Polypropylene (PP) Market Trends, Business Opportunities, Challenges, Size, Share, Growth Insights to 2026
The global polypropylene market size is expected to reach USD 122.31 billion by 2026, exhibiting a CAGR of 5.5% during the forecast period.
The growing demand for packaging solutions from the food & beverage industry will foster healthy growth of the market during the forecast period. The increasing consumption of packaged food products such as munchies, biscuits, and chocolates will augur well for the market. Polypropylene has the properties for effective packaging solutions, which retains the quality of the product. This factor will further fuel demand for polypropylene in the industry. The rising adoption of PP in the automotive sector due to easy processability, effective sealing, and stiffness properties will increase its application in safety subsystems, doors, and seat assemblies. The manufacturing of toys, fashion apparel, and sports equipment owing to the PP’s easily moldable, durable, and flexibility will enable speedy expansion of the market. The increasing demand for agricultural tools such as drippers, microtubes, and nozzles will boost the market during the forecast period. The high rigidity property of PP will improve its prospects in industrial applications, mainly for the packaging of electrical spares and parts. The enhancement of transparency and the appearance of packaging material for clear visibility of products will further create new opportunities for the market. In addition, the growing demand for plastic-based products will positively influence the growth of the market in the forthcoming years.
Browse Summary of This Research Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/industry-reports/polypropylene-pp-market-101583
COVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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The Report List the Main Companies in the Polypropylene (PP) Market:
Reliance Industries Limited
China Petrochemical Corporation
China National Petroleum Corporation
Formosa Plastics Group
Booming Electronics Industry to Foster Growth in North America
The market in North America stood at USD 8.83 billion in 2018 and is predicted to dominate the market during the forecast period. The growth in the region is attributed to the medical and electrical & electronics manufacturing industries in the region. Asia Pacific is predicted to witness a high growth rate during the forecast period owing to the booming automotive industry in developing countries such as China, Japan, and India. The growing demand for packaged food items in the emerging nation will influence the healthy growth of the market during the forecast period. Europe is expected to rise profoundly during the forecast period owing to the increasing demand for packaging food items. The high manufacturing of automobiles will have a positive impact on the market.