Polypropylene Market To Hit Usd 121 Billion By 2029, Will Witness A 5% Cagr | Exxon Mobil Corporation, Sabic, Dupont X Herald

The careful efforts of professional forecasters, skilled analysts, and intelligent researchers have resulted in the creation of the polypropylene Market research study. Companies can better understand the different types of consumers, consumer demands and preferences, perspectives on the product, purchasing intentions, reactions to individual products that are already on the market. Thanks to the detailed and current information provided in this report. By dealing with a wide range of market analyses, product definition, market segmentation, important developments, and the current vendor landscape through 2029, the Polypropylene Market Report offers a complete overview of the market.

Historical Market Size (2022): USD 78 billion in 2022

Forecast CAGR (2023-2029): 5%

Forecast Market Size (2029): USD 121 billion by 2029

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Drivers

• High Demand Across End Users

The key growth driver for the polypropylene market is increasing demand from end-use sectors such as packaging, automotive, building and construction, healthcare, and electricals and electronics. Different elements, such as bumpers, instrument panels, and door trims, are made of polypropylene. It is also utilized for insulating building coverings and insulating electronics goods in the building and construction and electrical and electronics industries. China's Ministry of Industry and Information Technology expects electric vehicle sales to quadruple in the next several years. All of these elements are important growth drivers for polypropylene.

• Surging Recognition of its Beneficial Properties

The increasing awareness about its various advantageous properties will further propel the growth rate of polypropylene market. Polypropylene is a low-cost plastic with outstanding mechanical and moldability qualities. Polypropylene accounts for more than half of the plastic used in the automobile industry as a result of this. Polypropylene is a good material for packing because of its low density, lightweight, excellent heat resistance, durability, and great clarity.

Additionally, the growing demand for convenient packaging will also drive market value growth. The factors such as growth of the e-commerce business coupled with the growing online food delivery market are projected to bolster the growth of the market.

Opportunities

• Surge in Investments and Electric Vehicle

Furthermore, growth in various investments for development purposes will provide various growth opportunities within the market. In addition, the rapid expansion of electric vehicles is creating new potential for polypropylene. The rise of electric vehicles is linked to increased government laws aimed at reducing greenhouse gas emissions from conventional automobiles and great fuel efficiency and noiseless operation. This factor is likely to open up various prospects for polypropylene as a result of these considerations.

Restraints/Challenges

• Availability of Substitutes

Other plastics include polystyrene (PS), polyethylene terephthalate (PET), polyurethane (PUR), polyvinyl chloride (PVC), and polyethylene terephthalate (PET) (PE). Polypropylene faces significant competition from these plastic compounds. Polyethylene is the most widely used and manufactured of these plastic polymers. Polyethylene can be made into both soft and flexible products as well as rigid and durable ones. Polyethylene may be molded into a variety of shapes, ranging from the most basic to the most sophisticated. Polyethylene is a good alternative for polypropylene because of these characteristics. In addition, the availability of alternative comparable polymers puts polypropylene under a lot of pressure.

• July 2022: The Canadian company Heartland Polymers fully commissioned its polypropylene (PP) plant with a planned production capacity of 525,000 tons/year of polypropylene at the Heartland Petrochemical Complex in Alberta, Canada.
• June 2022: Linde Engineering announced that the company started working on a large-scale revamp of a polypropylene (PP3) plant of Slovnaft, a member of the MOL Group situated in Bratislava, Slovakia. The revamp will extend the plant's production capacity by 18% to 300 kilotons of polypropylene per year and the expansion of the storage facility from 45 to 61 silos in total.
• April 2022: Exxon Mobil announced that the company expected to start its new ongoing polypropylene manufacturing unit in Baton Rouge, Louisiana, by December 2022.

The main research methodology applied here by the research team is data triangulation, which includes data mining, analysis of the impact of data variables on the market, and primary (industry experts) validation. This report helps to gather information about all the above factors by providing actionable market insights and comprehensive analysis. The Polypropylene market report mainly focuses on important aspects of the market which include historical data, current market trends, environment, technological innovations, upcoming technologies, and technological advancement in the industry among others.

Leading market players in the Polypropylene market is focusing on strategies such as expansion, new product launches, and acquisitions to gain large market share and enhance their global presence in the target market. Some Key Competitors of the Polypropylene market is LyondellBasell Industries Holdings B.V., Exxon Mobil Corporation, SABIC, DuPont, INEOS, Formosa Plastics Corporation, China Petrochemical Corporation, and LG Chem and others.

Polypropylene Market by Type, 2023-2029, (USD Million)

• Homopolymer
• Copolymer

Polypropylene Market by Process, 2023-2029, (USD Million)

• Injection Molding
• Blow Molding

Polypropylene Market by Application, 2023-2029, (USD Million)

• Injection Molding
• Fiber & Raffia
• Film & Sheet
• Blow Molding

Polypropylene Market by End User, 2023-2029, (USD Million)

• Packaging
• Automotive
• Building & Construction
• Medical

• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
• South America (Colombia, Brazil, Argentina, Rest of South America)
• Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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• Business description : a detailed description of company operations and business departments.
• Company strategy: The analyst's summary of the company's business strategy.
• SWOT analysis : Detailed analysis of the company's strengths, weaknesses, opportunities, and threats.
• Company History : The progress of major events related to the company.
• Main products and services : A list of the company's main products, services, and brands.
• Main competitors : A list of the company's main competitors.
• Important locations and subsidiaries : The company's main locations and subsidiaries' list and contact information.
• Detailed financial ratios of the past five years : The latest financial ratios come from the annual financial statements issued by companies with a history of five years.

▶ GTM (Go-to-Market) strategy

▶ Analysis of Market Size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Innovators, Start-ups, Laggard, and Pioneer)

▶ Development trends, competitive landscape analysis, supply side analysis, demand side analysis, year-on-year growth, competitive benchmarking, vendor identification, QMI quadrant, and other significant analysis, as well as development status

▶ Recent market developments and it's futuristic growth opportunities

▶ Customized regional/country reports as per request

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