The polypropylene market (marché du polypropylène) is anticipated to experience a robust growth trajectory with a projected 4.5% Compound Annual Growth Rate (CAGR) between 2022 and 2030, driven by increasing demand from various end-use industries and a surge in building and construction activities. This upward trend is expected to propel global polypropylene sales to reach an impressive valuation of USD 117,513.8 million by the year 2030, according to forecasts by Future Market Insights (FMI). The market’s sustained momentum is indicative of the material’s versatile applications and its integral role in meeting the escalating demands of diverse sectors.
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
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.
Top Players
- BASF SE
- SABIC
- Exxon Mobil Corporation
- Eastman Chemical Company
- Lotte Chemical
- LG Chem
- Petro China Company Limited
- INEOS
Key Drivers
- Increasing Demand in Automotive Sector: The automotive industry’s shift towards lightweight materials to improve fuel efficiency and reduce emissions has significantly boosted the demand for polypropylene. Its application in manufacturing bumpers, interior components, and under-the-hood parts is on the rise.
- Growth in Packaging Industry: Polypropylene’s role in packaging continues to expand due to its excellent barrier properties, durability, and recyclability. The rise in consumer goods and the shift towards more sustainable packaging solutions are fueling its demand.
- Advancements in Production Technology: Innovations in polypropylene production, including the development of advanced catalysts and processes, are enhancing the material’s properties and expanding its applications. These technological advancements are also contributing to cost efficiencies in production.
- Rising Demand for Sustainable Materials: As industries and consumers become more eco-conscious, the demand for sustainable and recyclable materials is increasing. Polypropylene’s potential for recycling and its lower environmental impact compared to other plastics position it favorably in the sustainability trend.
Emerging Opportunities
- Growth in Emerging Markets: Rapid industrialization and urbanization in emerging economies, particularly in Asia-Pacific and Latin America, present significant growth opportunities for the polypropylene market. Increased infrastructure development and rising disposable incomes are driving demand.
- Innovations in Product Applications: The development of new polypropylene grades and compounds tailored for specific applications—such as medical devices, advanced textiles, and high-performance automotive parts—presents lucrative opportunities for market players.
- Expansion of Recycling Initiatives: As recycling technologies advance, the ability to effectively recycle polypropylene is expected to enhance. This presents opportunities for companies to develop closed-loop recycling systems and contribute to a circular economy.
- Collaborations and Strategic Partnerships: Strategic collaborations between polypropylene producers and end-users, including joint ventures and partnerships, are likely to foster innovation and market expansion, leveraging shared expertise and resources.
The Polypropylene Market Revolution: Explore Key Trends and Opportunities in Our Latest Report
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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