Global Polypropylene Market: Key Highlights
Global Polypropylene Market: Key Market Dynamics
Global Polypropylene Market: Regional Overview
The Asia Pacific polypropylene market is booming on the grounds of the increasing investment in the expanding the production capabilities. Presence of key contributing region such as China, to boost domestic supply of the polypropylene is again fueling the market growth in the Asia Pacific. Emergence of the prominent manufacturing regions such as China, India among others is expected to drive the market growth in the forecast period. This is further dragged by the increasing import of the propylene and related derivatives in China, to boost the production of polypropylene.
The polypropylene market in North America is experiencing steady growth owing to increased cost competitiveness in the North American players providing polypropylene. Increasing project dedicated to polypropylene production in the region owing to rise in the profit margins is further contributing immensely towards the growth of this market. Increasing investment in the shale gas production in the region is another factor boosting the market growth.
Global Polypropylene Market: Key Players Overview
Germany-based BASF SE, which operates globally through offering range of specialty materials. The company offers polypropylene and additives for the polypropylene, which is suitable in automotive, electrical, healthcare and other sector to carry out specific application. In 2019, BASF announced that it has signed a Memorandum of Understanding with Abu Dhabi National Oil Company, Adani Group and Borealis AG for establishment Propane dehydrogenation for raw material supply to be used for polypropylene production.
Exxon Mobil Corporation is the US based company operating across the globe. The company offers polypropylene Achieve Advanced PP, and ExxonMobil PP product range, which is used in varied industrial sector. In 2019, the company plans to invest in the construction of the new production facilities in order to boost the production capacity up to 450,000 tons annually.
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