Polypropylene Market to Reach US$ 133.39 Billion by 2023

Polypropylene is among the most widely used polymers thanks to its versatility, cost-efficiency, and toughness. The global polypropylene market remains dynamic with several new uses of the material coming to the fore as it continues to replace conventional materials such as wood, metal, and glass in numerous applications. Packaging, automotive, electrical and electronics, consumer products, and construction consume thousands of tons of polypropylene every year. Despite regulatory authorities urging companies to use sustainable products, the polypropylene market hasn’t seen a palpable threat yet. 

It is owing to these factors that the global polypropylene market will register a moderately healthy compounded annual growth rate (CAGR) of 5.7% from 2015 to 2023, according to the estimates of Transparency Market Research. Analysts of the firm pegged the market at 57,898.9 kilo tons (in volume terms) as of 2014. 

Lightweight Vehicles are Future of Automotive Industry; Polypropylene is Pivotal to this Trend

Reducing the weight of automotive components has become the preferred way to increase both performance and sustainability of automotive parts and components. This puts polypropylene in the spotlight. However, polypropylene by itself can sometimes fall short of the strength and safety requirements that dictate the automotive industry. This has prompted companies in the global polypropylene market to offer a range of reinforced polypropylene variants. PP is typically reinforced using glass fiber, carbon fiber, or mineral fillers. 

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It’s not just automotive body parts and under-the-bonnet components that are now made of lightweight polypropylene. Many interior components such as window glass and dashboard components are now made using polypropylene. However, the automotive sector is not the largest end-user in the global polypropylene market. Packaging applications lead in terms of consumption of polypropylene.

Excellent Physical Attributes of Polypropylene make it Top Choice for Packaging Applications 

Polypropylene exhibits physical characteristics such as toughness, stiffness, moisture resistance, twist retention, low weight, and sealability. All of these features make it exceedingly easy to use in a myriad of packaging applications. Thus, it is not surprising that the packaging industry has emerged as the leading consumer of polypropylene in recent years. According to the estimates of Transparency Market Research, the packaging industry accounted for about 45% of all polypropylene consumed worldwide (as of 2014). 

The perennial need for packaging across industrial sectors will also play a crucial role in making the packaging application the fastest growing in the global polypropylene market. The uses of polypropylene will rise in both flexible and rigid packaging. 

Biobased Polypropylene Could Help Companies Clear Regulatory Hurdles 

Like many other plastics, polypropylene too has come under the regulatory scanner for its non-biodegradability. This could pose a hurdle to the growth of businesses that have a broad portfolio of polypropylene products. The solution to this problem lies in the development of biobased polypropylene that has a property profile similar to that of conventional polypropylenes. 

Biobased polypropylene is made using a variety of natural raw materials such as sugarcane, beet, and corn. This is precisely why leading companies in the global polypropylene market are shifting their attention to R&D and manufacturing techniques for biobased polypropylene.  

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