PP Homopolymer Market Size Forecast To Reach $78.2 Billion by 2027
Research Reports
Mar 31, 2022
The pp homopolymer market size is forecast to reach US$78.2 billion by 2027 after growing at a CAGR of 5.4% during 2022-2027. PP homopolymer finds its usage in a wide range of industries owing to its robust properties such as high strength to weight ratio and good impact resistance. This type of polypropylene is used extensively in the manufacturing of various automobile parts battery cases and trays, fender liner, bumpers, etc. The automotive industry is booming globally with increasing production and sales globally and this will contribute to the growth of the market. For instance, according to the data by India Brand Equity Foundation, India ranked as the fifth-largest automobile sector in 2020 with sales of 3.49 million units, combined in the passenger and commercial vehicles segment. Furthermore, owing to its robust property, pp homopolymers are massively used in the packaging industry primarily for the packaging of food items, cosmetics, and beverages through flexible packaging and rigid packaging. The packaging industry is expanding globally and this will drive the growth of the pp homopolymer market in the forecast period. For instance, according to the 2019 Flexible Packaging Market Assessment report by The Association for Packaging and Processing Technologies, the global flexible packaging market is projected to reach $291.6 billion at a CAGR of 3.9% through 2023. Injection molding is projected to witness the highest demand in the forecast period. Blow molding, and sheet extrusion will witness significant demand in the forecast period. The fluctuation in the price of raw materials might hamper the growth of the market in the forecast period.
COVID-19 Impact
The pp homopolymer market had a negative impact due to COVID-19. The market faced challenges in the form of supply chain disruption, idling of factories, and procurement of raw materials. Market players implemented an internal task force to maintain a standard business operation amid the pandemic. However, the severity of the COVID-19 pandemic interrupted the business in the market. As per the March 2020 COVID-19 report by Borealis, the company faced supply chain challenges and delay in delivery. Stagnant growth in various end-use industries further downgraded the business during the pandemic. Going forward, the market is projected to witness robust growth owing to the expansion in multiple end-use industries such as the automobile and packaging industry.
PP Homopolymer Market – By Processing Technology
Injection molding dominated the pp homopolymer market in 2021. This processing technology offers the production of various molded parts with the help of pp homopolymer. Injection molding is one of the most commonly used pp homopolymer processing technology. This processing technology allows the production of complex pp homopolymer molded parts with high efficiency. Owing to such robust benefits, market players and research organizations are engaging in the higher implementation of this processing technology. For instance, as per the April 2021 journal by Multidisciplinary Digital Publishing Institute, an injection molding process was implemented to determine the mechanical properties of pp homopolymer for use in additive manufacturing. Such high uses of injection molding will increase its demand in the forecast period. Blow molding and sheet extrusion will witness significant demand in the forecast period
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PP Homopolymer Market – By End Use Industry
The automobile industry dominated the pp homopolymer market in 2021 and is growing at a CAGR of 5.8% in the forecast period. PP homopolymer is used extensively in the automobile industry for the manufacturing of various automobile components mostly through injection molding processing technology. The automobile industry is booming globally and this will drive the growth of the market in the forecast period. For instance, as per the July 2021 stats by the European Automobile Manufacturers Association, the passenger car registrations in June 2021 jumped where Germany witnessed the highest growth in the passenger car segment with a 24.5% jump, followed by Spain (+17.1%). Similarly, as per the report by the China Association of Automobile Manufacturers, in September 2021, the production of Chinese passenger vehicles accounted for 1.767 million units, jumping 18.1% month on month. Such a high boost in the automobile sector will increase the higher uses of pp homopolymer in the manufacturing of various auto components and this will contribute to the growth of the market in the forecast period. The packaging industry will drive the growth of the market significantly in the forecast period.
PP Homopolymer Market – By Geography
The Asia-Pacific region held the largest market share in the pp homopolymer market in 2021 with a market share of up to 34%. The high demand for pp homopolymer is attributed to the growing automobile sector in the region. According to the data by the China Association of Automobile Manufacturers, production of Chinese commercial vehicles reached 310000 units in September 2021, increasing 35.5% month on month. Similarly, according to the stats by the India Brand Equity Foundation, sales in passenger vehicles in India surged as 261,633 units sold in April 2021, acquiring a market share of 12.9%. Such massive growth in the region’s automobile industry will increase the higher uses of pp homopolymer in various automobile parts and components. The North American region will witness significant demand for pp homopolymer due to the expanding packaging industry in the region.
PP Homopolymer Market Drivers
Booming automobile industry will drive the market’s growth
The automobile industry is one of the largest consumers of pp homopolymer. This material finds its broad uses in various automobile components such as interior trims, battery cases, bumpers, and door trims, manufactured mostly through injection molding. The automobile industry is booming globally with increasing production and sales and this will drive the growth of the market in the forecast period. For instance, according to the August 2020 stats by the China Association of Automobile Manufacturers, the Chinese automobile industry will stay on a progressive track in the coming years with the New Energy Vehicles segment projected to witness the highest demand. Similarly, according to the statistics by European Automobile Manufacturers Association, sales in electrically-chargeable vehicles witnessed surging as the segment made up 10.5% of total car sales in 2020 in comparison to 3% in 2019. This progress in the automobile industry globally will stimulate the higher uses of pp homopolymer in several automobile components, thereby boosting the growth of the pp homopolymer market during the forecast period.
Expanding packaging industry will drive the market’s growth
PP homopolymer is used in the packaging industry for the packaging of products such as food products, cosmetics, and beverages through flexible packaging and rigid packaging. The packaging industry is expanding globally with increasing activity in the packaging application and this will contribute to the growth of the market in the forecast period. For instance, as per the data by npe.org, rigid packaging is projected to expand and reach a market value of $800 billion by 2024. Similarly, as per the August 2021 data by Flexible Packaging Association (FPA), flexible packaging which is the second-largest packaging segment in the US is growing with food as the largest market in the flexible packaging market, accounting for about 52% of shipments. Such expanding packaging industry globally will increase the use of pp homopolymer in the packaging application and this will drive the market’s growth in the forecast period.
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PP Homopolymer Market Challenges
Fluctuation in the price of raw materials might hamper the market’s growth
PP homopolymers production involves polymerization of propylene with Ziegler-Natta catalysts. Propylene is a petroleum-derived product whose price is fluctuating owing to the fluctuation in the price of petroleum and this might hamper the growth of the pp homopolymer market. According to stats by ourworldindata.org, the crude oil price in 2017 stood at US$ 54.19 per barrel which jumped to US$ 64.21 per barrel in 2019. The oil price again plunged to US$ 41.84 per barrel in 2020. Such fluctuations in oil prices created volatility in the petroleum price, thereby fluctuating the price of raw material. This fluctuation in the raw material price might hamper the growth of the pp homopolymer market in the forecast period.
PP Homopolymer Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the pp homopolymer market. Major players in the pp homopolymer market are:
- LyondellBasell
- Ineos Group Ltd
- Exxon Mobil Corporation
- Borealis AG
- Sasol Limited
- IRPC Public Company Limited
- The Polyolefin Company
- Braskem
- Others
Recent Developments
In October 2019, Braskem launched a recycled polypropylene derived from polypropylene twine which is usually directed to landfills after use. The twine is processed and tested, resulting in sustainably focused homopolymer polypropylene pellets which are suitable for packaging application. Such developments will contribute to the growth of the market in the forecast period.
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Key Takeaways:
Injection molding is leading the pp homopolymer market. This processing technology helps in the production of rigid and complex parts with high efficiency, making it a desirable choice in the market.
The automobile industry will drive the growth of the market in the forecast period. As per the statistics by European Automobile Manufacturers Association, passenger cars registrations jumped by +10.4% in July 2021 compared to the registrations done in the same period in 2020.
The Asia-Pacific region will witness the highest demand for pp homopolymer due to the booming automobile industry in the region. For instance, as per the stats by the China Association of Automobile Manufacturers, the annual sales volume of new energy vehicles (NEVs) is projected to touch 3 million units in China by 2025 which was 1.2 million units in 2019.
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https://www.industryarc.com/Report/15051/europe-polypropylene-market.html
B. Polypropylene (PP) Resin Market
https://www.industryarc.com/Report/1295/polypropylene-resin-market-analysis.html
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