One of the most widely used plastics, polypropylene is known for its strength and flexibility. It offers high-resistance to temperature and provides higher tensile strength due to which it is preferred in various applications such as caps, batteries, packaging and automotive components.
These are just some of the few factors out of many that make it the second most traded polymer in the world. Over the next decade, the polypropylene market in India is expected to grow tremendously. Let’s look at some of the reasons behind the growth and gain insights about the future of the polypropylene market.
According to TechSci Research, the Indian polypropylene market in India is projected to grow at a CAGR of over 11% through 2030. Rising industrialization, rapid urbanization, and surging application demands are the major factors behind the market growth in India. The growth potential for the polypropylene market in India is anticipated to be huge. India’s automotive components market valued at around $39 billion. This is due to the use of Impact Copolymers Polypropylene (ICP) that is used in the manufacture of automobile components.
The Tubular Quenched Polypropylene (TQPP) market is expected to grow to $110 billion by 2020. This is due to the rising demand in the packaged food market. Given the rising rate of industrial development and consumption expenditure across the country, the market will witness an enhanced use of polypropylene and its derivatives in multiple application segments in the next few years.
Now addressing the different regions, there is a major demand of polypropylene in the West and the North regions. This is due to the presence of numerous plastic processing facilities in the two regions. The leading players operating in India polypropylene market include Reliance Industries Ltd., Indian Oil Corporation Ltd., HPCL-Mittal Energy Ltd., and Haldia Petrochemicals Ltd.