19 September, 2019
RALEIGH, North Carolina, September 19, 2019 - The global market for polypropylene (PP) is expected to grow at a CAGR of 5 percent until 2022, according to Beroe Inc, a procurement intelligence firm. The key-driving end-use applications of the PP market are the CPG segment (food/non-food containers, caps-closures, films) and auto components (internal structures, bumpers, dashboard carriers, door panels).
Matured markets such as the U.S. and few European countries have a dominant automotive segment and possess a greater demand for the molding grade of PP. Rise in disposable income, increasing demand from CPG, and the medical industry is likely to drive the growth in emerging markets such as Brazil and Asia.
Beroe, which is based in North Carolina, further stated that procurement experts can access this report on its recently launched market intelligence platform Beroe LiVE: live.beroeinc.com
One of the principal industry drivers for PP is the automobile industry, which has been a major consumer of PP due to its weight properties. Over a third of the plastics utilized in the automotive industry are PP and its alloys. Thus, the demand from the automotive industry is expected to rise globally. However, a major constraint for the PP market is the threat of substitutes. With certain regions concentrating on promoting environment-friendly products in the packaging sector, rPET and PET are attractive options as compared to PP due to their recyclable properties.
The market trends in MEA infer that the demand for PP is expected to increase at a steady rate of 4.1 percent until 2022 from the CPG industry. Additionally, the food and beverage industry, followed by the health and hygiene industry, will drive the demand for PP across the African region.
The research methodology adopted for the report included:
The demand trend in Europe shows that in the packaging industry, PP caps and closures (eco lids) are increasingly preferred over their metal counterparts for security reasons. Thus, fiber-grade PP holds the third largest share due to medical industries in Europe. Whereas in North America, injection molding, film & sheet applications together hold nearly 60 percent of the PP market.
The report also includes:
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 13 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: http://www.beroeinc.com