Researchmoz added Most up-to-date research on "Global PP Homopolymer Market Expected To Register A CAGR Of 5.5% Over The Forecast Period 2016 - 2026" to its huge collection of research reports.
Homo Polypropylene or polypropylene (PP) homopolymer is widely used in the plastic processing industry to make various products for household, automotive, electrical, electronics, packaging, personal care, medical, and other applications. PP homopolymer offers a high strength to weight ratio and provides good chemical resistance and weldability. Owing to its huge application base, PP homopolymer is a large volume commodity material. The global consumption of PP homopolymer was pegged at 42.0 million metric tonnes in 2015. Sales revenue of the global PP homopolymer market is expected to register a CAGR of 5.5% over the forecast period (20162026).
Increasing consumption of PP homopolymer in the packaging industry and a high growth of the retail sector likely to boost market growth
Increasing consumption of PP homopolymer in the packaging industry is one of the key factors driving its demand in the global market. Characteristics such as high physical strength and chemical resistance makes PP homopolymer a material of choice for packaging applications. With the rise of the retail and e-commerce sectors, demand for high end packaging is increasing, which in turn is expected to drive the demand for PP homopolymer across the globe. In order to comply with various government and environmental regulations, automobile manufacturers around the world are focussed on decreasing carbon emissions from vehicles and PP homopolymer plays a key role here. Use of PP homopolymer in automotive applications leads to reduced weight of the vehicle, consequently increasing its fuel efficiency. In order to capitalise on the opportunities in the market, market players are introducing new grades of PP homopolymer for various new applications to increase their market share in the global market.
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However, in the last few years, automobile OEMs have been switching from PP homopolymer to PP copolymer and aluminium for manufacturing specific vehicle parts as PP copolymer and aluminium provide better toughness and durability than PP homopolymer. This is likely to restrict the growth of the global PP homopolymer market over the forecast period.
Injection Moulding processing technology segment anticipated to hold largest market value share throughout the forecast period
The injection moulding segment is projected to account for 39.4% value share in the global PP homopolymer market by 2016 end, registering a CAGR of 6.1% over the forecast period. High demand for injection moulded products for home care, personal care, appliances, and other applications is expected to be a key reason for the segments growth through 2026.
Packaging end use segment likely to dominate the global PP homopolymer market throughout the forecast period
The packaging segment dominated the global PP homopolymer market in 2015 and the segment is forecast to exhibit a CAGR of 6.0%. Increasing consumption of PP homopolymer particularly for flexible packaging used in the food and beverage industry is expected to fuel the growth of this segment.
APEJ estimated to dominate the global PP homopolymer market in terms of value
The APEJ PP homopolymer market is estimated to represent 38.9% value share in the global PP homopolymer market by the end of 2016, and this regional market is expected to increase at a value CAGR of 5.8% over the forecast period. The MEA homopolymer market is anticipated to register a CAGR of 5.4% during the forecast period.
Leading market players are focussing on increasing global market presence through new product launches and strategic joint ventures and partnerships
LyondellBasell Industries, Braskem S.A., The Dow Chemical Company, Reliance Industries Limited, L.C.Y. Chemical Corporation, Total Petrochemicals USA Inc., IRPC Public Company Limited., Sasol Limited., National Petrochemical Industrial Company, and The Polyolefin Company (Singapore) Pte Ltd. are some of the top companies operating in the global PP homopolymer market. Some of these companies are focussed on launching new PP homopolymer grades for various applications to increase their brand value. Top companies are also expanding their production capacities to strengthen their product portfolio and grab a larger share of the global PP homopolymer market.
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