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Polypropylene Market Size – USD 135.14 Billion in 2019, Growth - CAGR of 5.3%, Trends – BOPP in food packaging
NEW YORK, NY, UNITED STATE, April 28, 2022 /EINPresswire.com/ -- According to a new report by Reports and Data, the global Polypropylene Market is forecast to reach USD 205.61 Billion by 2027. Increasing adoption of PP in the 3D Printing industry owing to its superior chemical resistance is a significant factor influencing market demand. Polypropylene has the lowest density out of all commonly used in manufacturing plastics, which makes it very light. Other benefits associated with the material, including flexibility, durability, and electrical resistance, make it highly practical for the industry. Currently, the product is being used in the healthcare sector to manufacture medical vials, diagnostic devices, specimen bottles, and pill containers.
The increasing global installation of propane dehydrogenation (PDH) facilities is anticipated to influence demand. In the U.S. and Canada, the ethane steam crackers have reduced the production of propylene. Thus, companies have been shifting to propane dehydrogenation for the production of propylene. Based on statistics, since 2010, more than 2 million metric tons/year of new PDH capacity have been developed in both the U.S. and Canada, and around 1.6 MMTPA capacity is currently under development.
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BASF SE, China National Chemical Corporation (CHEMCHINA), Dow Chemical Company, ENI S.P.A., Exxon Mobil Corporation, Braskem, INEOS Group Holdings S.A., LyondellBasell Industries N.V., Saudi Basic Industries Corporation, SINOPEC, and TOTAL Specialties USA, Inc.
Europe is projected to witness a CAGR of 4.4% in the forecast period. Increasing adoption of PP in the construction sector is likely to foster demand. PP is used in construction applications such as air and moisture barrier membranes, films, and sheets used in insulating building wraps, carpet textiles, and in plastic parts such as pipes. The growing demand for light-weight automobiles has also driven the demand for plastics particularly, PP in the region. Manufacturers in the region have been shifting to polymers and plastic composites to achieve better fuel efficiency levels.
Businesses involved in the discovery, production, and processing of raw resources are classified as part of the basic materials sector. Mining and metal refining, chemical goods, and forestry products are all part of this industry.
The enterprises that supply the majority of the materials needed in building are found in this sector. As a result, the companies and their stocks are sensitive to business cycle shifts. When the economy is robust, they tend to thrive.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/polypropylene-market
Further key findings from the report suggest
Polypropylene is one of the fastest-growing polymers. This growth is mostly attributed to polypropylene’s ability to displace conventional materials such as wood, glass, and metal at a lower cost. The material offers excellent chemical resistance and weldability, which makes it ideal for the automotive industry, consumer goods, and packaging applications.
The demand for PP resins for moulding is projected to grow significantly in the coming years. PP exhibits specific properties, such as chemical resistance, low density, outstanding property balance, and versatility, which makes it apt for a wide range of applications.
Polypropylene is majorly used for food packaging. It is widely used for sweet and snack wrappers, hinged caps, and microwave containers. Furthermore, since PP containers do not leach chemicals, they are considered safe for packaging applications.
Increasing adoption of Biaxially Oriented Polypropylene (BOPP) films in food packaging is also a significant trend observed in the market. Benefits associated with BOPP films, including low moisture transmission rate, excellent slip, and optical properties, high tensile strength, and low thermal shrinkage, have driven their demand for food packaging applications.
The automotive segment is expected to have lucrative growth during the forecast period due to the increased production of automobiles. Polypropylene is widely used in automotive parts due to its low cost, outstanding mechanical properties, and moldability. Main application areas include battery cases and trays, bumpers, fender liners, interior trim, instrumental panels, and door trims.
In May 2020, LyondellBasell unveiled that Advanced Global Investment Company (AGIC) has selected the Spheripol technology: the company’s leading polypropylene technology for a new world-scale facility.
In May 2020, CNOOC and Shell collaborated to expand their petrochemical complex in Huizhou, Guangdong province in China. The companies will focus on the production of ethylene glycol, polyethylene, polypropylene, and propylene oxide through the partnership.
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For the purpose of this report, Reports and Data have segmented into the global polypropylene market on the basis of type, application, end use industry, and region:
Extraction Type Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
Application Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
End Use Industry Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
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Regional Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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