The global polypropylene market is prognosticated to witness positive growth in the coming years, as reported by Transparency Market Research (TMR). The market’s business landscape features fragmentation at present. The global polypropylene market consists of a large pool of players. Vendors in this market are seen focusing on development of novel marketing strategies and ideas in order to carve a niche position for themselves. Prominent focus is being put towards the launch of new products, create a brand reputation, and gain a strong foothold in the global polypropylene market.
Leading vendors operating in the global polypropylene market include Reliance Industries Limited, LyondellBasell Industries N.V, BASF SE, NEOS Group Holdings, and Borealis AG. Vendors are expected to capitalize on the substantial opportunities offered by burgeoning industry sectors such as consumer goods, automotive and electronics. Market players are seen offering customization in their products, which could open new avenues for their growth.
According to TMR’s projections, the global polypropylene market will rise at a 5.70% CAGR over the forecast period 2015 to 2023. The market was estimated to be worth US$81.6 bn in 2014, and is prognosticated to reach US$ 133.3 bn by 2023.
Burgeoning Packaging Industry to Boost Growth
It is considered that the polypropylene market draws more revenue shares from packaging because it has been used in various other industries, such as food packaging and beverage packaging. It has various advantages, such as a low screening threshold, high impact resistance, good optical property and flexibility. In addition, paper, metals and cellophane have been replaced in the packaging sector and are offering competitive prices on the market.
Need for Sustainable Products May Hamper Market
The risky environmental effects of plastics increase over time and create market concern. In addition, the prices of raw materials are very volatile and may also be an obstacle to global polypropylene market growth in the following years. However, for its packaging purposes, the food and beverage industry has a considerable demand for polypropylene, which is more likely to boost growth and demand in the global polypropylene market.
Food and Beverage, Injection Molding Sector to Offer Key Market Opportunity
For food packaging, polypropylene is safe, since its reactions to the food do not occur. Compared to other materials it is a cost-effective packaging medium used for packaging in various industry areas, such as healthcare, food, and cosmetics etc. The largest use of polypropylene as regards volume is the injection molding. In the injection molding machine polypropylene is melted, then injected into the mold, cooling and solidifying into the final part. Because of the polypropylene properties. This will provide suppliers in the global polypropylene market with more opportunities in the coming years.