The expansion of the packaging industry is fueling the demand for polypropylene across the world. This is because polypropylene is extensively used in the packaging industry. As per PlasticsEurope, the global plastics production in 2018 stood at 359 million tons. This was primarily because of the huge demand for plastics in the packaging and building & construction industries. Further, out of the various types of plastics, the sales of polypropylene were the highest across the world.
This was primarily due its high requirement in food packaging, pipes, banknotes, automotive parts, hinged caps, sweet & snack wrappers, and microwave containers. Additionally, many brand owners and retailers are increasingly focusing on using sustainable and eco-friendly packaging materials made from polypropylene resin because of the surging customer requirements for environment-friendly packaging materials. Thus, the ballooning requirement for sustainable packaging is propelling the demand for polypropylene all over the world
Hence, with the mushrooming consumption of nonwoven fiber, the demand for polypropylene is shooting up across the world, thereby, fueling the growth of the global polypropylene market. As a result, the market value is predicted to grow from $122.7 billion in 2019 to $226.8 billion by 2030. Furthermore, the market will progress at a CAGR of 5.7% from 2020 to 2030. Depending on application, the market is categorized into blow molding, fiber, raffia, film & sheet, and injection molding.
Out of these, the injection molding category will dominate the polypropylene market in the coming years. This will be because polypropylene can be easily molded into various sizes and shapes with the help of injection molding devices for creating automotive & marine parts, recreational vehicle (RV) products, and household goods, on account of the fact that it is one of the lowest density plastics. Its density lies between 0.895 and 0.92 g/cm.
Across the globe, the Asia-Pacific (APAC) region will hold the largest share in the polypropylene market in the forthcoming years, as per the forecast of P&S Intelligence, a market research company based in India. This will be because of the surging investments being made in research and development (R&D) projects and the increasing implementation of policies by the governments of the regional countries for promoting the production of sustainable polypropylene packaging.
Hence, it is safe to say that the demand for polypropylene will skyrocket in the upcoming years, mainly because of the rising usage of the material in packaging applications, expansion of the packaging industry, and the growing consumption of nonwoven polypropylene fiber around the world.
Source: www.psmarketresearch.com
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