Global polypropylene market is predicted to attain a market valuation of US $120.11 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Polypropylene (PP), also known as addition polymer, is a thermoplastic that is produced by mixing propylene monomers. The material was initially polymerized in 1951 by scientists working at Philips Petroleum. Polypropylene achieved wide-scale commercialization shortly after it was polymerized, gaining immense popularity across Europe.
Today, Polypropylene is counted among some of the world’s most widely utilized plastics, offering an array of benefits, including large scale, convenient manufacturing. It can be manufactured through several processes like thermoforming, CNC, injection molding, and crimping among others.
Notably, PP can be crafted into living hinges, making it substantially thin and light without breaking or bending. Thus, allowing it to fulfil a plethora of applications across different industries such as consumer products, automotive, industrial, and manufacturing among others.
Polypropylene can be copolymerized with other polymers like polyethylene. The process of copolymerization makes substantial alterations to its properties. Moreover, the material also boasts of some remarkable properties, including high fatigue resistance, elasticity, chemical resistance, strength, insulation, and transmissivity. This allows the material to be utilized in large engineering applications such as dishwashers, trays, containers, cups, safe plates, and toys just to name a few.
PP is widely used across industrial and household applications, due to its unique capabilities as well as properties. The material can also be utilized as a fiber or plastic.
As the material can be developed through different methods, it gives manufacturers the freedom to determine the most profitable procedure. Over the last few years, the polypropylene market has been witnessing sustainable growth and is projected to further dominate the plastic industry demands.
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Based on regional assessment, the APAC region holds a sizable portion of the global market and is projected to retain its dominance over the forecast timeline, primarily because of the fast-increasing demand for lightweight hybrid electric vehicles.
Currently, only two kinds of polypropylene are available across the marketplace, namely copolymers and homopolymer. As per the report, Homopolymer is the most widely and commands a dominant position in the market landscape. Copolymers are utilized extensively for applications in which products need to be much clearer and more malleable.
The list of companies that are currently active in the global polypropylene market includes prominent names such as BASF AG, SABIC, LyondellBasell, Braskem, Japan Polypropylene Corporation, China Petroleum & Chemical Corporation (Sinopec), Total Refining and Chemicals Business, Borealis AG, ExxonMobil Chemical, INEOS Olefins & Polymers Europe, PetroChina Co. Ltd., and Reliance Industries Limited among others.
The latest report entails an exhaustive analysis of the global polypropylene market drivers, restraints, and opportunities, in addition to the current market scenario & future trends. A brief overview of the prevailing industry trends, Porter's five forces, PEST analysis, value chain, competitive ranking analysis, and ecosystem analysis has also been included in the report.