Polypropylene Random Copolymer Market Size

Polypropylene Random Copolymer Market Size

Polypropylene Random Copolymer Market size generated USD 6 billion in 2015 and is forecast to witness 5.4% CAGR up to 2024.
 

Polypropylene random copolymer market size is chiefly driven by increasing product applications across food storage containers mainly due to its superior impact resistance, good optical and flexibility characteristics. In addition, the product offers value added properties such as gloss, transparency, light weight and decent heat resistance. It also helps in retaining food’s organoleptic properties. Furthermore, the global food containers industry was valued roughly at over USD 110 billion in 2015 and is projected to cross USD 175 billion over the projected timeframe. The global food vessels business comprises of glass, metal, paperboard and plastic containers. The industry demand is positively influenced increasing consumer per capita disposable income, which results in elevated packed and processed food demand. This trend is analyzed to fuel the global polypropylene random copolymer industry share by 2024. The product based vessels are extensively used in vegetables, fruits, grain, meat and dairy products storage. These containers are widely preferred across household applications owing to their transparency, which makes it easy for labelling and recognition.

Drifting focus of food manufacturers towards esthetic packaging and labelling along with added durability by enhancing shell life of packed food will further complement the global market demand over the estimated timeframe. Increasing number of dual income families in the BRIC nation will also boost the business growth by 2024. Additionally, increasing number of super market in Asia Pacific will contribute industry growth substantially.
 

Petrochemical feedstock are primary sources required in the global industry size. For instance, ethylene and naphtha are basic raw materials for product manufacturing process, which are further processed to form the resultant product. Therefore, the global industry price trends experience the same industry dynamics. As a result, oscillating crude oil and petrochemical prices may hamper growth by 2024.
 

Additionally, in 2009, naphtha price at roughly over USD 520 per ton and exponentially rose to over USD 930 per ton in 2010. However, increasing product usage across beverages such as flavored milk & water and fruit juices packaging will create new growth prospects for the industry participants over the forecast timeframe. The product based containers are highly preferred in beverages owing to development of new product grades with superior clarity. In addition, the product carries immense potential to replace traditional beverage packing such as glass and PET, which may also boost polypropylene random copolymer market growth by 2024.