The beneficial properties of Polypropylene like resistance to numerous chemical solvents, bases, and acids, good tensile strength, low moisture resistance, staining resistance, and others, make it a favorite among numerous end-user industries. These factors will help in increasing the growth prospects of the Polypropylene market during the forecast period of 2019-2027.
The versatile nature of Polypropylene makes it a prominent component in numerous applications across the automobile industry, construction industry, medical industry, electrical and electronics industries, and others. Polypropylene, also known as polypropylene, is a thermoplastic polymer. It is rigid, crystalline, and tough. It is one of the affordable and efficient plastics available today. This factor increases the growth prospects of the Polypropylene market to a considerable extent. The chemical formula of Polypropylene is (C3H6)n.
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In addition, Polypropylene also displays properties like flexibility, durability, optical clarity, electrical non-conductivity, and transparency. All these factors bode well for the growth of the Polypropylene market.
The packaging sector is observing a boom across the globe, especially in densely populated countries like India and China. As Polypropylene is a prime component in the production of packaging material, it will witness extensive demand. This aspect is expected to escalate the demand for Polypropylene to a considerable extent.
Transparency Market Research’s (TMR’s) research report on the Polypropylene market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on Polypropylene by TMR suggests a stable growth period.
According to the TMR experts, the market for Polypropylene is prognosticated to expand at 5.5 percent CAGR during the forecast period of 2019-2027. In the context of valuation, the Polypropylene market is estimated to reach a valuation of US$ 164 bn by 2027, the end year of the forecast period, and was valued at US$ 100 bn in 2018.
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Expanding Sales of Automobiles to Boost the Growth Opportunities across the Polypropylene Market
The rising disposable income and the heightening urbanization levels among many countries are helping in increasing the sales of passenger vehicles considerably. Consumers nowadays prefer lightweight vehicles, which act as a catalyst for the growth of the Polypropylene market. Polypropylene is nearly 20 percent lighter than other plastics. Furthermore, lightweight vehicles help in reducing carbon dioxide emissions and fuel consumption. This factor will attract considerable demand for Polypropylene, eventually increasing the growth rate.
Transition to Bio-Based Propylene to Assure Exponential Growth
The waste generated due to synthetic polymers has become a prominent environmental concern today. Unfortunately, the recycling numbers are also bleak in regards to plastics. If not recycled, these plastics will cause extensive damage to the environment. Thus, the players in the Polypropylene market are focusing on developing bio-based polymers to decrease the harmful effects on the environment.
Bio-based Polypropylene is made from natural sources such as sugarcane, corn, and other renewable biomass. These materials do not generate much waste and can be reused and recycled. The aforementioned factors will create a new dimension of growth for the Polypropylene market.
Escalating Demand from Healthcare and Pharmaceutical Industries will Contribute to the Growth of the Polypropylene Market
Polypropylene is significantly used in developing surgical instruments and medical products as it possesses non-corrosive and chemical-resistant properties. Furthermore, it is also used in medical packaging on a large scale. Medical packaging is observing swelling demand on the back of the growing need for equipment and medicines in large numbers to tackle the COVID-19 pandemic. These factors help in building the overall growth structure of the Polypropylene market.
Some well-established players in the Polypropylene market are LyondellBasell Industries N.V., Reliance Industries Limited, Japan Polypropylene Corporation, Formosa Plastics Corporation, INEOS Group Holdings, Borealis AG, Exxon Mobil Corporation, and Sasol.
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