The expansion of the packaging industry is fueling the demand for polypropylene across the world. This is because polypropylene is extensively used in the packaging industry. As per PlasticsEurope, the global plastics production in 2018 stood at 359 million tons. This was primarily because of the huge demand for plastics in the packaging and building & construction industries. Further, out of the various types of plastics, the sales of polypropylene were the highest across the world.
This was primarily due its high requirement in food packaging, pipes, banknotes, automotive parts, hinged caps, sweet & snack wrappers, and microwave containers. Additionally, many brand owners and retailers are increasingly focusing on using sustainable and eco-friendly packaging materials made from polypropylene resin because of the surging customer requirements for environment-friendly packaging materials. Thus, the ballooning requirement for sustainable packaging is propelling the demand for polypropylene all over the world.
Hence, with the mushrooming consumption of nonwoven fiber, the demand for polypropylene is shooting up across the world, thereby, fueling the growth of the global polypropylene market. As a result, the market value is predicted to grow from $122.7 billion in 2019 to $226.8 billion by 2030. Furthermore, the market will progress at a CAGR of 5.7% from 2020 to 2030. Depending on application, the market is categorized into blow molding, fiber, raffia, film & sheet, and injection molding.
Market Players Engaging in Facility and Geographical Expansions for Increased Revenue
In order to up their share in the polypropylene market, companies offering this plastic are initiating geographical and facility expansions, to seize the opportunity to:
• Increase their customer base in North America and Europe
• Augment their recycled polypropylene output, to sell it to automakers
• Offer the plastic to fuel-efficient vehicle and packaging material producers
• Meet the increasing demand for polypropylene, with a higher production capacity
• Strengthen their supply of polypropylene and ethylene derivatives
The most prominent players in the global polypropylene market include Sinopec Group, LyondellBasell Industries B.V., PetroChina Company Limited, SABIC, Reliance Industries Limited, Braskem S.A., Exxon Mobil Corporation, Total S.A., Borealis AG, Formosa Plastic Corporation, and INEOS Group Holdings S.A.
Source: www.psmarketresearch.com
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