The global polypropylene resin market is projected to grow at a CAGR of 6.04% to reach US$109.055 billion in 2024 from US$76.694 billion in 2018. Polypropylene is a hugely versatile plastic due to its low cost, durability and excellent tolerance of both chemical substances and high temperature. The growth in polypropylene consumption is mainly driven by a combination of rapid economic development in emerging economies and steady growth in mature economies. Burgeoning demand for a number of PP products from end-user industries such as automotive, packaging, healthcare and etc. is augmenting the polypropylene resin market growth. Thus, the market is expected to grow at a substantial rate over the forecast period owing to the number of investments related to capacity expansion taking place in order to meet the growing demand from various industry verticals.
Rapid Industrialization and Construction in emerging economies.
Burgeoning penetration of polypropylene resin among various end-users.
Fluctuation in petroleum prices.
Ban on single-use plastic.
In March 2019, ExxonMobil announced to construct a polypropylene plant in Baton Rouge facility, Louisiana in order to increase the production capacity in the Gulf Coast area by 450,000 tons annually.
In January 2019, Nayara Energy invested $850 million to expand into petrochemical business by setting up a polypropylene plant in Gujarat.
The major players profiled in the global polypropylene resin market include SABIC, Braskem, LyondellBasell Industries Holdings B.V., Borealis AG, China Petroleum Corporation, Exxon Mobil Corporation, PetroChina Company Limited, Chevron Philips Chemical Company, INEOS, LG Chem, Formosa Plastics Corporation, Saudi Polymers LLC, Tasnee, Sumitomo Chemical Co., Ltd., and Reliance Industries Limited among others.
The global polypropylene resin market has been analyzed through the following segments:
By End-User Industry
Building and Construction
Oil and Gas
Middle East and Africa