Major polypropylene producers are leveraging the demand for sustainable plastic solutions with novel material innovations to aid in a faster recovery after the coronavirus outbreak is brought under control.
DUBLIN / ACCESSWIRE / June 18, 2020 / Future Market Insights: The polypropylene market is projected to grow at a sluggish 3.3% CAGR, through the forecast period (2020-2030). The global pandemic has resulted in extensive restrictions on manufacturing industries around the world, including those in the electronics, automotive, construction, consumer goods, and industrial equipment sectors. This has affected the demand for plastic materials in addition to reducing production and processing activities, harming the polypropylene market in months to come. However, strong demand for polypropylene in end use verticals will aid in gradual recovery post the pandemic reveals FMI.
“Regulatory bodies such as FDA, and ASTM have released guidelines associated with the production and use of polypropylene. These regulations also cover applications in the food packaging sector with regards to the raw material and additives used in the production processes. These trends will remain key market influencers through and after the coronavirus pandemic,” says the FMI analyst.
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Polypropylene Market – Key Takeaways
- Applications in packaging industry are anticipated to contribute substantially to market revenue, owing to twist retention and stiffness.
- Polypropylene is gaining traction in electrical and electronics owing to superior shock resistance.
- Injection molding applications are dominating the industry with widespread use in multiple verticals.
- Asia Pacific will hold the lead ahead of North America and Europe owing to the presence of a massive manufacturing sector in the region, and supportive government initiatives.
Polypropylene Market – Key Driving Factors
- Strong demand from myriad end use industries including automotive, construction, and textiles will impact the market positively.
- Characteristics such as easy availability, chemical inertness, and physical resistance boost adoption rates.
- Sustainability initiatives are driving material developments and the adoption of bio-based polypropylene.
- High demand for low-weight, fuel efficient vehicles increase adoption of polypropylene in the automotive sector.
Polypropylene Market – Key Constraints
- Volatility in the prices of oil and natural gas resources is a key restraint for polypropylene manufacturers.
- Strict regulations against plastic production and use, and environment concerns negatively impact the global market.
The Anticipated Impact of COVID-19
As the pandemic has continued to tighten its grip on the world, the oil industry has gone into a freefall. Consequently, polypropylene, which is mostly derived from petrochemicals faces troubling times in the months ahead. A number of manufacturers have temporarily suspended production over concerns of worker safety.
With such an unprecedented crisis, polypropylene producers are pushing for resource conservation. In addition, the high rate of polypropylene production in the pre-pandemic era has created a supply glut. However, the coronavirus has created a massive gap between supply and demand. Government bailouts can partially mitigate the effects of the outbreak. However, controlling the pandemic is essential for recovery to take place.
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The polypropylene market is largely fragmented. Leading players in the polypropylene market include but are not limited to Chevron Philips Chemical Company, Braskem, Qatar Petrochemical Co., Japan Polypropylene Corporation, Washington Penn Plastic Co., BASF, PetroChina Co. Ltd., Sinopec, Fulton Pacific, Lyondell Basell Industries, INEOS, Reliance Industries Ltd., Bayer Material Science, Borealis AG, Total S.A., Exxon Mobil, DuPont, and SABIC.
These players are pushing for optimizing pricing strategies, and the incorporation of new technologies. Investing in bio-based polypropylene and mergers and acquisitions are other key strategies in the market. For instance, Exxon Mobil has come up with a new variant of biaxially oriented polyproylene material for film applications. Similarly, BASF has collaborated with HP to develop a new polypropylene for 3D printing applications.
More About the Report
The FMI’s market research report offers detailed insights on polypropylene market. The market is scrutinized on the basis of product type (HP, RCP, ICP, and TPO), and application (BOPP film, raffia, fibers and filaments, spun bond non-woven, melt-blown non-woven, injection molding, blow molding, cast & water quenched film, pipe & sheet, and transparent TPO) across sixteen key regions (APEC, China, Europe, INS, Pakistan, Turkey, Vietnam, W-Africa, E-Africa, E-Africa, N-Africa, Bangladesh, CIS-R, N-AM, C-AM, EC-SAM, and CS-SAM).
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