PP homopolymer offers good weldability and chemical resistance and offers a higher strength to weight ratio. Due to its vast application base, PP homopolymer is a huge volume of commodity material. The global uptake of PP homopolymer was recorded at 42.0 Mn metric tonnes in 2015. The global PP homopolymer market is estimated to be valued at US$ 76.67 Bn towards 2026 End, registering a CAGR of 5.5% in terms of sales revenue during the assessment period (2016–2026).
New Developments & Product Innovations
To abide by several environmental and government regulations, automobile producers worldwide are focused on reducing carbon emissions from automobiles and PP homopolymer acts as an important role here. Usage of PP homopolymer direct towards decreased vehicle weight, accordingly boosting its fuel efficiency. To capitalize on the prospects in the market, companies are presenting new PP homopolymer grades to boost their market share globally.
COVID-19 Impact Analysis
The COVID-19 outbreak is causing economic hardship and widespread concern for communities, businesses, and consumers across the globe. The pandemic has resulted in several challenges in key regions such as supply chain disruption, fall in demand due to uncertainty in the capital markets, and the global economy. Workforces are encountering the risk of infection, and governments are beginning to impose movement restrictions and both add an unpredictable aspect to the outbreak.
Companies are required to upgrade their typical contingency plans that earlier help then to enable operational effectiveness following events such as power outages, cyber incidents, and natural disasters, among others.
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Key Takeaways of Market Study
- In terms of processing technology, the injection molding category is estimated to account for the highest market value share during the projected period and is likely to generate total incremental prospects of US$ 14.62 Bn during 2016-2026
- A rise in demand for injection molded products for appliances, personal care, home care, and other applications will be a major reason for the category’s growth by 2026.
- In terms of the end-use, the packaging category is projected to dominate the global market during the conjectured time frame owing to higher demand in Western Europe and North America. This category is likely to generate total incremental prospects of US$ 15.16 Bn towards 2026 end.
- Rise in consumption of PP homopolymer – especially for flexible packaging utilized in the food & beverage sector is likely to fuel the growth of the packaging category in the global market.
The APEJ region is likely to dominate the global market based on value and record a CAGR of 5.8% during the assessment period. The Middle East and Africa(MEA) region are projected to foresee a CAGR of 5.4% over the assessment period, making the region the second biggest market based on CAGR.
Market players are presenting new grades of PP homopolymer to address different regulatory and technical requirements for several end-use industries. Some of the market players are focused on introducing new PP homopolymer grades for several applications to boost their brand value. Top market players are also increasing their manufacturing capacities to fortify their product portfolio and attain a bigger market share.
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