Thursday, 21 December 2017

Polypropylene Market - Current Scenario and Forecast 2017-2021

MRC Announces the Publication of its Research Report – Global Polypropylene Market 2017-2021
MRC recognizes the following companies as the key players in the global polypropylene market: Braskem, China Petrochemical, Exxon Mobil, INEOS Group Holdings, and LyondellBasell Industries Holdings.
Other Prominent Vendors in the market are: BASF, Borealis, Ducor Petrochemicals, Formosa Plastics, Haldia Petrochemicals, HPCL-Mittal Energy Limited (HMEL), Indian Oil Corporation, Japan PP, Koch Industries, MITSUI CHEMICALS AMERICA, Reliance Industries, SABIC, Saudi Polymers, Total, and Westlake Plastics.
Commenting on the report, an analyst from MRC’s team said: “One trend in the market is increasing use of lightweight materials. There is an increase in the use of lightweight materials, such as high strength steel, aluminum, composites, magnesium, and plastics, in the aerospace industry. The global lightweight materials market is expected to grow at a rate more than 8.5% during the forecast period and the global plastic materials market is expected to grow at a CAGR more than 10%.”
According to the report, one driver in the market is increase in global plastic recycling activities. The recycling of plastic refers to the process that involves the recovery of waste or scrap plastic and the reprocessing of materials. The PP market is driven by global efforts to decrease the extent of plastic that is otherwise wasted. The recycling of plastics involves the segregation of plastic into different polymers, followed by the chipping and melting process. The global market for recycled plastics is expected to grow at a CAGR of 4.31% during the forecast period. The growth of the non-food-contact packaging segment for recycled plastics is expected to be approximately 6% during the same period.
Further, the report states that one challenge in the market is fluctuation in the price of raw materials. The fluctuation in the price of raw materials has a negative impact on players in the market that rely heavily on them during the manufacturing process. The increase in the price of oil translates into the increase in the cost of petroleum-based products, including plastics. For instance, the price of PP had increased by 4.5% in December 2016, due to a hike in the price of crude oil in India. The crude oil prices in November 2016 was $46.28 per barrel, and increased to $54.10 per barrel in December 2016.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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