November 4th,2022/Industry News Global/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Polypropylene Market.
Polypropylene Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The Polypropylene Market was estimated at USD 121.86 Billion in 2021 and is likely to grow at a CAGR of 3.37 % from 2022-2028 to reach USD 153.99 Billion in 2028.
 
Drivers

The prime factors that are driving the polypropylene market are expanding application range, technological advancements, and a surge in demand from the Asia-Pacific region.
 
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Segment Analysis

By Type

The market is segmented as homopolymer and copolymer. The Homopolymer shares more than 81% in 2021 and is expected to maintain its position during the forecast period. Homopolymer polyethylene is widely used in a large number of industries such as packaging, automotive, building & construction, and electrical & electronics owing to its better mechanical properties.

By Application Type

The polypropylene market is segmented as injection molding, fiber & raffia, film & sheet, and blow molding. Film and sheet share nearly 34.6% in 2021 of the market owing to their widespread usage in carpets, carpet backing, and tapes. Injection molding is expected to remain the second-largest segment owing to the growing demand for molded products in an increasing number of end-use industries.

By End-Use Industry Type

The polypropylene market is segmented as packaging, automotive, building & construction, electrical & electronics, medical, and others. The packaging segment shares more than 35%in 2021 during the forecast period. Polypropylene is used in the packaging of food and consumer products.

By Region

Asia Pacific holds more than 45% of the share in 2021 for polypropylene during the forecast period. China, Japan, South Korea, Taiwan, and India are the largest consumers of polypropylene in the region. Significant economic development in the region is paving the path for electrical & electronic, packaging, building & construction, and automotive industries.
Further, a huge consumer base and significant economic development in the region are likely to boost the demand for polypropylene in the region. North America and Europe are also expected to witness a healthy demand for polypropylene material owing to the revival of the construction industry from the global economic slowdown.

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