Growing Preference For Creative Packaging To Boost PP Random Copolymer Market To US$9 Bln By 2024

Growing preference for creative packaging to boost PP Random Copolymer market to US$9 bln by 2024

03-Mar-17

Polypropylene Random Copolymer Market size is projected to exceed USD 9 billion by 2024.
According to a new research report by Global Market Insights. Increasing product application in food containers and vessels will stimulate global polypropylene random copolymer market growth. PP Random Copolymer also aids in maintaining organoleptic food characteristics. In 2015, the overall food containers business generated revenue close to US$110 bln and is forecast to exceed US$175 billion by 2024. Rising consumer spending power subsequently propels the packed food demand, which will reflect across polypropylene random copolymer market as well.

Shifting focus towards artistic labeling and packaging accompanied with providing food durability is forecast to fuel demand. Rising dual income nuclear families in BRIC nations, resulting in increasing consumer disposable income will drive industry growth.
Furthermore, significant industrial growth in Asia Pacific and Latin America will favor industry growth.
Major raw materials include naphtha and ethylene; wavering crude oil prices across the globe is likely to hamper polypropylene random copolymer market price trend. For instance, naphtha price in 2009 was approximately US$500/ton, drastically crossing US$900/ton in 2010. Rising beverages including fruit juices, flavored water and milk demand globally will create new growth avenues for across packaging applications. Furthermore, the product possesses enormous potential for its use as an alternative to conventional packing material such as PET and glass. This may create new growth opportunities for the polypropylene random copolymer market.
Key Insights from the Report:

Global polypropylene random copolymer market size could exceed US$9 bln by 2024, with projected gains at over 5 % CAGR.
In 2015, polypropylene random copolymer market for packaging applications led the overall industry by accounting more than 50% of the global volume in the same year. High thermal resistance and transparent characteristics of the product makes it derisible for packing, resulting in the overall business growth over the estimated timeframe.
In 2015, the global healthcare applications generated revenue in excess of US$1 billion. The product is widely preferred in manufacturing healthcare and medical instruments including syringes and nozzles owing to its transparent physical nature. Furthermore, the product is also used in laboratory instruments owing to its light weight and indestructible traits.
In 2015, North America, led by the U.S. polypropylene random copolymer market size was valued in excess of US$950 million. The U.S. and Canada are prominent packaged food consumers and thus the PP random copolymer market in packaging will show considerable growth in North America. Presence of strong healthcare industry in the region will further complement regional industry growth by 2024.
In 2015, Asia Pacific, mainly China and India, garnered the largest PP random copolymer market share. Enhancing consumer lifestyle with population demographics across India and China will drive the regional market for packaging applications.
In 2015, the polypropylene random copolymer market share was highly fragmented with key industry participants contributing to less than 30%. Key industry share contributors are LyondellBasell, Pinnacle Polymers, Reliance Industries, Entec Polymers, Braskem, Formosa Plastics, Sasol, Total, INEOS and Flint Hills Resources.