Polypropylene Market to reach US$133.3 billion by 2023

As per the market research company, the global market for  polypropylene market that was valued at US$81.6 billion in 2014 and is anticipated to reach US$ 133.3 billion by 2023. The growth of polypropylene is expected to attain CAGR of 5.7% for the tenure between 2015 and 2023 and valued at US$ 133.3 billion in a decade. The analysis report was submitted by GLOBE NEWSWIRE (Market Research Company based at US). The factors that provides tailwind to the demand for polypropylene are the packaging industry catering to the food and beverages along with the rising demand for lightweight vehicles, is predicted to fuel the market for polypropylene in the coming years. On the contrary the awareness growth about the hazardous effects of plastics on the environment and the unpredictable prices of raw materials can provide some headwinds to the growth of polypropylene market, in the coming years. To overcome this hurdle, the leading manufacturers of polypropylene have started focusing on bio based polypropylene; this technology though is still in its sunrise period and is raw but will certainly mature and bring in new opportunities by the end of 2023.

Where Lies The Market.

The market for polypropylene is classified into various end users catering to industries like automotive, packaging, electrical and electronics, consumer products, construction, not forgetting the demand arising from medical, agriculture, furniture, etc. Amongst these, last year in 2014, market for dominated by packaging dominated that contributed to over 45% and is moving at brisk pace in end-use segment for the polypropylene market. This major contribution of packaging is based on the fact that polypropylene has significant uses in both rigid and flexible packaging because of its resistance to high temperatures and strong chemicals and is also economical.

Middle East and Africa is expected to be the fasted growing market for the forecasted period in terms of demand. Growth in automotive and construction sectors in emerging countries like India, China, and Indonesia is expected to drive the growth in the APAC region. On the other hand, North America was the region where the demand had a decline in the previous years but is recovering slowly.