In 2021, the global polypropylene market demonstrated a noteworthy year-on-year growth of 3.5%, as reported by Future Market Insights (FMI). The trajectory is expected to persist with a projected compound annual growth rate (CAGR) of 4.5% between 2022 and 2030. FMI anticipates the market value to reach an impressive US$ 86,995.4 million in 2022, indicative of the robust demand for polypropylene and its expanding significance across various industries. This forecast underscores the ongoing prominence of polypropylene as a key player in the global market, reflecting its versatile applications and sustained market dynamics.
The global polypropylene market is poised for robust growth, fueled by escalating demand from various end-use industries and a surge in building and construction activities. In light of these factors, Future Market Insights (FMI) anticipates a substantial uptick in global polypropylene sales, projecting a valuation of US$ 117,513.8 Million by the year 2030. This optimistic forecast underscores the pivotal role that polypropylene plays in meeting the needs of diverse sectors, positioning it as a key player in the evolving landscape of the chemical industry.
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Polypropylene demand decline has been more pervasive vis-à-vis its other plastic variants in automotive and this will continue till resumption of manufacturing operations. However, high sales of spun-bound and meltblown polypropylene grades in the production of PPE and masks can offset some of the losses, opines FMI’s new study.
“The production of polypropylene requires a substantial amount of capital investment. Re-use and recyclability will not only reduce overall investment cost but also substantially reduce carbon emissions” says an FMI analyst.
Key Takeaways of Global Polypropylene Market Study
- Polypropylene, being 20%-25% lighter than conventional plastic variants will witness robust demand in lightweight automotive category in the long run
- With crude oil prices moving well below the US$ 30 per barrel, low purchase costs of feedstock such as propylene will offer lifelines to polypropylene manufacturers
- Innovations in polypropylene packaging solutions continue to offer material savings to manufacturers up to 60%
- Superior Fluid Catalytic Cracking (FCC) additives for optimizing feedstock yields of propylene are set to expand profit pools of refineries thus having a positive impact on overall growth of polypropylene market
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Competitive Landscape of Polypropylene Market
Borealis, one of the key players has been continuously extending support to all its partners in the polypropylene value chain to make the shift to polypropylene solutions that are viable in sustainable packaging.
Both Sabic and BASF have engineered newer processes to recycle polypropylene from a low-value, low-quality plastic to a pre-consumer plastic that can be effectively used in a number of food packaging applications. BASF has also collaborated with Jaguar to convert plastic waste into high-end automotive parts.
SCG has come out with a technology called as SMX that minimizes the utilization of plastic and paves way for applications in film packaging and chemical drums with more impact resistance and perforation.
Key Companies Profiled
- BASF SE
- SABIC
- Exxon Mobil Corporation
- Eastman Chemical Company
- Lotte Chemical
- LG Chem
- Petro China Company Limited
- INEOS
- Rongsheng Petrochemical Co., Ltd.
- Borealis AG
- Formosa Plastics Corporation
- Advanced Petrochemical Company
- Japan Polypropylene Corporation
Lucrative Market Conditions in China and India Make East Asia a Regional Goliath
East Asia’s prominence in the polypropylene market is likely to continue unabated owing to its fast growing automotive and construction sectors.
Another key factor driving growth of polypropylene market in East Asia is the focus of manufacturers on customization of product portfolio as per specific applications. In East Asia, polypropylene is being prominently used in BOPP film, injection moldings, and Raffia/Thermoforming.
With viral epicenters having shifted to countries such as India, demand for polypropylene grades is robust in packaging and medical applications. Production appetite for bottle caps and closures in medical, hygiene and pharmaceutical applications has led to significant improvements in the demand outlook for East Asia
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Polypropylene Markey by Category
By Product Type:
- HP
- RCP
- ICP
- TPO
By Application:
- BOPP Film
- Raffia/Thermoforming
- Fibres & Filaments
- Spun Bond Non-woven
- Melt Blown Non-woven
- Injection Moulding
- Blow Moulding
- Cast & Water Quenched Film
- Pipe & Sheet
- Transparent TPO
By Region:
- APEC
- China
- Europe
- INS
- Turkey
- Vietnam
- W-Africa
- E-Africa
- N-Africa
- Bangladesh
- CIS-R
- N-AM
- C-AM
- EC-SAM
- CS-SAM
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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