Polypropylene Market Analysis | USD 29.16 Bn revenue growth is forecasted through 2023-2027
Trends, Drivers, and Forecasts for Market Players 2023-2027
Between 2022 and 2027, the Polypropylene (PP) Market is projected to expand at a compound annual growth rate (CAGR) of 4.34%. An estimated USD 29.16 billion will be added to the market size. The market is expected to grow as a result of a number of factors, including the rising need for packaging, automobile lightweights, and hygiene goods.
BASF SE, Borealis AG, Braskem SA, Ducor Petrochemicals B.V., Exxon Mobil Corp., Formosa Plastics Corp., Haldia Petrochemicals Ltd., HPCL-Mittal Energy Ltd., Indian Oil Corp. Ltd., INEOS Group Holdings SA, Koch Industries Inc., LyondellBasell Industries N.V., Reliance Industries Ltd., Saudi Basic Industries Corp., Saudi Polymers LLC, Sinopec Shanghai Petrochemical Co. Ltd., TotalEnergies SE, and Westlake Plastics Co. are some of the major market participants.
Technavio has been monitoring the growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking.
Polypropylene Market Analysis
Key Trends to Impact Market Growth
Introduction of bio-based polypropylene is trending in the market landscape. Healthy lifestyles are becoming more and more popular among consumers. The manufacture of final goods and the use of renewable and safer resources are also growing. These considerations are pushing producers of polypropylene to switch from petrochemical to bio-based raw sources. The price volatility of chemicals derived from petroleum is a significant contributing factor to this trend.
Moreover, a lot of businesses that produce polypropylene are making significant investments in R&D to support the large-scale synthesis of bio-polypropylene. For this reason, it is anticipated that the development of bio-polypropylene will propel the expansion of the worldwide polypropylene market throughout the projected year.
Top Driver to Boost Demand for Polypropylene Market
The primary factor propelling the market's expansion is the rising need for packaging. The global polypropylene market is driven by the growing need for dependable and practical packaging solutions, particularly in the expanding e-commerce industry. Polypropylene's resilience, lightweight, and ability to be recycled make it a standout choice for environmentally responsible packaging. Leading e-commerce companies like Amazon are distributing their goods using polypropylene packaging to cut waste and increase sustainability.
BASF SE, Borealis AG, Braskem SA, Ducor Petrochemicals B.V., Exxon Mobil Corp., Formosa Plastics Corp., Haldia Petrochemicals Ltd., HPCL-Mittal Energy Ltd., Indian Oil Corp. Ltd., INEOS Group Holdings SA, Koch Industries Inc., LyondellBasell Industries N.V., Mitsubishi Chemical Group Corp., Mitsui Chemicals Inc., Reliance Industries Ltd., Saudi Basic Industries Corp., Saudi Polymers LLC, Sinopec Shanghai Petrochemical Co. Ltd., TotalEnergies SE, and Westlake Plastics Co. are some of the major market participants.
Technavio has been monitoring the metalworking fluids market the growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Obtain a detailed copy of the report synopsis on Polypropylene Market
Polypropylene Market: Key Highlights of the Report for 2023-2027
