Polypropylene Random Copolymer Market size is poised to exceed USD 9 billion by 2024; according to a new research report by Global Market Insights, Inc.
U.S. Polypropylene Random Copolymer Market Size, by End-use, 2013-2024 (USD Million)
Packaging – Driving Force
Increasing product application in food containers and vessels has stimulated global polypropylene random copolymer
Key Features Recognized for Food Storage Applications
- High impact resistance
- Good optical
- Light weight
- Flexibility properties
- Offers transparency and gloss
- Optimum thermal resistance
Furthermore, the product also aids in maintaining organoleptic food characteristics. In 2015, the overall food containers business generated revenue close to USD 110 billion and is forecast to exceed USD 175 billion by 2024. Rising consumer spending power subsequently propels the packed food demand, which will reflect across polypropylene random copolymer market as well.
Artistic Labeling and Packaging Shift Focus
Shifting focus towards artistic labeling and packaging accompanied with providing food durability is forecast to fuel demand.
- Rising dual income nuclear families in BRIC nations, resulting in increasing consumer disposable income will drive industry growth.
- Furthermore, significant industrial growth in Asia Pacific and Latin America will favor industry growth.
Major raw materials include naphtha and ethylene; wavering crude oil prices across the globe is likely to hamper polypropylene random copolymer market price trend.
- For instance, naphtha price in 2009 was approximately USD 500/ton, drastically crossing USD 900/ton in 2010.
- Rising beverages including fruit juices, flavored water and milk demand globally will create new growth avenues for across packaging applications.
- Furthermore, the product possesses enormous potential for its use as an alternative to conventional packing material such as PET and glass.
- This may create new growth opportunities for the polypropylene random copolymer market.
Key Insights from the Report
- Global polypropylene random copolymer market size could exceed USD 9 billion by 2024, with projected gains at over 5 % CAGR.
- In 2015, polypropylene random copolymer market for packaging applications led the overall industry by accounting more than 50% of the global volume in the same year. High thermal resistance and transparent characteristics of the product makes it derisible for packing, resulting in the overall business growth over the estimated timeframe.
- In 2015, the global healthcare applications generated revenue in excess of USD 1 billion. The product is widely preferred in manufacturing healthcare and medical instruments including syringes and nozzles owing to its transparent physical nature. Furthermore, the product is also used in laboratory instruments owing to its light weight and indestructible traits.
- In 2015, North America, led by the U.S. polypropylene random copolymer market size was valued in excess of USD 950 million. The U.S. and Canada are prominent packaged food consumers and thus the PP random copolymer market in packaging will show considerable growth in North America. Presence of strong healthcare industry in the region will further complement regional industry growth by 2024.
- In 2015, Asia Pacific, mainly China and India, garnered the largest PP random copolymer market share. Enhancing consumer lifestyle with population demographics across India and China will drive the regional market for packaging applications.
- In 2015, the polypropylene random copolymer market share was highly fragmented with key industry participants contributing to less than 30%. Key industry share contributors are LyondellBasell, Pinnacle Polymers, Reliance Industries, Entec Polymers, Braskem, Formosa Plastics, Sasol, Total, INEOS and Flint Hills Resources.
Browse key industry insights spread across 109 pages with 86 market data tables & 12 figures & charts from the report
About Global Market Insights
Global Market Insights Inc. is a market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Its main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. The industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.
Source: Global Market Insights Inc.