Polypropylene Polymer Market Overview
Polypropylene is one of the most used polymers in the Plastics Industry. The growing consumption of Propylene globally is because of superior quality which makes it widely used in packaging, automotive, construction, consumer products, and electrical & electronics. The production of Polypropylene globally was 54.3MMT in 2016.
China was the leading country importing Polypropylene in 2016. It imported Propylene polymer worth of US$ 5.9bn followed by Germany worth of US$ 2.5 bn. The other major countries importing Polypropylene resins were Turkey (US$ 2.4 bn), Italy (US$ 1.9 bn), France (US$ 1.4 bn), Mexico (US$ 1.4 bn), Belgium (US$ 1.3 bn), Indonesia (US$ 1.1 bn), Vietnam (US$ 1.1 bn) and the United States (US$ 1.1 bn). China remains the biggest importer of Polypropylene resin and it imported twice as much in terms of value as what Germany imported.
Market Drivers and Segmentation
The application of Polypropylene is in various end-use industries with the packaging industry occupying the largest share of polypropylene polymer market. The unique properties of stiffness and twist retention make it widely accepted in the packaging industry. The demand for polypropylene resin is because of growing use in packaging industry and application in lightweight of vehicles. The consumer end-segment finds its growing use in packaging of soaps, detergents, and toiletries.
From regional outlook, the Asia Pacific region (APAC) is the leading consumer of Propylene region with China the largest market. The growth in demand from APAC is primarily because of growth in automotive and construction sectors in the countries like China, India, and Indonesia. The second biggest market is of Europe while the Middle East and African market are expected to show a faster-growing trend in the coming years. The North American market there was a decline in demand of Polypropylene Polymer but is picking up slowly. The demand growth in coming years will be seen as propylene fits as a material of choice for the manufactures to replace metal, glass etc.
Challenges and Opportunities
Global propylene market is a fragmented market with few companies occupies major shares. To meet the growing demand and in pursuit of occupying the major share of the market has made to witness a lot of merger and acquisition in the market. The dependence of PP polymer on crude oil is a major constraint for the market. This has led to exploring opportunities of bio-based Polypropylene polymer.