Global Polypropylene (PP) Market Demand & Forecast Analysis, 2016-2032
PP is produced by the polymerization of propylene monomer, a type of hydrocarbon. The resulting polymer has a high melting point, good chemical resistance, and good electrical insulation properties. It is also resistant to fatigue and stress cracking, making it an excellent choice for products that undergo repeated use and stress. PP is a kind of thermoplastic polymer which is widely used in a wide range of applications, including automotive parts, packaging, textiles, and consumer goods. PP is a relatively low-cost material that is lightweight, strong, and durable, making it a material of choice for many industrial and consumer products.
PP is used in a wide range of applications because of its versatility and properties. Some common uses include:
Packaging: PP is used in various packaging applications, such as food containers, bottles, and caps. It is also used in the production of films and bags for packaging products.
Textiles: PP is used for producing textiles, such as carpets, upholstery, and geotextiles. It is lightweight, strong, and resistant to moisture and mildew.
Automotive parts: PP is used in the production of automotive parts, such as dashboards, interior trims, and door panels. It is lightweight and has good impact resistance, making it an excellent choice for these applications.
Consumer goods: PP is used in the production of a variety of consumer goods, such as toys, luggage, and housewares. It is durable, easy to clean, and resistant to staining and odours.
The major factors driving the growth of the polypropylene market include the increasing demand from end-use industries such as packaging, automotive, and construction, as well as the growing demand for lightweight and eco-friendly materials. Technological advancements and the development of new and advanced polypropylene grades are also driving the growth of the polypropylene market. Asia-Pacific is currently the largest polypropylene market, followed by North America and Europe. The polypropylene market in Asia-Pacific is being driven by the growing demand from the packaging and automotive industries, as well as the increasing adoption of polypropylene in the construction industry. The polypropylene market in North America is being driven by the growing demand for polypropylene in the automotive and packaging industries.
Global polypropylene market has witnessed large number of expansions during the historical years. Increasing demand for polypropylene from automotive applications is driving the expansion of capacity globally. New developments in EV sector as well as recycling of plastics is also creating opportunities for growth of polypropylene market globally. The global polypropylene market is highly competitive, with several key players operating in the market, such as LyondellBasell Industries Holdings B.V., SABIC, ExxonMobil Corporation, Braskem S.A., and Total S.A. These companies are primarily focused on expanding their product portfolios, increasing their production capacities, and developing new technologies to stay competitive in the polypropylene market.
Recent Developments in PP market
Stavian Quang Yen Petrochemical Plant is planning to build a PP plant in Bac Tien Phong Industrial Zone, located in Quang Yen Town, Vietnam. This project will require an investment of around $1.5 billion and aims to produce around 600 kilo tons of PP. The most advanced technologies have been selected to produce polypropylene, with Honeywell and LyondellBasell being included for technology assessment. The 600 kilo tons plant is expected to commence operation by end of 2026.
In February 2022, Borouge, a joint venture between Abu Dhabi National Oil Co. and Borealis has successfully commissioned and started its new fifth PP unit in Ruwais, UAE. The addition of the new unit will significantly enhance the UAE s production capacity of PP, enabling it to effectively address the growing global demand from various sectors such as recyclable advanced packaging, infrastructure development, and other industrial domains. The new unit will deliver 480 kilo tons of PP effectively increasing the company s annual production capacity to 2,2400 kilo tons and raising the overall polymer capacity of polyolefins by 11% to 5,000 kilo tons per year.
In November 2022, Tabriz Petrochemical Company (TPC) launched a 30 kilo tons polypropylene unit with an investment of $20 million, which will boost the company’s share in the global polymer market.
In November 2022, the Kazakhstan Petrochemical Industries completed the construction of 500 kilo tons of polypropylene production facility in Atyrau, Kazakhstan. Lummus Technology has provided the Catofin and Novolen technology for production of polymer grade propylene.
In December 2022, ExxonMobil successfully completed the expansion of PP at its facility in Baton Rouge, Louisiana. The company invested around $500 million in 2019 to increase the production capacity by 450 kilo tons. The polypropylene capacity expansion will help company to meet the growing demand for high-performance, lightweight, and durable plastics.