Global Market for Polypropylene to Cross $165.6 Billion Revenue by 2030
The global polypropylene market value, which was $94.3 billion in 2020, will reach $165.6 billion by 2030, growing at a CAGR of 5.7%. During the COVID-19 pandemic, the polypropylene market was hit severely as the shutting down of most manufacturing plants led to a reduced demand for the plastic. Although the demand for it increased for the production of N95 masks, plungers, and gloves for the healthcare sector, curtailed industry operations led to a low-volume output despite the falling prices of raw materials, most importantly crude oil. The homopolymer bifurcation dominated the type segment of the polypropylene market i n the past. The higher strength-to-weight ratio of homopolymers makes them stronger and stiffer than polypropylene copolymers. Other benefits of homopolymers are high tolerance to chemical exposure and extreme temperatures, high thermoforming performance, and good weldability.
