Market Report Polypropylene market profits from growth in medical applications
According to a new market research report the polypropylene market was at $ 75.40 billion in 2017 and is projected to reach $ 99.17 billion in 2022, at a CAGR of 5.6 percent between 2017 and 2022.
Polypropylene is a thermoplastic polymer that is used in a variety of applications. Polypropylene is produced by combining propylene monomer with catalysts. The global polypropylene industry is witnessing growth because of the emergence of new applications, technological advancements, and growing demand in the APAC region. Polypropylene is one of the most versatile polymers and is used in almost every modern industry. Polypropylene provides resistance against chemicals and extreme temperatures and is increasingly used in packaging, automobiles, building & construction, healthcare , and electronics.
Lyondell Basell Industries Holdings B.V. is a Netherlands based chemical producer. The company majorly operates through five business segments, namely, olefins & polyolefins Americas; olefins & poly-olefins Europe, Asia, international; intermediates & derivatives; refining; and technology. The company produces polypropylene through its olefins and polyolefins segments. The company offers polypropylene for applications in packaging, construction, and automotive industries. In September 2017, Lyondell Basell started a new 20 kilotons per year polypropylene compounding plant in Dalian, China. Through this expansion, the company aimed to serve the demand from China’s growing automotive market.
Sabic is a Saudi Arabia based producer of polypropylene. The company operates through four business segments, namely, chemicals, agri-nutrients, metals, and corporate. The company produces polypropylene through its chemicals segment. It produces polypropylene for applications in packaging, automotive, and electronic industries. In September 2017, SABIC continued its global expansion with the establishment of a new polypropylene pilot plant in Geleen, Netherlands. Through this expansion, the company aims to serve the rising demand for polypropylene.
Homopolymer type estimated to be the largest type of polypropylene
Homopolymer provides a high strength to weight ratio and is stiffer than copolymer. The excellent chemical resistance and weldability enable the use of the polypropylene homopolymer for many corrosion resistant structures. The common applications of the polypropylene homopolymer are orthotic and prosthetic devices, secondary containments, pump components, and storage tanks.
Blow moulding is projected to be the fastest-growing application
Consumption of polypropylene in the blow molding application is growing due to the rising demand for packaged food and beverages in emerging countries. Polypropylene is majorly used in the blow molding application due to its ability to withstand elevated temperatures, and it can be easily stream sterilized and has a high melting point. The common applications include water bottles, shampoo bottles, and lubricant/pesticide containers.
Medical is projected to be the fastest-growing end-use industry
Polypropylene has a good mixture of heat resistance and structural properties of polycarbonate, impact resistance of polyester, radiation resistance of polystyrene or Polyethylene (PE), and flexibility or soft feel of flexible polyvinyl chloride. It is highly resistant to cleaning agents, disinfectants, and various solvents which makes it suitable for surgical trays, caddies, and other medical devices. The largest application of polypropylene in medical devices is syringes.
Asia Pacific is projected to account for the largest share
Asia Pacific is projected to be the largest market for polypropylene globally, and China is projected to be the largest market for polypropylene in the Asia Pacific during the forecast period. Japan, South Korea, and India are other major countries contributing to the growth of the polypropylene market in the region. Polypropylene is a low-cost material with excellent mechanical properties and mouldability. Due to this, there is an increase in the use of polypropylene in applications, such as injection molding, fiber & raffia, film & sheet, and blow molding, which is expected to drive the polypropylene market in these countries during the forecast period.