The global polypropylene market is being led by the Asia Pacific region. China is the largest consumer, along with being a major importer of the product. Turkey and Europe are also included as the major importers of the product. Saudi Arabia is the leading exporter of polypropylene and is likely to continue exporting significant volumes to nations like Turkey and Asian countries like Malaysia and China, among others.
The growth of the product is majorly being driven by the automobile industry, which is growing rapidly. Polypropylene is widely used in the industry for its lightweight property. The automobiles industry is expected to witness a healthy demand in the coming years and will, thus, support the growth of the polypropylene market.
LyondellBasell Industries N.V. (NYSE: LYB), one of the key players in the industry, is one of the largest plastics, chemicals, as well as refining companies globally. It is the largest manufacturer of polymer compounds. In June 2019, LyondellBasell and Neste announced the first parallel commercial-scale production of bio-based polypropylene and bio-based low-density polyethylene. This is expected to boost the polypropylene market further as the world increasingly moves towards adopting sustainable and eco-friendly industrial products.
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The major key players in the global polypropylene market include LyondellBasell Industries Holdings B.V., China Petroleum & Chemical Corporation (Sinopec Corp.), PetroChina Company Limited, Braskem, SABIC, TOTAL Polymers, Reliance Industries Limited, Exxon Mobil Corporation, and Formosa Plastics Corporation, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions and capacity expansions.
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