iCrowd Newswire – Jul 17, 2020
By 2030, the global polypropylene market will be worth $226.8 billion, growing with a 5.7% CAGR from 2020 to 2030. The key reasons behind the increasing sale of this plastic are its wide usage in the packaging sector and rising demand for nonwoven polypropylene fiber.
Due to the lockdown initiated in the wake of the COVID-19 pandemic, the polypropylene market has been negatively affected. The production of the plastic has halted in the infected countries, whereas the demand for packaging material has also come down, as people are no longer purchasing non-essential stuff. However, due to the growing burden on the healthcare sector, the demand for gloves, N95 masks, and syringe plungers made of polypropylene has risen manifold.
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Market research firm P&S Intelligence has made the following major propylene market projections for the next 10 years:
- Injection molding to be the largest application area of the plastic
- Highest polypropylene demand to come from the packaging sector
- Asia-Pacific (APAC) to be the most lucrative region for market players
The consumption of the plastic for injection molding will be higher than raffia, film & sheet, blow molding, fiber, and other purposes, on account of its extremely low density, which ranges between 0.895 and 0.92 g/cm. This enables the plastic to be cast into various shapes and sizes, using the injection molding process, to create automotive & marine parts, household goods, and recreational vehicle (RV) products.
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The major reasons behind APAC dominating the polypropylene market in the future would be the government support for sustainable polypropylene packaging and growing investments for research and development (R&D). Moreover, the expanding automotive, construction, textile, and packaging sectors in the regional countries are driving the consumption of this plastic.
The research includes detailed analysis of;
Based on Type
Based on Application
- Injection Molding
- Film & Sheet
- Blow Molding
Based on End Use
- Consumer Goods
- North America
- Belgium & Luxembourg
- Asia-Pacific (APAC)
- Latin America (LATAM)
- Middle East and Africa (MEA)
- Saudi Arabia
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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Keywords: Polypropylene Market, Polypropylene Market Growth, Polypropylene Market Size, Polypropylene Market Share