Albany, NY -- (SBWIRE) -- 01/19/2016 -- Polypropylene, a thermoplastic polymer, is manufactured by catalytic polymerization of propylene. Polypropylene possesses beneficial properties such as high surface hardness, good tensile strength, and strong chemical resistance. Hence, it is one of the most versatile polymers used in packaging, automobile, construction, electrical & electronics, and medical industries. The largest buyers of polypropylene resins are plastic convertors or OEMs. However, most polymer manufacturers are vertically integrated and captively consume polypropylene for conversion into sheets, films, etc. Increasing demand for polypropylene in the food & beverages packaging industry coupled with rising demand for lightweight vehicles is expected to boost growth of the polypropylene market in the next few years. However, increasing concern about adverse effects of plastics on the environment and volatile raw material prices are likely to restrain growth of the polypropylene market. Polypropylene manufacturers are shifting their focus toward biobased polypropylene and are likely to provide significant opportunities by 2023.

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In terms of volume, packaging was the largest and fastest-growing segment of the global polypropylene market, accounting for more than 45% share in 2014. Polypropylene has distinguished utilities in both flexible and rigid packaging due to its ability to resist strong chemicals and high temperature. Automotive emerged as the second-largest segment of the global polypropylene market in 2014. Robust demand for lightweight motor vehicles in emerging as well as developed regions is estimated to accelerate growth of the polypropylene market. Polypropylene is lightweight and offers optimal balance of mechanical properties and excellent surface finish to vehicles. Hence, it easily replaces metal. Polypropylene is 15% to 20% lighter than other plastics. Thus, it considerably reduces the overall weight of vehicles. This, in turn, reduces fuel consumption and carbon dioxide emissions. There is significant demand for polypropylene from the electrical & electronics segment, especially from Asia Pacific due to rapid growth in digitalization. Other end-user industries include agriculture, medical, and furniture.

In terms of volume, Asia Pacific accounted for over 50% share of the global polypropylene market in 2014 and is estimated to increase its share by 2023. High demand for polypropylene is anticipated in China, India, Brazil, and countries in ASEAN due to increasing demand for food containers in these countries. Furthermore, increase in the number of large supermarkets in these countries is augmenting demand for polypropylene in packaging. Europe is a mature market for polypropylene; however, strong demand from the automotive industry is projected to drive the polypropylene market in the region during the forecast period. Automobile manufacturers in Europe have to meet tough directives from the European Union (EU) in order to achieve improved environmental performance. EU's ongoing drive has been established as part of the climate protection program. The market in Latin America is expected to expand at an above-average rate due to high demand for polypropylene in packaging, automotive, and construction industries. Evolving expenditure style that is inclined toward purchase of packaged materials in BRICS economies has driven demand for polypropylene. Automobile manufacturers are setting up their assembling units in the Middle East due to availability of cheap labor and raw material, thus propelling the polypropylene market in the region.

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The global polypropylene market is highly fragmented in nature. The top five companies accounted for over 35% share in 2014. Most market players are vertically integrated. Numerous manufacturers are focused on adding new features to their current products in order to achieve competitive advantage and sustain in the market. Leading players in market include BASF SE, LyondellBasell Industries N.V., Total S.A., Braskem, SABIC, Sinopec, Borealis AG, Reliance Industries Limited, Formosa Plastics Corporation, Sasol, INEOS Group Holdings, Japan Polypropylene Corporation, and Exxon Mobil Corporation.

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