Certain characteristics of propylene are contributing to growth in its demands. Some of these properties include high impact resistance, low sealing, and so on. Formed by catalytic polymerization, polypropylene production is dependent on factors such as availability of crude oil and natural gas. Used in various industries such as packaging, construction, and automobile, the market for polypropylene is coextensive with these. And, it goes without saying that it means that growth in either, contributes to growth in the polypropylene market.
Construction Industry to Generate Significant Demand in the Global Propylene Market over the Forecast Period
And, it is significant to note here that construction volumes are all set to increase in the next 10 years, as per a study called Construction 2030, powered by PwC. It states that a 85% increase in volumes of construction are expected, which will lead to an increase in market worth , which will be pegged at a USD 15.5 trillion. India, China, and the United States of America, will lead this growth chart, carving out a 57% share from the overall growth.
It does not really surprise anyone that the increase in construction volumes is massive as it is quite in sync with rise in population. As per a study, about 2 billion people would be added to global population by the end of the year of 2050. This will bring the global population up to a 9.7 billion from a 7.7 billion. All these people will need homes, commercial spaces, recreational centers, and a robust infrastructure.
Players to Focus on Cutting Edge Marketing Strategies to Gain Edge over Global Propylene Market Players over the Forecast Period
At this point, it is important to note that the competitive landscape of global polypropylene market is fragmented and the large number of players that are flanking the market have a keen eye on product improvement and conception of superior market strategies to ensure that they have an edge over competitors and to be able to slice out a larger piece of the overall growth pie. Prominent names of players that are functioning in the global polypropylene market are LyondellBasell Industries N.V, Reliance Industries Limited, INEOS Group Holdings, BASF SE, and Borealis AG.
Asia Pacific Region to Show a Tremendous Growth Performance over the Forecast Period
Owing to a rise in demand in China and Brazil, the Asia Pacific (APAC) region will chart a significant CAGR (Compound Annual Growth Rate). The growth is largely and outcome of demand for food containers in nations marking the regional landscape. It is pertinent to note here that there is another region that will generate lucrative opportunities of growth – Latin America and Middle East.