Polypropylene Market to Reach US$133.3 bn by 2023 owing to Globally Rising Demand for Lightweight Vehicles.

Polypropylene is a thermoplastic polymer that can be readily formed by the catalytic polymerization of propylene. It is one of the most versatile polymers used in the packaging, automobile, construction, electrical and electronics, and medical industries.

Transparency Market Research, a leading U.S.-based market research firm, has analyzed the global polypropylene market and predicted a compounded annual growth rate of 5.7% in terms of revenue for the period from 2015 to 2023.

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Growing trend of dual-income households in developing countries has fueled the consumption of packaged food. This in turn, has led to increased demand for polypropylene in the packaging sector. Additionally, food manufacturers are focusing on the aesthetic value of packaging coupled with durability and shelf life of the packaged product. Polypropylene is one of the preferred materials in packaging as it offers characteristics such as transparency and glossiness. The food and beverages industry has witnessed significant growth in the last few years. This trend is anticipated to continue during the forecast period. Thus, demand for polypropylene in the food and beverages industry is estimated to rise in the near future. In addition, growing demand for lightweight vehicles is projected to boost demand for polypropylene during the forecast period. The volatile prices of natural gas and crude oil are anticipated to restrain growth of the polypropylene market in the next few years. Thus, several companies are shifting their focus towards obtaining propylene from coal and other sources in order to reduce dependency on crude oil and natural gas. Nonetheless, development of bio-based polypropylene is likely to provide immense opportunities for polypropylene manufacturers in the near future.

In terms of volume, packaging was the largest and fastest growing segment of the global polypropylene market in 2014. The automotive segment is projected to be the second fastest growing segment for the period from 2015 to 2023. All the segments except packaging and automotive are estimated to witness a reduction in their market share during the forecast period.

Asia Pacific dominated the polypropylene market in terms of demand in 2014, followed by Europe. Demand for polypropylene is likely to be fueled by growth in the packaging industry during the forecast period. The market for polypropylene in the Middle East & Africa (MEA) region is anticipated to witness the second fastest growth rate due to opening of several production facilities in the region. The polypropylene market in Latin America is estimated to expand at a moderate growth rate from 2015 to 2023.

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Key players in the polypropylene market include LyondellBasell Industries N.V., Sinopec, Braskem, INEOS, Formosa Plastics, Total Petrochemicals, ExxonMobil Chemical, Ningxia Baofeng Energy Group, SABIC, and Lotte Chemical.

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