Strong Demand for Lightweight Vehicles to Help Propel Polypropylene Market Growth
Due to the rising concern about climate change, the global automotive industry is concentrating on developing materials to enhance fuel efficiency in automobiles. Road transport vehicles account for more than a quarter of all combined greenhouse gas emissions (GHG). Increased awareness of greenhouse gas emissions and energy security challenges have resulted in automotive light-weighting becoming a prominent global trend.
In addition, the rapid growth of electric vehicles (EVs) is generating new prospects for polypropylene market. The rise of electric vehicles is linked to increased government laws for the reduction of greenhouse gas emissions released by conventional vehicles. The use of polypropylene leads to reduced weight of vehicles. Light-weighting is essential for electric vehicles since it extends their range. Polypropylene is one of the most common plastics used in electric vehicles. Polypropylene is lightweight and provides vehicles with the right balance of mechanical properties and an exceptional surface finish. As a result, it can easily substitute metal. Polypropylene is between 15% and 20% lighter than other plastics. As a result, it significantly decreases the total weight of vehicles. This, in turn, decreases fuel consumption and the resulting carbon dioxide emissions. As a result of these factors, the polypropylene market is expected to witness significant growth during the forecast period (2019–2027).
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Asia Pacific Market to Witness Massive Growth in Near Future
Asia Pacific accounted for approximately 55% of the worldwide polypropylene market in terms of volume in 2018 and is expected to expand its share by 2027. Asia Pacific is anticipated to generate sizable lucrative avenues to the polypropylene market due to rising demand from the packaging and automotive manufacturing sectors. Due to the rising use of polypropylene in food and beverage packaging and automobile sectors in these nations, China, Japan, and India are key countries contributing to the region’s market growth. Due to the significant prospects presented by the expanding automotive and construction sectors, key market players are attempting to increase their presence in the region.
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Introduction of Innovative Products by Key Players to Bolster Growth of Polypropylene Market
Increasing concerns about the use of plastics is expected to impede polypropylene market growth in the coming years. However, manufacturers are focused on manufacturing bio-based polypropylene, which is expected to provide enormous prospects to the polypropylene market. As the need for innovative polymer formulations grows, major companies in the polypropylene market are spending significantly on R&D activities to create game-changing polypropylene-based products. These offerings are being developed for a wide range of applications across sectors.
Key players active in the polypropylene market include Borealis AG, BASF SE, Japan Polypropylene Corporation, LyondellBasell Industries N.V., INEOS Group Holdings, Total S.A., Braskem, SABIC, Sinopec, Formosa Plastics Corporation, Reliance Industries Limited, Sasol, Exxon Mobil Corporation.
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The global polypropylene market is segmented as follows:
Global Polypropylene Market, by End-Users
- Consumer products
- Electrical & electronics
Global Polypropylene Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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