Polypropylene copolymer (PPC) is a kind of plastic manufactured by the polymerization of propylene in the presence of a monomer and a catalyst. It is a translucent to transparent solid with properties like high stiffness, low specific gravity, high stress cracking and chemical resistance, low moisture absorption rate, etc. Due to its versatility, polypropylene copolymer is used in electrical, packaging and thermoforming applications. A new research report by IMARC Group, titled “Polypropylene Copolymer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global polypropylene copolymer market reached a volume of 24.3 Million Tons in 2017. The report further anticipates the market to reach a volume of 30.9 Million Tons by 2023, at a projected CAGR of 4.1% over the forecast period.
Global Polypropylene Copolymer Market Drivers/Constraints:
- Polypropylene copolymer is extensively used in the pharmaceutical and medical industry for bottling complex medical products owing to its inert nature, hygienic properties, light weight, transparency and durability. Moreover, the manufacturers use ultra-high impact polypropylene copolymer to produce airtight seals so as to protect the medicinal products from moisture, oxidizing agents and particulate matter.
- An inclination towards bio-based products has created an attractive market for polypropylene copolymer on account of its eco-friendliness, cost-effectiveness, biodegradability and non-toxicity.
- In the plastics industry, polypropylene copolymer is used for packaging films, boxes, containers, bags, etc., whereas in the textile industry it is used for manufacturing products such as jackets, diapers and undergarments.
- There are a number of factors that hamper the growth of the polypropylene copolymer market. Polypropylene copolymer can be degraded by UV rays, has a poor low temperature impact strength and is difficult to bond.
End-Use Insights:
Based on end-use, rigid packaging currently represents the largest end-use segment of polypropylene copolymer. This can be attributed to the low-cost of polypropylene copolymer as compared to its alternatives. It is followed by textiles, technical parts, films and consumer products.
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Regional Insights:
On a geographical front, Asia enjoys the leading position in the global polypropylene copolymer market on account of the flourishing food and beverage, and building and construction industries. In addition, increasing GDP growth in the region along with surging population and rising disposable incomes are stimulating the market growth. Other major regions include North and South America, Western and Central Europe, and Middle East and Africa.
Competitive Landscape:
The market is fragmented with the presence of several small and large manufacturers who compete in terms of prices and quality. There is an intense competition in the market which makes it difficult for small players to survive. Some of the leading players operating in the market are:
- Lyondell Basell
- Sinopec Group
- Braskem Group
- SABIC
- PetroChina Group
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