Albany, NY -- (ReleaseWire) -- 04/30/2014 -- According to a new market report published by Transparency Market Research "Polypropylene Market For Packaging, Automotive, Consumer Products, Electrical & Electronics, Construction and Other End-User Industries - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", the global polypropylene market was valued at USD 77.46 billion in 2012 and is expected to reach USD 124.01 billion by 2019, growing at a CAGR of 6.3% from 2013 to 2019.
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Growing demand from end-use industries such as packaging, automotive and consumer products is expected to drive the polypropylene market. In addition, factors such as changing lifestyles and increasing disposable incomes in Asia Pacific are further driving the market for various end-use industries. However, growing environmental issues and volatile raw material prices are expected to inhibit the market growth. Increasing demand for bio-based polypropylene has shifted the focus of polypropylene manufacturers from synthetic to bio-based polypropylene.
Packaging emerged as the largest and fastest growing end-use segment and accounted for over 50% of the total market in 2012. Changing consumer food habits and high competition in consumer products sector in emerging economies is expected to escalate market growth. Automotive was the second largest end-use industry in terms of volume and is expected to grow at a CAGR of 5.7% from 2013 to 2019. The demand of polypropylene in consumer products was 7.1 million tons in 2012.
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China dominated the polypropylene market that was valued at USD 23.73 billion in 2012. It is expected to be the fastest growing market due to high demand of polypropylene from end-use industries. The consumption of polypropylene is phenomenal in automotive industries of Europe. The European market in terms of revenue is expected to grow at a CAGR of 5.9% from 2013 to 2019. The demand for polypropylene in Rest of Asia Pacific was 7.01 million tons in 2012. Product innovation and capacity addition is expected to drive the market growth.
The global polypropylene market is highly fragmented as top five players accounted for nearly 35% of the market in 2012. Some of the major players which dominated the market include Braskem, LyondellBasell, INEOS, Sinopec, SABIC, PetroChina, Reliance Industries Limited and Borealis among others.
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