PUBLISHER: Grand View Research | PRODUCT CODE: 1224597
PUBLISHER: Grand View Research | PRODUCT CODE: 1224597
The global polypropylene market size is expected to reach USD 177.73 billion by 2030. It is expected to expand at 4.7% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing utilization across the automotive industry, followed by the increased demand for flexible packaging is anticipated to boost the growth of the polypropylene industry.
The use of polypropylene in automotive applications has increased in recent years since it is used for producing lightweight vehicles. This is an integral part of growing sustainability initiatives aimed at the reduction of carbon emissions by heavyweight vehicles. The European automotive market is one of the largest markets in the world, hence has a high level of competition among vehicle manufacturers. Therefore, companies in the automotive sector have been investing heavily in introducing new technologies and innovations, to reduce vehicle weight and improve fuel efficiency by utilizing polypropylene, which has been driving the demand for polypropylene.
Compounded TPO refers to a blend of polypropylene, polyethylene, and EPDM rubber. TPOs are processed via injection molding and blow molding, they exhibit superior characteristics such as high resistance to impact, excellent chemical resistance, and low density. These properties make them ideal for use in applications such as automotive parts that require increased toughness and durability over conventional polymers. Furthermore, they can be integrated with several additives resulting in properties such as flame retardants which enable their use in the electrical & electronics industry.
Polypropylene is the most widely used plastic in the packaging industry. With the growth of the packaging industry, the polypropylene industry has grown in recent years. It is mainly used in food packaging, where it is in direct contact with food or beverages. Instead of using paper or sisal sacks, food and beverage packaging uses polypropylene due to its waterproof and chemical-resistant nature.