PP Homopolymer Market Size, Share, Demand, Growth & Trends by 2032
The global PP homopolymer market is projected to reach a value of US$ 98,431.4 Mn by 2032, with the market growing at an average CAGR of 4.8% over the forecast period of 2022 to 2032. Growing from an estimated US$ 61,591.5 Mn in 2022, the PP homopolymer market is driven by the heightened demand for the product from the packaging, textile, and electronic industries. The extensive usage of PP homopolymer in the packaging industry along with the ever-expanding e-commerce will augment the sales of the product in the international product.
In recent years, there’s been a notable rise in the
adoption of PP homopolymer in construction, automotive, and electrical
industries due to its high strength, enhanced chemical resistance and
weldability. The growing need for high end packaging in retail sector is also
contributing to the the consumption of high quality polymers which in turn
propels the growth of PP homopolymer market.
Spearheading the market growth for PP homopolymer is
flexible packaging for clothes, food, and other goods along with hard packaging
for small to medium-sized storage used in FMCG products. Also, more and more
consumers are buying goods from online businesses, boosting the market growth
of e-commerce which in turn substantially improves the market prospects for PP
homopolymer. In addition to all this, the target market also avails several
profitable opportunities from the automotive sector.
Polypropylene homopolymer or PP homopolymer aids in
weight reduction, cost reduction, and innovation with respect to design of
interior and exterior products in automobiles. Polypropylene homopolymer is
also corrosion and scratch resistant increasing the range of applications in
the automobile sector. All these factors bode well for the future possibilities
of the PP homopolymer market during this projected period.
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“Rising adoption of PP homopolymer in
the packaging and automobile industry is expected to bolster the market growth
of the same over the forecast period,” says an FMI analyst.
Key Takeaways:
- The
growing retail and e-commerce industry will likely fortify market
prospects.
- The
PP homopolymer market in China is driven by immense demand from the
packaging sector.
- The
United States is predicted to acquire 13.7% of the global market shares.
- In
terms of processing technology, injection molding is set to hold about
39.6% share of the market sales.
- Packaging
industry to account for 42.3% of the global market share.
Competitive Landscape
LyondellBasell Industries N.V, Reliance Industries
Limited., Braskem S.A, INEOS Group Ltd., ExxonMobil Corporation, Borealis AG,
Total Petrochemicals USA Inc., Sasol Limited, IRPC Public Company Limited,
National Petrochemical Industrial Company, Polyolefin Company, L.C.Y. Chemical
Corporation and others are some of the major players in the PP homopolymer
market that are profiled in the full version of the report.
Major market players are concentrating adopting
alternative distribution channels and on innovation within the value chain.
These businesses are focused on sustainability and extending their
manufacturing facilities to enhance their international market presence.
More Insights into
PP Homopolymer Market Report
In its latest report, FMI offers an unbiased analysis
of the global PP homopolymer market, providing historical data from 2017 to
2021 and forecast statistics for 2022 to 2032. To understand the global market
potential, growth, and range, the market is segmented on the basis of
processing technology (injection molding, film, other extrusion, fiber, others
(blow molding, sheet)), end use (packaging (flexible packaging, rigid
packaging), electrical and electronics, textile, automotive, building and
construction, others), and region.
According to the latest FMI reports, based on region,
the PP homopolymer market in China is predicted to undergo significant growth
over the forecast period. The country is expected to be one of the prime
consumers of the product. The escalating demand from the packaging and the
automobile industry is driving the market growth in this region. Along with
China, the U.S. PP homopolymer market is anticipated to exhibit impressive
growth. The country is expected to account for about 13.7% of the global market
share during the forecast period, driven by the expanding food industry.
Based on segmentation, by processing technology, the
injection molding segment and the packaging industry, in terms of end use, are
expected to lead the market growth during the forecast period.
PP Homopolymer Market by Category
By Processing Technology:
- Injection
Moulding
- Film
- Other
Extrusion
- Fiber
- Others
- Blow
Moulding
- sheet
By End Use:
- Packaging
- Flexible
Packaging
- Rigid
Packaging
- Electrical
& Electronics
- Textile
- Automotive
- Building
& Construction
- Others
By Region:
- North
America
- Latin
America
- Europe
- East
Asia
- South
Asia & Pacific
- Middle
East & Africa
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