Polypropylene Market to Grow with 5.7% CAGR till 2030: P&S Intelligence
NEW YORK, March 17, 2021 /PRNewswire/ Global polypropylene market revenue will likely rise to $226.8 billion by 2030 growing at a 5.7% CAGR during 2020-2030, according to the market research report published by P&S Intelligence.
In essence, the key driver for the polypropylene market is the rising demand for the staple fibers made from this material, particularly needle punch durables, among the manufacturers of vehicle components, upholstered furnishings, geotextiles, coating substrates, blankets, indoor & outdoor carpeting, and bedding. In addition, spun-bond polypropylene is being increasingly consumed in the production of infant and adult diapers, feminine hygiene pads, and toddler training pants.
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The major factor driving the demand for polypropylene (PP) is the rising usage of the chemical in the packaging sector and nonwoven fibers.
As a result, from $122.7 billion in 2019, the polypropylene market is projected to grow to $226.8 billion by 2030, witnessing a 5.7% CAGR during 2020-2030 (forecast period). One of the most commonly used plastics, PP is made up of multiple monomers of propylene. It is a crystalline and rigid linear resin obtained from hydrocarbons.
Copolymer and homopolymer are the bifurcations under the type segment of the industry. Of these, the homopolymer bifurcation held the larger share in the polypropylene market during the historical period (2014-2019), on account of the higher rigidity of homopolymers than copolymers, which makes the former more popular. This product easily tolerates chemical exposure and extreme temperatures, is easily weldable, and offers appreciable thermo