Polypropylene & High-impact Polystyrene Market size is forecast to reach $62.9 billion by 2025, after growing at a CAGR of 5% during 2020-2025. With rise in the consumption everyday objects such as packaging trays, household products, battery cases, medical devices, among others, the polypropylene & high impact polystyrene market is witnessing an increase in demand. High impact polystyrene (HIPS) is a low-cost, plastic material that has excellent impact resistance and stability, will further enhance the overall market demand for Polypropylene & High-impact Polystyrene during the forecast period.
Material – Segment Analysis
Polypropylene holds the largest market share in the polypropylene and high impact polystyrene market as, polypropylene is also used for making automotive components and, because of the very large market of automotive sector polypropylene will witness an increase in market demand. Polypropylene is an extremely versatile material and can be used for a wide range of applications. PP is tough yet flexible, being classed as semi-rigid. It is extremely resistant to heat, chemicals, and fatigue. Furthermore, it is translucent and has an integral hinge property. Polypropylene is the most popular plastic used for packaging materials in the world. Polypropylene has a relatively slippery surface which can make it a possible substitute for plastics like Acetal (POM) in low friction applications like gears or for use as a contact point for furniture.
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Application – Segment Analysis
Automotive sector has been the primary market for Polypropylene & High-impact Polystyrene because according to the International Organization of Motor Vehicle Manufacturers the Global commercial vehicles sales is likely to reach 100 Million very soon. In automotive sector, vehicle weight reduction has become the most challenging requirement faced by automotive manufacturers and suppliers. Original Equipment Manufacturing (OEM) use polypropylene to produce vehicles that are lightweight, energy efficient, and sustainable. It is also used in combination with metals to improve energy absorption and distribution. Apart from this, it is also used in a variety of parts such as bumper fascias, instrumental panels, and door trims. The low density and recyclability properties are expected to drive the use of polypropylene and high impact polystyrene in the automotive industry during the forecast period.
Geography – Segment Analysis
APAC dominated the Polypropylene & High-impact Polystyrene market with a share of more than xx%, followed by North America and Europe as, APAC is the 2nd largest importer of polypropylene and massive demand for its products. Polypropylene’s characteristics make it ideal for tough, robust products ranging from protective car bumpers to life-saving medical tools to cold-weather gear for our soldiers. Plus it also can be engineered into a wide range of packaging that helps protect products we rely on every day, from medicine to yogurt to baby food. While High Impact Polystyrene (HIS) is a low cost, tough plastic that is easy to thermoform and fabricate. HIPS is often used for countertop point of purchase displays and indoor signs where ease of fabrication is essential.
Drivers – Polypropylene & High-impact Polystyrene Market
Wide variety of products
Both Polypropylene and High impact polystyrene produces wide variety of products for different end use industries. Polypropylene includes Clear film packaging, Carpet fibers, Housewares, Rope Labeling, Banknotes, Stationary, Reusable containers, Loudspeakers, Automotive components, Laboratory equipment, Thermal underwear among others. Whereas High impact polystyrene includes Trays, Plates, Housing materials, Prototypes among others. So, because of these wide variety of products and growing popularity towards it, is likely to aid the market demand for polypropylene and high impact polystyrene market.
Implementation of Stringent Environment Regulations
Increasing adoption of sustainable and environment friendly products, implementation of stringent government regulations will increase the market demand for Polypropylene & High-impact Polystyrene in the near future. Recycling of polypropylene is emerging as an important, and economically viable, option on a large scale. Polypropylene are recyclable also. The prime thermoplastic polymers used in injection molding, include polypropylene, high-impact polystyrene, low density polyethylene, high density polyethylene, polycarbonate, polystyrene, polyvinyl chloride, polyurethane, and high-impact polystyrene. Polyolefins (POs) are the most widely used commercial polymers. Co-crystallization and co-cross linking can often be the suitable morphologies that are resistant to coalescence.
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Challenges – Polypropylene & High-impact Polystyrene Market
Impact of COVID 19 on Polypropylene & High-Impact Polystyrene Market
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing any goods. One of the major difficulties, market is facing are the shutdown of all kinds of transportation. Global crisis for all sectors including shipping, which was hit by slowing demand in goods’ production and exports had slowdown the market for Polypropylene & High- Impact Polystyrene.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Polypropylene & High-impact Polystyrene market. Major players in the Polypropylene & High-impact Polystyrene Market are Astor Chemical Engineering Co., Ltd, Dowdupont Inc, Dowdupont Inc, Ineos Group Holding S A, King Plastic Corporation among others.
In June 2018, Toray Industries acquired a plot measuring about 350,000 m2 in Andhra Pradesh, India, for its local subsidiary Toray Industries (India) Private Limited. The company has decided to establish a new base for its polypropylene (PP) spunbond for hygiene materials business, whose market is expected to expand along with the increasing demand for disposable diapers
Asia-Pacific dominates the Polypropylene & High-impact Polystyrene market owing to increasing demand from applications such as packaging, automotive among others.
Polypropylene & high-impact polystyrene parts or components are mainly used for piping systems, insulations, wall boards, and roofing purposes, is likely to aid in the market growth of polypropylene & high-impact polystyrene.
Increasing adoption of sustainable and environment friendly products, implementation of stringent government regulations will increase the market demand for Polypropylene & High-impact Polystyrene in the near future.
Polypropylene products are extremely flammable and will melt when exposed to heat, will create hurdles for the Polypropylene & High-impact Polystyrene market.
Related Reports :
A. Expandable Polystyrene Market
B. Polypropylene (PP) Resin Market
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