Global Polypropylene market estimated to grow at CAGR of 6.3% from 2013 to 2019

The global Polypropylene (PP) market is estimated at a CAGR of 6.3% from 2013 to 2019 and the market reach a value of US$124.01 bln. Polypropylene is used in automobiles, packaging, construction, electronics, medical, and electrical industries. Packaging and Automobile Segment is Largest End-use Segment in Polypropylene Market The polypropylene (PP) market has seen encouraging growth in the packaging industry over the past few years. This is due to polypropylene's attributes such as seal-ability, stiffness, transparency, moisture, and twist retention that help make it the most effective packing material. Growth predicted for polypropylene (PP) in the packaging industry is expected from 2013 to 2019 at a CAGR of 5.9%. The automotive industry is another end-use segment for Polypropylene (PP) that extensively uses the versatile material. Polypropylene (PP) has mechanical and moldable qualities and is cost effective when compared to other types of plastic material used in automobiles. Polypropylene (PP) can be used effectively in automobiles to decrease overall weight of vehicles and thus improve fuel efficiency. Polypropylene (PP) had revenue valued at US$13.28 bln in 2012. The consumer products end-use segment had a market share of 13% of the overall polypropylene market in 2012. Polypropylene (PP) is widely used for packing such products as detergents, toiletries, and soaps, and yogurt in cans. End-use segments for PP also include furniture, construction, agriculture, medical, and several other industries. Other uses of polypropylene (PP) include production of switch boards, insulation cables, and capacitors in the electronic and electrical end-use segment. This end-use segment for polypropylene (PP) is anticipated to reach US$8.5 billion by 2019. Lifestyle changes and increase in disposable incomes are market drivers for the end-use segments globally in various geographical regions. Market restraining factors for polypropylene (PP) are fluctuating prices for raw materials and environmental issues. However, there has been a progression towards the use of bio-based polypropylene (PP) – this marks an opportunity that companies can capitalize on. The global market for polypropylene (PP), is segmented geographically into regions such as North America, Europe, China, Rest of Asia Pacific, and Rest of the World. Among these segments, Asia Pacific had 44% of the market share in 2012, due to rising demand in end-use industries. European market expansion for polypropylene (PP) is expected at a CAGR of 5.9% from 2013 to 2019. North America, due to the increased use of automobile and packaging polypropylene (PP), indicates a steady CAGR of 5.4% over the next few years. China, with a 6.2% CAGR, is specified as the fastest growing market during the coming years. The Rest of the World geographical segment is poised for expansion at a CAGR of 4.9% between 2013 and 2019. In 2012, the top five major players had a 35% market share in the polypropylene (PP) market. In some of the Far East countries, PP manufacturers have accelerated production to meet demand. The prime players in the polypropylene (PP) market are ExxonMobil, LyondellBasell, Sinopec, PetroChina, BASF AG, Japan Polypropylene, Reliance Industries Limited, Borealis and Braskem, among others.