The PP Homopolymer Market is anticipated to flourish at an average CAGR of 5.1% between 2023 and 2033. The market is expected to hold a market share of USD 101.28 billion by 2033 while the market is likely to reach a value of USD 64.17 billion in 2023.
Growing demand for PP homopolymers from the packaging, electronics, and textile industries is key to driving growth in the market.
East Asia is expected to dominate the global market owing to substantial development in the plastic industry over the forthcoming decade. According to Future Market Insights, the PP homopolymer market is anticipated to hold 7.5% to 9% of the market share in the overall polymer industry.
PP homopolymer offers high strength and provides improved chemical resistance and weldability, resulting in surging adoption in the automotive, electrical, and construction industries. Further, increasing consumption of PP homopolymers in the packaging industry coupled with the proliferation of e-commerce sectors may boost the market. As the need for high-end packaging is rising in the retail sector, end users are increasing the consumption of high-quality polymers, fueling sales in the PP homopolymer market.
| Attributes | Details |
|---|---|
| PP Homopolymer Market CAGR (2023 to 2033) | 5.1% |
| PP Homopolymer Market Size (2023) | USD 64.17 billion |
| PP Homopolymer Market Size (2033) | USD 101.28 billion |
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As per Future Market Insights (FMI), the demand for PP homopolymer grew at around 4.2% CAGR between 2018 and 2022. Considering the industries served, consumption remains highly uneven owing to demand from packaging, automotive, electronics, and building and construction, which is stifling the demand. Furthermore, due to the pandemic, the growth of the PP homopolymer market has been negatively impacted to a certain extent.
Demand for PP homopolymer is anticipated to rise over the assessment period at a CAGR of 5.1% during the forecast period. Growth in the market is predicted to rise owing to the presence of certain substitutes, including polypropylene copolymer, for manufacturing specific parts in automobiles and packaging industries.
To comply with environmental and government regulations, automotive industry players focus on curbing vehicle carbon emissions. This is expected to improve the adoption of PP homopolymers in the automotive industry. Use of PP homopolymer in automotive applications results in the reduced weight of the vehicles. This is expected to augment the demand in the global PP homopolymer market.
Rising Application in Packaging Industry to Augment PP Homopolymer Market Demand
Flexible packaging for food, confections, clothes, and hard packaging, such as small to medium-sized storage utilized in FMCG products, is made of polypropylene homopolymer. PP homopolymer is used for packaging and protecting a wide variety of goods sold in retail establishments. Demand for polypropylene homopolymers is thus expected to rise in the coming years significantly.
Additionally, consumers purchase goods from online platforms, a booming e-commerce sector. Compared to items sold through offline channels, packaging for products purchased through e-commerce sources is gaining traction in recent years. This is boosting the demand all over the globe.
PP Homopolymer Market to Benefit from Surging Demand from Automotive Industry
PP homopolymer offers benefits such as weight reduction, cost reduction, and innovation in the design of interior and exterior products in automobiles. An estimated 10% reduction in vehicle weight reduces fuel usage by 5% to 10%.
Polypropylene (PP) homopolymer, in some applications, is increasingly being used in place of steel, offering reduced weight to vehicles. The current socio-economic scenario, backed by government regulations, is fueling the need for fuel-efficient vehicles, creating a positive environment for PP homopolymer demand from the automobile industry.
Polypropylene homopolymer is corrosion- and scratch-resistant, which offers a wider scope of applications in automobiles and reduces the need for protective coating in various applications. It is used in automotive bumpers, carpet fibers, chemical tanks, cables, etc., and provides significant cost benefits to manufacturers along with providing the advantage of fuel efficiency due to the reduced weight of the vehicle.
Hence, automobile OEM manufacturers are found to have been switching towards PP copolymer and aluminum for manufacturing specific vehicle parts for the reduction of weight of automobiles as they provide better toughness and durability than PP homopolymer.
Principal Consultant
| Countries | Revenue Share % (2022) |
|---|---|
| United States | 34.6% |
| Germany | 5.6% |
| Japan | 5.3% |
| North America | 37.6% |
| Europe | 25.3% |
| Countries | CAGR % (2023 to 2033) |
|---|---|
| China | 4.2% |
| India | 3.4% |
| United Kingdom | 2.4% |
| Australia | 3.0% |
China PP Homopolymer Market to Gain from Increasing Demand from Packaging Industry
China is considered to be the leading manufacturer of retail items in the world, particularly in the automotive industry. As per FMI, China is expected to be a key consumer of polypropylene homopolymers. The demand in China's PP homopolymer market is expanding due to the growing demand for packaging from several industries.
The China Association of Automobile Manufacturers reports that in September 2021, 310,000 commercial vehicles were produced in China. The use of pp homopolymer in various vehicle parts is expected to rise as a result of this enormous expansion in the region's automobile sector. With the advantages offered by polypropylene homopolymers in the packaging industry, China is anticipated to create multiple opportunities in the PP homopolymer market.
Hence, increasing the adoption of retail items is expected to accelerate sales in the polypropylene homopolymer market. On the back of this, China is expected to witness growth at a significant CAGR of 4.3% during the forecast period.
Sales of PP Homopolymer in the United States to Rise Owing to Growing Demand for Flexible Packaging
The United States is expected to remain one of the leading markets in North America, as per Future Market Insights (FMI). The United States held a market share of 12.5% in the global PP homopolymer market in 2022.
Packaging is the leading segment in the flexible packaging industry, accounting for roughly 52% of shipments, according to statistics from August 2021 provided by the Flexible Packaging Association (FPA). Flexible packaging is the second-leading packaging category in the country. The usage of PP homopolymer in packaging applications may rise due to the global packaging industry's expansion, fueling the market's expansion throughout the projected period.
A recycled polypropylene product made from polypropylene string, which is typically disposed of after usage, was introduced by Braskem in October 2019. After being processed and put through testing, the string yields pellets of sustainably oriented homopolymer polypropylene that may be utilized in packaging. During the forecast period, these improvements may aid in the market's expansion.
| Category | Process Technology |
|---|---|
| Leading Segment | Injection Moulding |
| Market Share (2022) | 32.9% |
| Category | End Use |
|---|---|
| Leading Segment | Packaging |
| Market Share (2022) | 23.6% |
Nearly 2 out of 5 PP Homopolymer Sales are to be Contributed by Injection Molding
Injection molding is an industrial method that involves injecting material into a mold to create pieces. Numerous materials can be used in injection molding, including metals, glassware, elastomers, confections, and most frequently thermoplastic and thermosetting polymers, including polypropylene homopolymer.
Injection molding accounted for around 32.9% of worldwide PP homopolymer sales in 2022. Materials are fed into a heated barrel, combined, and pressed into a mold cavity, which cools and solidifies to fit the cavity's specifications.
PP homopolymer is widely utilized in injection molding applications nowadays due to its ease of melting and molding into any form or size without losing its original quality. The consumer goods, electronics, and automotive sectors' growing demand for lightweight polymers is fueling the expansion of the PP industry.
Over the forecast period, industries, including automotive, packaging, electrical, and electronics, are likely to employ injection-molded polypropylene. This is due to the material's outstanding high-impact strength, moisture, and chemical resistance.
The use of this technique in the manufacturing of various polypropylene products is also being fueled by recent advancements in the injection molding technique, such as multiple-component injection and microinjection, combined with advanced injection molding machines, producing better and more efficient end products.
Packaging Industry to Account for Lion’s Share in PP Homopolymer Market
In terms of end use, the packaging segment held a leading market share of 23.6% of the PP homopolymer market in 2022. Polypropylene homopolymer is a significant option for a variety of packaging applications due to several distinguishing qualities, including strong chemical resistance and high physical strength.
The need for high-tech packaging is increasing as a result of the expansion of e-commerce and the retail sector, which is expected to increase demand for PP homopolymers globally. Additionally, PP homopolymer is playing a significant part in automotive applications.
Due to the pandemic-related closure of restaurants and other food service facilities, the demand for polypropylene in packaging is anticipated to shift toward food packaging applications drastically. The stockpiling of food, consumables, and other homecare requirements is also anticipated to amplify the tendency above.
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To increase their global presence, key manufacturers are concentrating on adopting alternative distribution channels and focusing on value chain innovations. Key market participants are focusing on sustainability. Also, some key players are concentrating on expanding their current manufacturing facilities to fulfill the demand from the packaging sector.
Recent Developments
The market is predicted to get a valuation of USD 64.17 billion in 2023.
The market is estimated to reach USD 101.28 billion by 2033
The market is predicted to witness a 4.2% CAGR in China by 2033.
Injection molding with a 32.9% share is estimated to dominate the market.
The packaging segment with 23.6% is estimated to drive the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Processing Technology 5.1. Injection Moulding 5.2. Film 5.3. Extrusion 5.4. Fiber 5.5. Others 5.5.1. Blow Moulding 5.5.2. sheet 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Packaging 6.1.1. Flexible Packaging 6.1.2. Rigid Packaging 6.2. Electrical & Electronics 6.3. Textile 6.4. Automotive 6.5. Building & Construction 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. LyondellBasell Industries N.V. 17.2. Reliance Industries Limited 17.3. Braskem S.A. 17.4. INEOS Group Ltd. 17.5. ExxonMobil Corporation 17.6. Borealis AG 17.7. Total Petrochemicals USA Inc. 17.8. Sasol Limited 17.9. IRPC Public Company Limited 17.10. National Petrochemical Industrial Company 17.11. Polyolefin Company 17.12. L.C.Y. Chemical Corporation 18. Assumptions & Acronyms Used 19. Research Methodology
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PP Homopolymer Market
