Polypropylene Market to Hit $108.57 Billion by 2028; Rising Demand for Copolymers for Injection Molding Applications to Favor Market Growth

The global polypropylene market size is projected to reach USD 108.57 billion by 2028 on account of the wide utilization of plastics in the pharmaceutical industry, observes Fortune Business Insights™ in a report, titled “Polypropylene Market Size, Share & COVID-19 Impact Analysis, By Type (Homopolymer, Copolymer), By End User (Packaging, Automotive, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceuticals, Electrical & Electronics, Agriculture, Others), and Regional Forecast, 2021-2028”. According to the report, the global value stood at USD 75.12 billion in 2020 and is expected to reach USD 76.00 billion in 2021. From 2021 to 2028, the market is estimated to register a CAGR of 5.2%.

The eruption of the COVID-19 pandemic and the relentless havoc it has been wreaking since 2020 have had negative consequences for the polypropylene market growth. Registering a 1.1% decline in growth in 2020, the downturn of this market has been due to the stalling of construction activities worldwide. Polymers are extensively employed in the construction industry and any disturbances in the operations of this industry are bound to affect markets associated with it.

SOCAR Polymer Introduces Copolymer Polypropylene for Thin-wall Packaging

In December 2020, Azerbaijan-based SOCAR Polymer announced the expansion of its high-performance PP portfolio with the addition of its maiden pair of random copolymers. Designed for rigid packaging through thin-wall injection molding, these resins offer a wide array of benefits and are currently being marketed across Russia and other countries in the Commonwealth of Independent States (CIS). The two new grades, RB 4545 MO and RB 6545 MO, formulated using Milliken’s Millad NX 8000 additives, will qualitatively strengthen SOCAR’s PP family of products. The idea behind these formulations is to ensure enhanced processing, better optical and mechanical properties, and improved aesthetics, as well as safety, in the finished products.

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High Adoption of PP in the Auto Industry to Power the Market

Polypropylene is one of the most commonly utilized thermoplastics in the automotive industry due to the host of advantages it offers vehicle manufacturers. For example, being a bad conductor of heat, PP is well-suited for manufacturing electrical components, such as audio equipment and capacitors. This property of PP will be particularly useful in making critical components for electrical vehicles. Furthermore, this thermoplastic has a high melting point, which makes it safe for use in heat-intensive applications. Besides, this material is also highly malleable and can be easily molded into any shape or form, as per requirement. Recognizing the broad scope for PP in the auto industry, many innovators are developing PP-based solutions specific to this industry. In April 2021, for instance, Poland-based Sinterit launched a PP-based powder for its 3D platform, with the aim of creating novel prototyping opportunities for automakers.

Production Expansion to Hold Key Players’ Attention

With polypropylene becoming a critical material in most industries, key players are aiming to capture the growing number of opportunities in the polymer industry by strategically expanding their production capacities. Targeted investments in capacity building are enabling companies to develop a solid foundation for scaling up their production as and when required. Moreover, companies will also be able to rapidly diversify their portfolios and broaden their geographic reach.

Industry Development

• September 2020: Braskem, one of the foremost bio-polymer producers in the world, announced the commencement of commercial production at its state-of-the-art polypropylene line at its plant in La Porte, Texas. The new line will have the capacity to produce more than 450 kilotons of PP, including random copolymers, homopolymers, and impact copolymers.

List of Key Players Profiled in this Market Report

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  • MOL Group (Hungary)
  
  
  • Borouge (UAE)
  
  
  • BASF SE (Germany)
  
  
  • Total S.A. (France)
  
  
  • Reliance Industries Limited (India)
  
  
  • SABIC (Saudi Arabia)
  
  
  • INEOS (UK)
  
  
  • ExxonMobil Chemical (U.S.)
  
  
  • Beaulieu International Group (Belgium)
  
  
  • Borealis AG (Austria)
  
  
  • Repsol (Spain)
  
  
  • Braskem (Brazil
  
  
  • Formosa Plastic Group (Taiwan)
  
  
  • Ducor Petrochemicals (Netherlands)
  
  
  • China Petroleum & Chemical Corporation (China)
  
  
  • China National Petroleum Corporation (China)
  
  
  • LyondellBasell Industries N.V. (Netherlands)
  
  
  
  

Further Report Findings

•   The consumer goods/lifestyle segment is anticipated to exhibit steady progress over the forthcoming years as PP-based packaging products are commonly used in the consumer goods industry, as well as in the food & beverage industry. In 2020, this segment held a share of 7.1% in the global market.


• Asia Pacific is envisaged to lead the polypropylene market share during the forecast period owing to the meteoric rise in the region’s automotive and construction industries, particularly in China and India. The Asia Pacific market size stood at USD 39.95 billion in 2020.

Table of Segmentation