Global polypropylene (PP) resin will increase crazily over the next five years. According to the WK-chem Research, "Global Polypropylene (PP) Resin Professional Survey Report 2022, Forecast to 2027", PP resin is an important plastic material used in various industries such as automotive, electrical and electronics, packaging, consumer goods, etc. The growth of these industries is expected to propel the demand for PP resin during the forecast period. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 4.71% base on WK-chem Research regression analysis model.
Analysts' Viewpoint
"More and more players trying to enter the highly profitable market of PP resins. The research being done on production of high melt strength PP resins by academia and key players alike is positive push for the market. This opens up more avenues for more applications of PP resin polymers in foams, construction and automotive. This will grow the PP resin market as its applications increase", said Nicholas Patel, Senior analyst, in WK-chem Research.
Market insight
The major growth driver for the Polypropylene Resin market is its, high operational temperature, high fatigue life, excellent resistance to stress and high resistance to cracking. Its high resistance to most alkalis, acids, organic solvents, degreasing agents and electrolytic attack is also a great advantage that has fueled its use in packaging, housewares, piping, containers and automotive parts. Polypropylene is also economical to manufacture and has very good price to performance ratios which have added to its advantages. One of the challenges faced by the polypropylene resins market is the use of polypropylene resins in the foam application due to the low melt strength that is inherent in the PP resin. The foaming of PP leads to poor cell morphology, cell rupture and has limited density reduction. These disadvantages have limited the use of PP resins in the thermoplastic foaming market. There is research being done to improve the melt strength of PP resins.
Competition Landscape
: The partnering of the largest PP resin plastic producer Lyondellbasell with Karlsruhe Institute of Technology to assist in the recycling of Plastics to help global efforts towards cyclical economy and plastic waste recycling needs is major step forward for the PP resin market. With the high level of plastic pollution globally and its awareness among people, this step taken by them is sure to shift the PP resin industry towards a more eco-friendly approach by recycling PP resin plastic wastes and re-using the products. This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading polypropylene (PP) resin companies that include: Lyondellbasell, Sinopec, Sabic, PetroChina, Reliance Industries, Formosa Plastics, Borealis, Braskem Group, ExxonMobil, Total PC and many more.
Market Segmentation
: According to the type, the market for polypropylene (PP) resin is divided into: Homopolymer, High crystalline, Block Copolymer, Random Copolymer. Homopolymer has the largest market share. Homopolymer is a linear polymer that is made up of only one kind of monomer. In other words, it is a single repeat unit. Homopolymers are characterized by their high degree of crystallinity and have good chemical resistance. They are used in a wide range of applications such as packaging, transportation, and consumer goods. According to the application, the market for polypropylene (PP) resin is divided into: Rigid packaging, Flexible packaging, Transportation, Electrical and Electronics, Consumer goods, Material handling. Rigid packaging is the largest application segment of the global polypropylene resin market and is projected to grow during the forecast period. Rigid packaging includes containers, trays, cups, lids & closures, and others. Polypropylene resins are widely used in rigid packaging applications due to their superior properties such as high stiffness, shatter resistance, and transparency. Polypropylene (PP) Resin
Regional Market Analysis
In terms of geography, the global polypropylene (PP) resin market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. The United States is the largest market for polypropylene resins in North America. The growth of the region is driven by the increasing demand from the packaging and transportation industries. The Asia Pacific polypropylene resin market is forecast to grow during the forecast period. The region has seen significant economic growth in recent years, driven by strong performance in China and India. This has resulted in increased demand for packaging and transportation applications, as well as consumer goods. The European market is forecast to grow during the forecast period. The region has a strong demand for packaging applications, as well as electrical and electronics and transportation.
Cagr: 4.71%
Region with the largest share: North America
Largest country in largest share region: the United States
Product Type: Homopolymer, High crystalline, Block Copolymer, Random Copolymer.
Application: Rigid packaging, Flexible packaging, Transportation, Electrical and Electronics, Consumer goods, Material handling.
Leading Company: Lyondellbasell, Sinopec, Sabic, PetroChina, Reliance Industries
