoming years, states the market report.
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Asia Pacific to Lead Global Polypropylene Market
A geographical assessment of the global polypropylene market has also been offered in this research report. According to it, North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific are the main geographical segments of this market. With a share of more than 50%, Asia Pacific led the global market in 2014. Researchers at TMR expect the scenario to remain so over the next few years, thanks to the increasing consumption of polypropylene in Brazil, China, India, and the Association of Southeast Asian Nations (ASEAN) on account of the high demand for food containers in these economies. Latin America is also projected to witness significant rise in its market for polypropylene in the years to come, notes the market study.