The global market size for polypropylene is forecasted to soar to USD 108.57 billion by 2028, demonstrating a robust CAGR of 5.2% throughout the forecast period. This projection, detailed in the report “Polypropylene Market, 2021-2028” by Fortune Business Insights™, marks a significant increase from the market's value of USD 75.12 billion in 2020, with an estimated rise to USD 76.00 billion in 2021.
Exploring New Growth Avenues:
Advancements in Plastic Recycling Technologies
Addressing the escalating issue of plastic pollution, chemical industry entities are spearheading efforts, supported by governmental and international collaborations, to combat this challenge through innovative recycling technologies. Noteworthy initiatives include INEOS' successful commercial-scale trials of advanced recycling technology, earning the ISCC Plus award from the International Sustainability & Carbon Certification organization. Concurrently, the US Polypropylene Recycling Coalition allocated USD 1 million to bolster PP recovery facilities in the United States. The growing emphasis on the plastic circular economy and increased funding signal promising opportunities for market expansion.
Key Driver:
Integration of PP in Electric Vehicles Driving Market Growth
Amid escalating concerns over vehicular pollution, the global adoption of electric vehicles (EVs) is witnessing a remarkable surge. Polypropylene emerges as a crucial component in enhancing the energy efficiency of EVs, owing to its lightweight properties. Notable examples include Skoda Scala and Renault's B4D engine, incorporating PP-based materials to reduce weight and enhance energy efficiency. This trend of integrating PP in EVs is reshaping the plastics industry landscape, serving as a significant catalyst for market growth.
Regional Outlook:
Asia Pacific Spearheading Market Growth on the Back of Packaging Industry Expansion
Asia Pacific is poised to dominate the polypropylene market share, driven by the rapid growth of the packaging industry fueled by urbanization trends in countries like India and China. North America is anticipated to witness substantial growth, particularly in electronics manufacturing, while Europe benefits from significant automotive production and consumption.
Information source:
https://www.fortunebusinessinsights.com/industry-reports/polypropylene-pp-market-101583
