Global polypropylene market to reach US$124 bln by 2019, at a CAGR of 6.3%

01-Jul-15

In 2012, the global polypropylene market stood at US$77.46 bln and is estimated to reach US$124.01 bln by 2019, exhibiting a 6.3% CAGR from 2013 and 2019, as per Transparency Market Research. Increasing demand from the packaging industry in China and rising demand for lightweight vehicles is expected to fuel the growth of this market in the forecast period. In addition, rising preference for biobased propylene is a huge opportunity for the market players. However, rising environmental issues and fluctuating raw material prices are the restraining factors curbing the growth of the global market. The market has been segmented on the basis of end-use industries into construction, packaging, consumer products, automotive, electronics and electrical, and others (such as medical, furniture, and agriculture). Among all the end users, the packaging segment dominated the market and is expected to grow significantly at a 5.9% CAGR from 2013 to 2019. In 2012, demand from the automotive industry for polypropylene was valued at US$13.28 billion and is expected to grow substantially through the forecast period. Geographically, the market has been segmented into China, North America, Europe, Rest of Asia Pacific, and Rest of the World. Currently, the market is led by Asia Pacific, followed by Europe. However, China is anticipated to grow rapidly through the forecast period. Prominent players of this market include LyondellBasell, Borealis AG, BASF AG, and ExxonMobil Chemical.