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.
Request report sample with 250+ pages to gain in-depth market insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-449
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.
Explore the global polypropylene market report with 97 illustrative figures, 33 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-449
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).
Explore Extensive Coverage of FMI’s Chemicals & Materials Landscape
Fatty Amines Market: Find insights on the global fatty amines market with segment analysis, statistics, influencing factors, and business strategies adopted by market players for a 5-year forecast period.
Polymer Coated Fabrics Market: FMI’s report on the global polymer coated fabrics market offers details on the market set for prolific growth during 2017-2022. The study covers impacting forces, sources of revenue, market leaders, and market strategies.
Technical Coil Coatings Market: Get an in-depth analysis on the technical coil coatings market with insights on growth levers, opportunities, regulatory policies, restraints, forecast of regional markets and key forte of market leaders.
Expert analysis, actionable insights, and strategic recommendations of the veteran research team at FMI helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the chemicals & materials sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
Mr. Abhishek Budholiya
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: email@example.com
For Media Enquiries: firstname.lastname@example.org
Press Release Source: https://www.futuremarketinsights.com/press-release/polypropylene-market
SOURCE: Future Market Insights
View source version on accesswire.com: