The top five companies in the global market for polypropylene random copolymer held only 30% share of the overall market in 2014 reflecting a highly fragmented vendor landscape, a recent report published by Transparency Market Research (TMR) says. Several manufacturers in the market are focused on adding new features to their products to attain competitive advantage in the market. Some of the key players in the global polypropylene random copolymer market include LyondellBasell Industries N.V., Braskem, Sinopec, and Reliance Industries Limited.
The global market for polypropylene random copolymer is expected to expand at a CAGR of 5.20% between 2015 and 2023 to reach a valuation of US$9.2 bn by 2023 increasing from US$5.9 bn in 2014.
Large-scale Use for Food and Beverage Packaging ups Demand for Polypropylene Random Copolymers
The major end-use segments of the polypropylene random copolymer market are building and construction, healthcare, packaging, and others (furniture, sports, toys, media packaging, etc.) In 2014, the segment of packaging led the market in terms of volume accounting for more than 55% of the market. Polypropylene random copolymers are preferred for packaging solutions due to their exceptional stiffness, heat resistance, organoleptic nature, and sealability. Polypropylene random copolymer is predominantly used in food and beverage container packaging.
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The healthcare industry is the second-leading consumer of polypropylene random copolymers. They are largely used for syringes, labware, and bottles. Some manufacturers have introduced special types of polypropylene random copolymer for other medical applications. Polypropylene random copolymers are used in the manufacture of hot and cold water pipes in the construction sector. Sports, automotive, toys, media packaging, furniture, and household appliances are other end-use industries of polypropylene random copolymer.
The global market for polypropylene random copolymer is divided into the regional segments of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Amongst these, Asia Pacific represented almost 50% of the market and stood as the leading regional segment by volume in 2014. In this region, India, China, and ASEAN countries are expected to display substantial demand for polypropylene random copolymers due to the increasing demand for food containers to serve the changing lifestyle. On the other hand, Latin America market for polypropylene random copolymer is expected to display exponential growth due to the rising demand for polypropylene random copolymers from food and beverage and medical industries.
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However, Europe and North America are mature markets for polypropylene random copolymer and are expected to display a dip by 2023.
Demand for Food Containers to Provide Ample Growth Opportunities
“The increasing demand for food containers and the increasing use of syringes in injectable drugs are the topmost factors driving the global market for polypropylene random copolymer,” says analyst at TMR. The increasing number of supermarkets/hypermarkets in many countries globally has also been significantly contributing to the growth of polypropylene random copolymers market. Furthermore, the beverage industry is expected to extend growth opportunities for producers of polypropylene random copolymers over the forecast period.
On the flip side, availability of substitutes and fluctuating raw material prices are expected to hamper the growth of this market in the forthcoming years.
The global polyproplylene random copolymer market is segments as follows:
Polypropylene Random Copolymer Market – End-user Analysis
Building & Construction
Others (Including Media Packaging, Furniture, Toys, Sports, etc.)
The review presented is based on the findings of Transparency Market Research report, titled “Polypropylene Random Copolymer Market (End-user – Packaging, Building & Construction, Healthcare) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”