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Global Polypropylene Market to grow at a CAGR of around 4.4% between 2022 and 2027.

According to a new report by EMR titled, ‘Global Polypropylene Market Report and Forecast 2022-2027’, the global polypropylene market reached a volume of around 75.1 million metric tons in 2020. The market is likely to increase at a CAGR of 4.4% in the forecast period 2022-2027 to reach a volume of around 97.2 million metric tons by 2026.

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 Holdings 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 2020, 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.

Market Analysis by Application and Region:

  • Polypropylene finds application in injection moulding, fibre, film, other extrusion, blow moulding, and extrusion coating, among others.
  • The regional markets of the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global polypropylene market is being aided by the growing demand for caps and closures from the food and beverage industry.
  • The thriving automobiles industry is also providing a push to the market growth.
  • The increasing demand from the pharmaceuticals as well as the health and hygiene sector are also propelling the market growth for polypropylene further.
  • Polypropylene is also being widely demanded in the CPG industry for packaging purposes.
  • The market is being supported by the rising advancements in technology to produce the product.
  • Rapid industrialisation and the rising disposable incomes of the consumers are also aiding the market growth.

Key Offerings of the report:

  • The EMR report gives an overview of the global polypropylene market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the application sectors and major regions of polypropylene.
  • The EMR report on the polypropylene market also gives the regional price analysis of the product for the periods (2017-2021) and (2022-2027) and the global trade data of the market.

The major key players in the global polypropylene market include LyondellBasell Industries Holdings B.V., Sinopec Corp., SABIC, PetroChina Company Limited, Braskem S.A., Exxon Mobil Corporation, Formosa Plastics Corporation, Reliance Industries Limited, and TotalEnergies SE, among others. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions and capacity expansions.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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