Polypropylene-Plastic Material And Resins Global Market Report 2023
Major players in the polypropylene market are Lyondellbasell, Sinopec, Sabic, Exxon Mobil, Braskem, PetroChina, Reliance Industries, Formosa Plastics, Borealis, and Asahi Kasei Plastics. The global polypropylene-plastic material and resins market will grow from $126.75 billion in 2022 to $138.18 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%.
New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polypropylene-Plastic Material And Resins Global Market Report 2023" - https://www.reportlinker.com/p06281545/?utm_source=GNW
Major players in the polypropylene market are Lyondellbasell, Sinopec, Sabic, Exxon Mobil, Braskem, PetroChina, Reliance Industries, Formosa Plastics, Borealis, and Asahi Kasei Plastics.
The global polypropylene-plastic material and resins market will grow from $126.75 billion in 2022 to $138.18 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The polypropylene-plastic material and resins market is expected to grow from $192.13 billion in 2027 at a CAGR of 8.6%.
The polypropylene market consists of the sales of block copolymers, and random copolymers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Polypropylene is a thermoplastic polymer produced by chain-growth polymerization of the monomer propylene and is used in automotive fittings and industrial fibers. It is resilient, resistant to fatigue, and highly resistant to most acids and alkalis.
Asia Pacific was the largest region in the polypropylene market in 2022.North America was the second-largest region in the polypropylene market.
The regions covered in the polypropylene market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types of polypropylene are homopolymer and copolymer.A homopolymer is a polymer-like polyethylene that contains identical monomer units.
The applications are fiber, film and sheet, raffia, and other applications. The end-use industries are packaging, automotive, consumer products, electrical and electronics, and other end-user industries.
Rising demand for thermoplastic materials has contributed to the growth of the polypropylene market.Due to their unique chemical properties, thermoplastic materials can be recycled and remolded without affecting their physical properties.
As a result, thermoplastic materials are far more useful in a wide range of applications, including clothing, packaging, food, and beverages.Additionally, they are also used in heavy-duty applications such as the aerospace, military, and medical industries.
According to American Freedonia Group data, the global Thermoplastic Elastomer (TPE) market surpassed $ 24 billion and market demand reached 6.7 million tons in 2019, which will grow at a rate of 5.2% every year in the future. The rising demand for thermoplastic materials increased the demand for the polypropylene market, thereby driving the market.
Variations in the prices of raw materials such as crude oil have always been a major challenge in the polypropylene market.Fluctuating crude oil prices increase the operating expenses, affecting the bottom lines of manufacturing companies in this market.
For instance, according to the forecast in the most recent Short-Term Energy Outlook from the US Energy Information Administration (EIA) in 2021, Brent crude oil prices averaged $62.26 per barrel and $60.74 per barrel in 2022. Crude oil is the main source of petrochemicals as plastics are produced primarily from petroleum products. Therefore, crude oil prices are one of the key factors affecting plastic costs, making them very volatile. Volatile prices thereby have a negative impact on the polypropylene market, affecting the market’s growth.
Eco-friendly polypropylene compounds are increasingly being used due to strict government rules and regulations over recycling and environmental protection.The polypropylene compounds possess unique qualities, making them more favorable as an alternative in the automotive industry.
For example, Grand Siam Composites, a joint venture between SCG Chemicals, Mitsui Chemicals Inc., and Prime Polymer, has developed new technologies and inventions to produce high-quality products that are environmentally friendly. With those advancements, GSC’s polypropylene compounds are producing high-quality automobile parts such as consoles, instrument panels, bumpers, door panels, and various accessories.
In June 2021, LyondellBasell, a Dutch chemical company, acquired PolyPacific Polymers Sdn.Bhd for an undisclosed amount.
This acquisition of PolyPacific Polymers Sdn.Bhd, the manufacturing site will undergo a complete transition involving a change in brand name and its employees will become LyondellBasell’s employees.
PolyPacific Polymers Sdn. Bhd. is an Australian-based company that manufactures, and markets reinforced and modified grades of polypropylene compounds.
The countries covered in the polypropylene market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The polypropylene market research report is one of a series of new reports that provides polypropylene market statistics, including polypropylene industry global market size, regional shares, competitors with a polypropylene market share, detailed polypropylene market segments, market trends and opportunities, and any further data you may need to thrive in the polypropylene industry. This polypropylene market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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