Polypropylene Random Copolymer Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Polypropylene Random Copolymer Market: Snapshot
Polypropylene, a thermoplastic polymer that finds widespread applications in textiles, laboratory equipment, packaging and labeling, automobile components, and stationery. Increasing knowledge about polypropylene random copolymer, including its high impact resistance, good flexibility and optical characteristics, transparency, gloss, and lightweight is said to be stoking growth in its demand.
On account of its many benefits, its applications is growing. Further rising spending capacity of people worldwide, is resulting in elevated packaged and processed food demand, which in turn is working in favor of the global polypropylene random copolymer market.
Mushrooming supermarkets, particularly in developing countries, is also proving beneficial to the market. Further, growing focus of food manufacturers towards aesthetic packaging and labeling along with added durability is also bolstering growth of the market. Ethylene and naphtha are basic raw materials required for the production of polypropylene random copolymer. The turbulent prices of crude oils and petrochemicals are, therefore, negatively impacting the growth of the market.
The main regions studied in the report are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America, of them, is a leading market on account of the presence of a solid healthcare infrastructure that is fuelling growth. The U.S. is the primary driver of expansion in the region due to high demand for food and beverage packaging.
Asia Pacific is another key region which will likely grow at a healthy clip due to changing lifestyle of people and a burgeoning middle class population. Japan, China, and India are major markets in the region.
Global Polypropylene Random Copolymer Market: Overview
Polypropylene, which is also referred to as polypropene, is a thermoplastic polymer extensively used in a wide range of applications such as textiles, packaging and labeling, laboratory equipment, automobile components, and stationery. In polypropylene random copolymer, randomly polymerized ethylene monomer is added to polypropylene homopolymer, which lowers the melting point, reduces the polymer crystallinity, and makes the polymer more transparent. They are used for stretch blow molding and injection molding applications that require improved clarity and impact. Their demand is high across different verticals such as food and beverages, pharmaceutical, chemicals, and consumer products.
Global Polypropylene Random Copolymer Market: Key Trends
The rising awareness regarding the benefits of polypropylene random copolymer, including excellent impact resistance, good flexibility and optical characteristics, transparency, gloss, and lightweight is augmenting the market. Owing to its benefits, its scope of applications are widening. The increasing disposable income of people around the world is resulting in elevated packaged and processed food demand, which in turn is working in favor of the global polypropylene random copolymer market.
The growing number of supermarkets in emerging regions is also providing a fillip to the market. Moreover, the shifting focus of food manufacturers towards aesthetic packaging and labeling along with added durability is supplementing the growth of the market. Ethylene and naphtha are basic raw materials required for the production of polypropylene random copolymer. The turbulent prices of crude oils and petrochemicals are, therefore, negatively impacting the growth of the market.
Global Polypropylene Random Copolymer Market: Market Potential
The healthcare and pharmaceutical sectors are presenting tremendous lucrative opportunities, which is prompting manufacturers to develop products that can better adapt and scale to suit the requirements of the end users. For instance, in February 2017, LyondellBasell introduced a new polypropylene random copolymer, Purell RP320M that can be used in labware, caps and closures, flexible and rigid packaging of pharmaceuticals and medical devices. The copolymer is designed to offer homogeneity and clarity to address high-quality requirements in injection molding and cast film extrusion conversion technologies.
Besides, polypropylene random copolymers carry immense potential to replace conventional beverage packaging such as PET and glass, which is likely to attract new players to invest in this market.
Global Polypropylene Random Copolymer Market: Region-wise Outlook
The key segments analyzed in the report based on geography are Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. North America will account for a substantial share in the market throughout the forecast period. The presence of robust healthcare infrastructure is fuelling the growth of the region. The U.S. will be at the forefront of the growth of the region, owing to the high demand for food and beverage packaging.
Asia Pacific will be rise at a noteworthy CAGR during the same period. The growth of the region can be attributed to the changing consumer lifestyles, widening base of middle-class population, and increasing purchasing power of the populace. Moreover, the flourishing growth of the food and beverage sector is driving the market in the region. Japan, India, and China will be the major revenue contributors to the growth of the region.
Global Polypropylene Random Copolymer Market: Competitive Landscape
Large refineries have a strong foothold in the global polypropylene random copolymer market, owing to the availability of abundant raw materials and massive sums for investments. The majority of manufacturers are aiming at achieving a competitive edge by diversifying their product offerings. Some of the key companies operating in the market are Reliance Industries Limited, LyondellBasell, Pinnacle Polymers LLC, Formosa Plastics, Total Petrochemicals & Refining USA Inc., Entec Polymers, Sasol, and INEOS Olefins & Polymers USA.
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