NEW YORK, June 2, 2020
- The growing demand for polypropylene in the 3D printing industry and the increased installation of propane dehydrogenation will boost market growth.
- Market Size – USD 135.14 Billion in 2019, Market Growth - CAGR of 5.3%, Market Trends – BOPP in food packaging
NEW YORK, June 2, 2020 /PRNewswire/ -- According to a new report by Reports and Data, the global polypropylene market is forecasted to reach USD 205.61 Billion by 2027. Increasing adoption of PP in the 3D Printing industry owing to its superior chemical resistance is a significant factor influencing market demand. Polypropylene has the lowest density out of all commonly used in manufacturing plastics, which makes it very light. Other benefits associated with the material, including flexibility, durability, and electrical resistance, make it highly practical for the industry. Currently, the product is being used in the healthcare sector to manufacture medical vials, diagnostic devices, specimen bottles, and pill containers.
The increasing global installation of propane dehydrogenation (PDH) facilities is anticipated to influence demand. In the U.S. and Canada, the ethane steam crackers have reduced the production of propylene. Thus, companies have been shifting to propane dehydrogenation for the production of propylene. Based on statistics, since 2010, more than 2 million metric tons/year of new PDH capacity have been developed in both the U.S. and Canada, and around 1.6 MMTPA capacity is currently under development.
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Europe is projected to witness a CAGR of 4.4% in the forecast period. Increasing adoption of PP in the construction sector is likely to foster demand. PP is used in construction applications such as air and moisture barrier membranes, films, and sheets used in insulating building wraps, carpet textiles, and in plastic parts such as pipes. The growing demand for light-weight automobiles has also driven the demand for plastics particularly, PP in the region. Manufacturers in the region have been shifting to polymers and plastic composites to achieve better fuel efficiency levels.
The COVID-19 impact:
The spread of Covid-19 poses a threat to the global oil and gas industry due to various factors. The drastic action taken to curb the spread of the virus has had a significant impact on the working of different sectors. For instance, offshore workers have to balance maintaining social distancing while living and working in confined spaces. Similarly, travel bans and quarantines inhibit companies' ability to facilitate travel and conduct meetings. The uncertainty that runs through the pandemic further affects the historically volatile industry. This uncertainty is further supported by the lack of an apparent historical instance for the phenomenon in the oil and gas sector. The oil industry is being affected by dual frontiers, including the demand destruction caused by the Covid-19 pandemic and the price war amongst key global producers that have brought about a record plunge in prices.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/polypropylene-market
Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented into the global polypropylene market on the basis of type, application, end use industry, and region:
Extraction Type Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
Application Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
End Use Industry Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
Regional Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
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