APAC Polypropylene Random Copolymer Market to manifest highest gains over 2016-2024, surging demand from the packaging sector to augment the industry growth
Candidly driven by two key factors including rising per capita income and high demand for processed food, Polypropylene Random Copolymer Market will register a commendable valuation over the years ahead. Consumer lifestyles are becoming consistently hectic, and this is leading to a high demand for packaged meals. Subsequently, the requirement for high-grade food containers is on a rise, thereby propelling polypropylene random copolymer industry. In addition, food containers are also used in household applications subject to the transparency factor and ease of labeling, which will further spur the industry trends.
U.S. Polypropylene Random Copolymer Market size, by end-use, 2013-2024 (USD Million)
Polypropylene random copolymers are basically thermoplastic resins that are manufactured during the polymerization process of propylene. These resins have a wide range of seal initiation temperature, excellent gloss and transparency, high heat resistance, and aesthetic properties. On these grounds, PRC products are light weight, they possess high radiation resistance, and have the capacity of retaining the organoleptic properties of food. Consequently, these products are heavily used for manufacturing food containers made of plastic, glass, paperboard, and metal. As per estimates, global food container market was valued around USD 110 billion in 2015 and is forecast to cross a valuation of USD 175 billion by 2024, which is another factor driving polypropylene random copolymer industry.
The rising F&B sector across Asia Pacific is one of key drivers of the regional polypropylene random copolymer market. With India, Japan, and China at the helm, APAC led the overall polypropylene random copolymer industry in the year 2015. Changing consumer lifestyles, increased middle class population, and rising disposable incomes of consumers will primarily drive APAC polypropylene random copolymer market, which is slated to experience the maximum gains of 5.5% over 2016-2024.
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Polypropylene random copolymers find applications in blow molding, thermoforming, BOPP & blown films, pipes, injection molding, and transparency packaging. On these grounds, polypropylene random copolymer products are used principally across the healthcare, construction, and packaging sectors. Global polypropylene random copolymer market from packaging applications is slated to observe the maximum growth over the coming seven years, subject to the ever-growing packaging sector and the superior product properties. In addition, shifting consumer trends toward packaged meals will augment the packaging sector, which held more than 50% of the overall polypropylene random copolymer industry in 2015.
PP random copolymers find heavy utilization in the medical sphere, especially for the manufacture of equipment such as syringes, owing to the product’s transparency and heat resistance. Polypropylene random copolymer market from the healthcare sector was worth USD 1 billion in 2015 and is forecast to rise significantly over the coming timeframe.
The highly developed healthcare industry in North America will be a major factor propelling the regional polypropylene random copolymer market. Led by the United States, this market stood at a valuation of more than USD 950 million in 2015. The U.S. and Canada are also major shareholders of the global F&B packaging industry, which will further impel the regional trends.
Global polypropylene random copolymer market is rather fragmented. As per estimates, in 2015, the top six manufacturers held more than 25% of the overall share. This business encompasses the participation of Pinnacle Polymers LLC, Total Petrochemicals & Refining USA Inc., LyondellBasell, Flint Hills Resources, Formosa Plastics, Reliance Industries Limited, INEOS Olefins & Polymers USA, Braskem, Sasol, and Entec Polymers. Polypropylene random copolymer industry, to an extent, is integrated, as far as downstream and upstream operations are concerned. Companies often engage in novel product enhancements to consolidate their position in the global business.
Petrochemical feedstock such as naphtha and ethylene are basic raw materials that are used for product manufacturing. Thus, crude oil and petrochemical price fluctuations are likely to hinder the progress of polypropylene random copolymer market. However, the product usage across the F&B industry has been exponentially rising owing to its superior qualities. In addition, companies have been making efforts to manufacture high grade and innovative products as alternatives to conventional beverage packaging, which is likely to propel polypropylene random copolymer industry trends over the coming seven years.
Author Name : Saipriya Iyer