Albany - NY, Sept. 1, 2015 (GLOBE NEWSWIRE) -- According to the report, the global polypropylene random copolymer market was valued at US$ 5.92 Bn in 2014 and is anticipated to reach US$ 9.29 Bn by 2023, expanding at a CAGR of 5.2% between 2015 and 2023. In terms of volume, the global polypropylene random copolymer market stood 3,807.2 kilo tons in 2014.
Rising demand for food containers coupled with growing consumption of syringes for injectable drugs is expected to boost the global polypropylene random copolymer market in the next few years. Polypropylene random copolymer is primarily used in the manufacture of food containers due to high heat and impact resistance, flexibility, and excellent transparency. Demand for food containers is increasing due to changing lifestyle and shift toward packaged food, especially in China, India, and Brazil. Furthermore, rising number of large supermarkets in these countries is augmenting demand for food containers and polypropylene random copolymer. However, stiff competition from available substitutes and volatile raw material prices are projected to hamper growth of the market during the forecast period. Polypropylene random copolymer has high potential to replace glass or polyethylene terephthalate (PET) in the packaging of hot and cold beverages such as milk, water, and juices.
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In terms of volume, the packaging industry accounted for the largest share of the polypropylene random copolymer market, accounting for over 55% share in 2014. Beneficial properties of polypropylene random copolymer such as transparency, stiffness, organoleptic, sealability, and heat resistance make it one of the most efficient materials for packaging of food and beverages. The healthcare industry held the second-largest share of the polypropylene random copolymer market in 2014, especially in syringes, labware, and bottles. Other uses of polypropylene random copolymer include media packaging, furniture, and automotive.
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Asia Pacific emerged as the largest consumer of polypropylene in 2014 due to changing lifestyle, increasing disposable income, and rising demand for packaged food. In terms of volume, Asia Pacific accounted for more than 50% share of the global polypropylene random copolymer market in 2014. It is expected to be the fastest-growing region during the forecast period. Moderate growth is anticipated from North America and Europe especially in healthcare and building & construction industries between 2015 and 2023.
The global polypropylene random copolymer market is highly fragmented in nature. The top five companies held nearly 30% share in 2014. Most market players are vertically integrated, thus gaining competitive advantage. Leading players in the market include LyondellBasell Industries N.V., Total Petrochemicals & Refining USA, Inc., Braskem, SABIC, Sinopec, Borealis AG, Reliance Industries Limited, Formosa Plastics Corporation, Sasol, INEOS Olefins & Polymers USA, and Exxon Mobil Corporation.
The report segments the global polypropylene random copolymer market as follows:
Polypropylene Random Copolymer Market - End-user Analysis
- Building & Construction
- Others (Including Media Packaging, Furniture, Toys, Sports, etc.)
Polypropylene Random Copolymer Market - Regional Analysis
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
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