The large-scale utilization of polypropylene in the packaging industry is one of the major factors fuelling its rising demand all over the globe. According to PlasticsEurope, in 2018, the total plastic production in the world was recorded to be 359 million tons. This is ascribed to the huge requirement of plastics in the building and construction and packaging industries. Furthermore, polypropylene registered the highest demand amongst the different types of plastics because of its high tensile strength and was thus used extensively in hinged caps, snack and sweet wrappers, microwave containers, automotive parts, bank notes, pipes, and food packaging.
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Besides the above-mentioned points, the flourishing non-woven polypropylene fiber industry is also contributing toward the soaring popularity of polypropylene across the world. As per an article posted in the International Fiber Journal, “in 2018, the total usage of non-woven roll goods in the entire world was observed to be 14.9 million tons. Out of this, the share of polypropylene staple fibers was 11%, which was almost 1.0 million tons”. The heavy usage of polypropylene staple fibers was credited to their huge demand from several applications such as needle punch durables, coating substrate, and vehicle components.
Therefore, due to the reasons mentioned in the above paragraphs, the revenue of the global polypropylene market is predicted to rise from $122.7 billion to $226.8 billion from 2019 to 2030. The market is predicted to record a CAGR of 5.7% from 2020 to 2030, as per the estimates of the market research firm, P&S Intelligence. Polypropylene is widely used in packaging, medical, electrical, automotive, consumer goods, and construction industries. Out of these, the packaging industry will generate the highest demand for polypropylene in the upcoming years, mainly because of its increasing utilization in food packaging.
In the future years, the Asia-Pacific (APAC) polypropylene market will exhibit the highest growth. This is primarily attributed to the huge investments being made in research and development (R&D) activities and the increasing measures being taken by the governments of various APAC nations for encouraging the production of sustainable polypropylene packaging. Additionally, the increasing demand for polypropylene from the construction, textile, and automotive industries will tremendously boost the usage of the material in the region in future.
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