31 March, 2021
RALEIGH, North Carolina, Mar 31, 2021 - After suffering from losses in 2020 and deviating from its consistent growth pattern, the global polypropylene market is looking to come back strong, says Beroe Inc.
The pandemic affected the global polypropylene production process, and the market saw a drop of 6 percent year-on-year. For the global polypropylene production process, the capacity was at 88.6 million MT, and demand at 75.3 million MT in 2019. Per forecast, the growth is expected at a CAGR of 2-3 percent during the 2019-2024 period. This rate has slowly come down because of the pandemic, which shut down industries all across the world. But, now, with the world slowly starting to function at its previous pace, the global polypropylene market is expected to jump from $84 billion in 2019 to $95 billion in 2024.
Beroe, which is based in North Carolina, further stated that procurement experts
can access this report on its recently launched market intelligence platform Beroe
The industries that require polypropylene production are the CPG segment, which includes containers for food and others, caps, closures and films, etc. Auto components like bumpers, door panels, internal structures, and dashboard carriers also use polypropylene. The global capacity for PP resin, which was 88.6 million MT in 2019, is expected to reach 108.6 million MT in 2024. The global demand for PP was 75.3 million MT in 2019, and is expected to rise to 84.4 million MT in 2024.
When it comes to the U.S. and Europe, the polypropylene market is consolidated. The pandemic broke out and now it might become constrained. However, if the demand remains bearish, it could prevent any major impact on the industry. In 2020, the global polypropylene production market is thought to have suffered a low of 5-6 percent.
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 15 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
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