February 18, 2022 06:21 ET | Source: ReportLinker ReportLinker

New York, Feb. 18, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polypropylene Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06231658/?utm_source=GNW A slight decline in the demand for polypropylene has been observed due to a drastic slowdown witnessed in the construction and automotive sector where polypropylene is in high demand. Manufacturers in the polypropylene market landscape are seeing overflowing inventories thus leading to a pronounced gap in supply and demand. At the same time, global consumer electronics revenue witnessed a growth of over 17% in 2020, when compared to 2019. Additionally, the demand for packaging products has increased in medical and food packaging applications, thus enhancing the demand for polypropylene in the pandemic scenario. Over the short term, major factors driving the market studied are increasing usage of plastics to reduce vehicle weight and enhance fuel economy, growing demand for flexible packaging. The increase in the aging population, growing demand for convenient packaging, growth of the e-commerce business, the growing online food delivery market, and the packaging of products in different sizes and quantities are some of the market conditions that have boosted the growth of flexible packaging industry globally. Recycled PP is likely to act as an opportunity in the future. Amid the global COVID-19 pandemic, polypropylene was also used to produce personal protective equipment such as face shields, masks, and headcovers, among others, thereby positively impacting the demand for polypropylene. Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China and India. Key Market Trends Increasing Demand for Injection Molding Polypropylene is majorly used for injection molding and is mostly available for this application in the form of pellets. Polypropylene is easy to mold, and it flows very well because of its low melt viscosity. Injection molding technology used to produce plastics which are used extensively in electrical and electronic applications.These plastics are widely used in the manfacturing of electrical and electronic devices. Polypropylene injection molding used in the manfacturing of electric devices such as, sensors, meters and industrial test equipment.The global production by the electronics and IT industries excepted to rise 11% year on year in 2021 to reach $3,360.2 billion. Thus growth in electronic segment is likely to fuel the marke demand for injection molded polypropylene plastics. Also Injection molding technology is used in the production of high-precision engineering components and various disposable consumer products that are utilized in housing appliances, consumer electronics, medical devices (such as valves and syringes), power tools, automotive dashboards, car bumpers, open containers, fittings, toothbrushes, and toys, among various other products. The high growth of the packaging and chemical processing industries across the world is expected to offer a favorable market scenario for injection molding. Owing to the geographical advantage of distribution to the rapidly growing Asia-Pacific region, the consumption of injection-molded pallets may increase drastically. North America likely to boost higher market growth North America polypropylene market likely to boost during the forecast period (2022-27) , as its usage increased in countries like United states, Canada and Mexico. United States is a leading consumer of polypropylene, in the automotive industry, due to the continuous emphasis on efficient vehicles in the country. The regulations regarding emissions have had an impact on the production of motor vehicles in the country, this dip has had an impact on the growth of polypropylene in the country’s automotive sector. Alos United States commanding USD 135 billion in the worldwide packaging industry, the flexible packaging industry is the second largest sector of the business, with flexible packaging offering consumers extensive desirable characteristics. Thus, it may drive demand for polypropylene used in flexible packaging applications. According to the Bureau of Labor Statistics, as of Q3 2020, there were 1,045,422 retail establishments in the United States, up 4,801 versus Q2 2020, representing the highest Q3 establishment count in the last decade. Additionally, retail industry sales are expected to increase between 3.8% and 4.4%, with e-commerce retail sales expected to grow by 10-12%. Numerous growth opportunities exist in the US retail market for retail providers of all sizes. Thus growth in ratail sales may drive market for polypropylene used in flexible packaging applications. In the electronics market, the United States is the largest market in the world, in terms of size. Furthermore, it is expected to remain the leading market over the forecast period, due to the usage of advanced technology, increase in the number of R&D centers, and rising demand from the consumers. According statista retail sales of electronics and appliance stores amounted to approximately CAD 14.76 billion in 2020. Additionally, with companies actively investing in the electronics industry in the region, the demand is likely to continue to expand, thus growing polypropylene use in the North America region. Such growth in various industries is expected to drive the market for Polypropylene in North America region during the forecast period. Competitive Landscape The polypropylene market is partially fragmented in nature, with intense competition among the top players to increase the share in the market. Some of the major players in the market include China Petrochemical Corporation (SINOPEC), LyondellBasell Industries Holdings BV, Total, China National Petroleum Corporation, and SABIC. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Read the full report: https://www.reportlinker.com/p06231658/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________