The global polypropylene market size is projected to reach USD 108.57 billion by 2028, exhibiting a CAGR of 5.2% during the forecast period. As per the report by Fortune Business Insights™, titled “Polypropylene Market, 2021-2028”, the market size was USD 75.12 billion in 2020 and is estimated to hit USD 76.00 billion in 2021.
Advancements in Plastic Recycling Technologies to Create New Growth Opportunities
Plastic pollution has become a scourge of development for the planet. Now, chemical industry companies, with support from governments and international bodies, are taking concerted steps to tackle this problem head-on using advanced recycling technologies. For example, in April 2021, INEOS bagged the ISCC Plus award from the International Sustainability Carbon Certification organization for its successful commercial-scale trials of next-generation recycling technology to produce polypropylene (PP), high-density polyethylene (HDPE), propylene, and ethylene. In the same month, the US Polypropylene Recycling Coalition, a cross-industry collaboration, sanctioned USD 1 million to three facilities to augment the recovery of PP in the US. Thus, growing recognition and improving funding for the plastic circular economy will play a vital role in the development of this market.
Segmentation
Based on type, the market is bifurcated into homopolymer and copolymer.
On the basis of end-user, this market has been segmented into packaging, automotive, infrastructure construction, consumer goods/lifestyle, healthcare pharmaceuticals, electrical electronics, agriculture, and others. Here, the consumer goods/lifestyle segment accounted for a 7.1% share in the global market in 2020.
By region, the market has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
Highlights of the Report
The report supplies an in-depth examination of the various factors shaping the growth trajectory of the market, along with a detailed analysis of the hindrances facing the market. Additionally, the report contains a comprehensive study of the regional and competitive dynamics influencing the market, as well as a careful assessment of the individual market segments.
Competitive Landscape
Launch of Breakthrough Products by Key Players to Electrify the Market
As the demand for novel polymer formulations continues to rise, key players in this market are investing strategically in research development activities to build breakthrough polypropylene-based products. These offerings are being designed for diverse applications across industries, which, in turn, will deepen the companies’ foothold in the market.
Information source:
https://www.fortunebusinessinsights.com/industry-reports/polypropylene-pp-market-101583
