LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global polypropylene random copolymer market predicts a CAGR of close to 6% during the period 2017-2021.
The report segments the global polypropylene random copolymer market by application (packaging, pharma and medical, and building and construction) and by geography (APAC, the Americas, Europe, and ROW). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global polypropylene random copolymer market, according to Technavio chemicals and materials researchers:
- Rising demand for metallocene-based polyolefin: a major market driver
- In 2016, the packaging segment dominated the market by occupying almost 54% share
- In 2016, APAC held the maximum share of the global polypropylene random copolymer market, accounting for a share of more than 48%
- Braskem, China Petrochemical, LyondellBasell Industries Holdings, Reliance Industries, and Total are the leading players in the market
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Rising demand for metallocene-based polyolefin: a major market driver
Rising demand for metallocene-based polyolefin is one of the major factors driving the global polypropylene random copolymer market. Polymerization of olefins with the nanoparticles by metallocene catalysts is one of the efficient ways of the production of polyolefin. Several companies such as BASF and ExxonMobil, are producing the metallocene-based polyolefin. The increase in demand for a metallocene-based catalyst, which has better properties than the conventional catalyst and wide use of this kind of polyolefins in various application sectors such as automotive, packaging, and construction is expected to drive the market during the forecast period.
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Packaging: largest application segment
Due to some specific characteristics such as superior dimensional stability, heat sealing strength, and low-temperature impact resistance, polypropylene random copolymer is widely used for packaging in the food and beverages and medical industries. It has substituted the use of other packaging materials such as metals, glass, and other plastic polymers. Properties such as a low melting point, chemical resistance, and high resistance to moisture absorption make it highly useful for food packaging. It is widely used in packaging of fruit juice, meat, processed food, and daily consumable items such as sweets, snacks, biscuits, and dairy products.
According to Kurva Samba Sivudu, a lead analyst at Technavio for research on plastics, polymers, and elastomers, “Polypropylene random copolymer possesses high flexibility and high tensile strength. Therefore, it can be molded into thin sheets that find use in packaging for cigarettes or tobacco, hosiery, and bread. Its use in packaging is increasing because of its lightweight, cost-effectiveness, and lack odor and taste. It is used in dairy containers and in jars for household use because of its high transparency. High moisture resistance and good sealing properties increase the shelf life of the packaged food products.”
Competitive vendor landscape
The global polypropylene random copolymer market is extremely competitive and moderately fragmented due to the presence of multinational, regional, and local vendors. Major manufacturers are present in APAC, the Americas, and Europe. Some major key vendors dominating the market are Braskem, China Petrochemical, LyondellBasell Industries Holdings, Total, and Reliance Industries. The key factor influencing the competitive scenario in the market is the abundant availability of raw materials, and their prices vary from supplier to supplier. Although local vendors have a cost advantage of raw materials, it is difficult for them to compete with major vendors in terms of price, quality, and supply of differentiated products. Competitors are investing in R&D for making their products innovative and different from others.
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