Global Polypropylene Market: Highlights
polypropylene market 5.5% 2019 2027.
· 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.
· Various grades available commercially for polypropylene include homopolymers, block copolymers and random copolymers. Random copolymers have lower melting point and offer more flexibility and optical clarity. Homopolymers are widely used polymers especially for automobile parts, textiles, pipes, electrical appliances, etc.
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Global Polypropylene Market: Segmental Trends
· Medical packaging is one of the major segments of polypropylene market. It has several applications in medical devices and packaging. Owing to sterilization and transparent processes polypropylene is projected to boost market growth in the coming years.
· Polypropylene also finds wide application in fashion and sports industry. It has resistance to environmental factors such as mold, bacteria, water and sun. It is used in sports equipment, clothes, outdoor appliances, etc.
Global Polypropylene Market: Regional Highlights
· 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. Middle East of one of the major producer of polypropylene due to ample availability of raw material in the region.
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Key Developments in Global Polypropylene Market
March 2020,Hyosung Vina Chemicals Co., Ltd. which will be used to produce 300 Kilo Tons of polypropylene plant to be built in Cai Mep Industrial Zone, Vung Tau Province, Vietnam.
October 2019Ulsan PP Co., Ltd., PolyMirae Company LyondellBasell and Daelim, and SK Advanced
Global Polypropylene Market: Competition Landscape
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.
· Most of the manufacturers are focusing on offering biobased polypropylene due to government regulations and consumer awareness for ecofriendly products.
The Polypropylene market has been undergoing some remarkable growth dynamics, shaped increasingly by digital technologies and environmental sustainability concerns of product development. Over the decades, the feedstock variability and the onslaught of cheaper substitutes have squeezed in profit margins of the chemical and materials sector. On the other hand, the value chain of several businesses in the Polypropylene market has undergone overhaul, increasingly rendering some aspiring players with greater control over the forces and demand. The penetration of Industry 4.0 in in the market has stirred game-changing trends for range of stakeholders in the overall chemicals and materials sector. Manufacturing and production environments of businesses in the Polypropylene market are keen on formulating and implementing strategic frameworks that will turn them into digital enterprises.
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