The global polypropylene random copolymers market is estimated to garner a revenue of around USD 12 billion by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 8 billion in the year 2021. The growth of the global polypropylene random copolymers market is determined on the basis of its increasing use in the packaging industry. Over 25% of the worldwide production of polypropylene random copolymer is consumed by the packaging industry alone. This is expected to expand the global polypropylene random copolymers market size.
Get more information on this report: Request Sample PDF
Polypropylene random copolymers are polymers of propylene and ethylene which are widely used in household as well as industrial applications. This increasing use is anticipated to drive the global polypropylene random copolymer market growth. Around 65 million metric tons of polypropylene was manufactured in the year 2020 and it stands second to polyethylene as one of the highest produced plastic materials.
Growing Demand for Plastic Products – Polypropylene random copolymer is extensively used in the manufacture of robust, transparent, and aesthetic plastic products such as storage containers and sports bottles. They are lightweight, optically clear, flexible, odor and heat resistant, making them preferable to glass and other plastics. As per the industry report, over 350 million metric ton of plastic was produced in 2019 worldwide and the production is predicted to incline in the forthcoming years.
Growth in Healthcare Industry – Polypropylene random copolymers are used in the manufacture of syringes and medical containers. According to statistics, the global healthcare industry has been steadily growing at a rate of ~5% and earned almost USD 2 trillion in 2018.
Increasing Use in Construction Industry – Polypropylene random copolymers are frequently used in the manufacture of pipes for hot and cold water circulation. This is estimated to propel the market growth, as on average around 13,000 buildings are constructed every year.
Increasing Use for Making Plastic Parts in Automotive Industry – Over 78 million motor vehicles were manufactured worldwide in the year 2021, an increase of about ~2% from the year before.
Surge in Global Population – It is predicted that the global population will reach almost 10 billion in the next 3 decades. This factor is expected to drive the polypropylene random copolymers market growth to cater to a growing customer base.
The global polypropylene random copolymers market is segmented and analyzed for demand and supply by end use into packaging, healthcare, construction, and others. Of them, the packaging sector is expected to grow the fastest on the back of a flourishing eCommerce business and the expansion of packaging industry to cater to the growing customer needs. Over 2 billion people shopped online in the year 2021, and the number is expected to rise owing to the ease and popularity of online shopping.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global polypropylene random copolymers market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. This market growth is forecasted owing to an expanding customer base, gradual lifestyle changes, and increasing disposable income. Further, advancements in the food and beverages industries of some of the countries in this region are expected to drive the polypropylene random copolymers market in Asia Pacific. As per data collected by the International Trade Administration (ITA), the food and beverage business in China garnered approximately USD 595 billion in 2019 growing by about ~8% from 2018.
Get more information on this report: Request Sample PDF
The global polypropylene random copolymers market is further classified on the basis of region as follows:
Our in-depth analysis of the global polypropylene random copolymers market includes the following segments:
By End Use
FREQUENTLY ASKED QUESTIONS
The growing use of polypropylene random copolymers in the manufacture of plastic used in consumer goods and packaging material are a few major factors driving the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
The limited use of polypropylene random copolymers in high temperatures and the fluctuating prices of crude oil are some of the challenges affecting market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are LyondellBasell Industries, China Petroleum, Entec Polymers, Chemical Corporation (Sinopec), Total S.A., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end use, and by region.
The packaging sector is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization