Polypropylene Random Copolymer Market size generated USD 6 billion in 2015 and is forecast to witness 5.4% CAGR up to 2024.
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Polypropylene random copolymer market size is chiefly driven by increasing product applications across food storage containers mainly due to its superior impact resistance, good optical and flexibility characteristics. In addition, the product offers value added properties such as gloss, transparency, light weight and decent heat resistance. It also helps in retaining food’s organoleptic properties. Furthermore, the global food containers industry was valued roughly at over USD 110 billion in 2015 and is projected to cross USD 175 billion over the projected timeframe. The global food vessels business comprises of glass, metal, paperboard and plastic containers. The industry demand is positively influenced increasing consumer per capita disposable income, which results in elevated packed and processed food demand. This trend is analyzed to fuel the global polypropylene random copolymer industry share by 2024. The product based vessels are extensively used in vegetables, fruits, grain, meat and dairy products storage. These containers are widely preferred across household applications owing to their transparency, which makes it easy for labelling and recognition.
Drifting focus of food manufacturers towards esthetic packaging and labelling along with added durability by enhancing shell life of packed food will further complement the global market demand over the estimated timeframe. Increasing number of dual income families in the BRIC nation will also boost the business growth by 2024. Additionally, increasing number of super market in Asia Pacific will contribute industry growth substantially.
|Market Size in 2015:||6 Billion (USD)|
|Forecast Period:||2016 to 2024|
|Forecast Period 2016 to 2024 CAGR:||5.4%|
|2024 Value Projection:||9 Billion (USD)|
|Historical Data for:||2013 to 2015|
|No. of Pages:||109|
|Tables, Charts & Figures:||98|
|Segments covered:||End-use and Region|
|Pitfalls & Challenges:|
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Petrochemical feedstock are primary sources required in the global industry size. For instance, ethylene and naphtha are basic raw materials for product manufacturing process, which are further processed to form the resultant product. Therefore, the global industry price trends experience the same industry dynamics. As a result, oscillating crude oil and petrochemical prices may hamper growth by 2024.
Additionally, in 2009, naphtha price at roughly over USD 520 per ton and exponentially rose to over USD 930 per ton in 2010. However, increasing product usage across beverages such as flavored milk & water and fruit juices packaging will create new growth prospects for the industry participants over the forecast timeframe. The product based containers are highly preferred in beverages owing to development of new product grades with superior clarity. In addition, the product carries immense potential to replace traditional beverage packing such as glass and PET, which may also boost polypropylene random copolymer market growth by 2024.
Global polypropylene random copolymer market share for packaging is forecast to witness highest gains by 2024. Increasing product demand across packaging applications mainly due to its higher transparency and thermal resistance will boost industry growth over the projected timeframe. Furthermore, increasing number of working population across the globe has subsequently driven packed food demand, which in turn is analyzed to fuel business growth.
Polypropylene random copolymer business for healthcare was valued at over USD 1 billion in 2015. Increasing product demand to manufacture medical equipment such as syringes due to its heat resistance and transparent traits will boost the overall industry growth over the projected timeframe. In addition, the product is extensively used in labware products as a glass alternative due to its unbreakable and light weight will further propel growth.
North America, led mainly by the U.S. polypropylene random copolymer industry outlook generated revenue more than USD 950 million in 2015. Prevalence of robust healthcare sector in the U.S. will boost the regional industry size by 2024. The U.S. is a major package food & beverage producer and consumer and accounts for a large section of the polypropylene random copolymer market demand across the globe. This market trend will boost the regional business growth for packaging applications by 2024.
Asia Pacific, mainly led by China, India and Japan polypropylene random copolymer industry dominated the global demand in 2015 and is forecast to experience highest gains at over 5.5% over the projected period. Upgrading consumer lifestyles, increasing consumer spending and emerging middle class population in China and India is the major factor contributing to the overall business growth by 2024. The regional industry is also propelled by booming food & beverage industry, resulting in business growth packing applications.
Competitive Market Share
Global polypropylene random copolymer industry share was moderately fragmented which top six product manufacturers accounting over 25% of the global share in 2015. Key companies operating in the industry includes LyondellBasell, Reliance Industries Limited, Pinnacle Polymers LLC, Braskem, Formosa Plastics, Entec Polymers, Total Petrochemicals & Refining USA, Inc., Sasol, Flint Hills Resources and INEOS Olefins & Polymers USA.
The industry displays substantial degree of integration in upstream and downstream business operations. Most of the large refineries holds a prominent share in the industry ecosystem from raw material production to the final resultant product. Major raw material suppliers including Reliance Petroleum Limited, China National Petroleum Corporation (CNPC) and Shell have massive natural gas and crude oil extraction volumes. The product manufacturers are engaged in enhancing their product offerings to achieve a competitive edge in the industry, which helps them to retain their global presence. This trend is likely to make the global polypropylene random copolymer market share competitive over the projected timeframe.
Polypropylene Random Copolymer Industry Background
Robust growth in the packaging industry across the globe is analyzed to be the prime factor contributing the overall industry size by 2024. However, fluctuating crude oil prices is likely to hinder business growth over the projected timeframe, as the petrochemical feedstock are the primary sources used in the product manufacturing.