Polypropylene Market to Grow at a Robust Pace During 2022-2028

November 4th,2022/Industry News Global/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Polypropylene Market.

Polypropylene Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The Polypropylene Market was estimated at USD 121.86 Billion in 2021 and is likely to grow at a CAGR of 3.37 % from 2022-2028 to reach USD 153.99 Billion in 2028.

What is polypropylene?

Polypropylene is a thermoplastic polymer that is produced by combining propylene monomers with catalysts. As thermoplastic polymers are recyclable, their applications are growing in a wide array of industries such as packaging, automotive, building & construction, electrical & electronics, medical, and others. They are of basically two types i.e. homopolymer and copolymer.

Drivers

The prime factors that are driving the polypropylene market are expanding application range, technological advancements, and a surge in demand from the Asia-Pacific region.

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Key Players

• LyondellBasell Industries Holdings B.V.
• Exxon Mobil Corporation
• SABIC
• DuPont
• INEOS
• Formosa Plastics Corporation
• China Petrochemical Corporation
• LG Chem
• Eastman Chemical Company
• BASF SE
• Reliance Industries Limited
• Westlake Chemical Corporation
• Braskem, Haldia Petrochemicals Limited
• Lotte Chemical UK LTD
• Trinseo, HPCL- Mittal Energy Limited
• Brahmaputra Cracker
• Polymer Limited
• SACO AEI Polymers

By Region

Asia Pacific holds more than 45% of the share in 2021 for polypropylene during the forecast period. China, Japan, South Korea, Taiwan, and India are the largest consumers of polypropylene in the region. Significant economic development in the region is paving the path for electrical & electronic, packaging, building & construction, and automotive industries.

Further, a huge consumer base and significant economic development in the region are likely to boost the demand for polypropylene in the region. North America and Europe are also expected to witness a healthy demand for polypropylene material owing to the revival of the construction industry from the global economic slowdown.

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