The Polypropylene (PP) Resin Market size is forecasted to grow at a CAGR of 4.1% during the forecast period (2022-2027) and reach US$80.2 billion by 2027. Polypropylene resins are synthetic resins made of thermoplastic polymers composed of a range of propylene monomers. It belongs to the class of polyolefin resins and it is used in a wide range of industries which include automotive, building & construction, packaging, medical, textile and other industries. In 2020, the outbreak of COVID-19 sharply declined the production of raw materials due to a lack of operations across multiple countries around the world, thus, affecting the polypropylene (PP) resin industry. However, a steady recovery in new development and construction contracts has been witnessed across many countries around the world since 2021. Polypropylene resins are primarily used in the building and construction industry for various applications including films and sheets used for insulation of building wraps, industrial adhesives and tapes, plastic parts included in piping systems and more. For instance, according to recent insights from the World Cement, the global construction industry output increased by 5.7% in 2021. An increase in building & construction activities along with the surging demand from the automotive industry is expected to drive the growth of the polypropylene (PP) resin market size in the upcoming years. On the other hand, fluctuating prices of raw materials may confine the market growth.
Polypropylene (PP) Resin Market Report Coverage :
The “Polypropylene (PP) Resin Market Report–Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Polypropylene (PP) Resin Market.
By Type : Homopolymers, Copolymers (Block Copolymers and Random Copolymers).
By Processing Method : Injection Molding, Extrusion, Blow-Molding, Thermoforming, Others.
By Application : Flexible Packaging, Rigid Packaging, Containers, Bags, Concrete Reinforcement, Fibers, Tapes, Disposable Syringes, Automotive Components, Sheets & Film, Others.
By End-Use Industry : Automotive (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), Marine, Building & Construction (Residential Construction, Commercial Construction, Industrial Construction), Packaging, Medical, Textile, Consumer Goods, Electrical & Electronics, Others.
By Geography : North America (USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East and Africa).
Key Takeaways :
The injection molding segment held a significant share in the polypropylene (PP) resin market in 2021. Its wide range of characteristics and higher efficiency made it stand out in comparison to other types of processing methods in the market.
Packaging industry held the largest share in the polypropylene (PP) resin market in 2021, owing to the increasing demand for polypropylene resins composed of thermoplastic polymers and propylene monomers for use in plastic films, sheets, bags, containers and more used for packaging. Its wide range of characteristics, high impact resistance, high durability, better crack resistance, moisture resistance and flexibility makes it ideal for use in the packaging industry.
Asia-Pacific dominated the polypropylene (PP) resin market in 2021, owing to the increasing demand for polypropylene resin from the packaging sector in the region. According to a recent study published on Interpack, Asia accounted for the highest world share of packaging sales in 2020, an increase of 7.4% in comparison to 2019, thus, indicating an increase in consumption of packaging in the region.
A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Polypropylene (PP) Resin Market Report.