Polypropylene & High-impact Polystyrene Market By Application (Consumer Goods and Electronics, Household, Packaging, Horticulture and Agriculture, Construction, Automotive, Textile, Others), By Material (Polypropylene, High-impact Polystyrene (HIPS)): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global polypropylene & high-impact polystyrene market was valued at $49.6 billion in 2021, and is projected to reach $81.1 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
The thermoplastic polymers polypropylene (PP) and high-impact polystyrene (HIPS), often known as PS, were first commercially introduced in the 1950s. They both have a low cost per unit weight, good heat resistance, excellent electrical insulation properties, and a wide range of chemical resistance. HIPS can be found in foam cups or various building components, such as doors and windows frames, while PP is used to produce supermarket bags and other throwaway packaging.
Increase in building activities, the developing packaging industry, and rise in demand for consumer products and electronics, and domestic applications are some of the primary drivers for the market growth. In addition, the market witnesses a number of notable developments, including adoption of automation in the injection molding process, increase in the usage of lightweight materials, and increase in packaging innovations. Furthermore, strong demand for polypropylene and HIPS across a variety of end-use sectors, as well as growing awareness of the benefits of these materials in terms of sustainability over other options, such as glass or metal, drive the expansion of the market. Furthermore, increase in the number of recycling programs in wealthy economies is expected to boost the plastic usage globally.
The polypropylene & high-impact polystyrene market for injection molding is segmented on the basis of material, application, and region. By material, the market is segregated into polypropylene and high-impact polystyrene. On the basis of application, it is fragmented into consumer goods & electronics, household, packaging, horticulture & agriculture, construction, automotive, textile, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include, LyondellBasell, SABIC, Exxon Mobil Corporation, INEOS, KISCO LTD., Innova, Resilient Plastics Pvt. Ltd., King Plastic Corporation, China Petroleum & Chemical Corporation (Sinopec Limited), and LG Chem. The global polypropylene & high-impact polystyrene market for injection molding report provides in-depth competitive analysis as well as profiles of these major players.
Impact of COVID-19 on Global Polypropylene & High-impact Polystyrene Market for Injection Molding
The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of production activities in most of the industrial units across the globe.
The COVID-19 pandemic stagnated production activities in various areas, such as consumer goods & electronics, household, packaging, horticulture & agriculture, construction, automotive, and textile making. Supply chain disruptions of raw materials to these industries led to decline in the demand for polypropylene & high-impact polystyrene.
In addition, the price of crude oil fell significantly due to decrease in demand for oil from various industries, subdued production activities in various industries, and increase in restrictions due to lockdown globally, which further reduced operating rates.
However, the demand for plastic products from the healthcare and food packaging industries is on the rise again due to the rise in preference for single use healthcare products and packaged food & beverages.
Key benefits for stakeholders
Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
It outlines the current trends and future estimations of the polypropylene & high-impact polystyrene market for injection molding from 2021 to 2031 to understand the prevailing opportunities and potential investment pockets.
The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
The key drivers, restraints, & opportunities and their detailed impact analysis are explained in the study.
The profiles of key players and their key strategic developments are enlisted in the report.
Key Market Segments
By Application
Household
Packaging
Horticulture and Agriculture
Construction
Automotive
Textile
Others
Consumer Goods and Electronics
By Material
Polypropylene
High-impact Polystyrene (HIPS)
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
China Petroleum & Chemical Corporation (Sinopec Limited)
Exxon Mobil Corporation
INEOS Group Holdings S.A
King Plastic Corporation
LG Chem Ltd
LyondellBasell Industries Holdings B.V
Khushi Enterprises
Innova
KISCO LTD.
SABIC
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