Polypropylene Market Overview:
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.
The Polypropylene Market is segmented by–
- ByType (Homopolymer and Copolymer),
- ByApplication Type (Injection Molding, Fiber & Raffia, Film & Sheet, and Blow Molding)
- ByEnd-Use Industry Type (Packaging, Automotive, Building & Construction, Electrical & Electronics, Medical, and Others)
- ByRegion (North America, Europe, Asia-Pacific, and Rest of the World)
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Driver
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.
Regional Analysis
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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