The global polypropylene & high-impact polystyrene market was valued at $49.6 billion in 2021, and is projected to reach $81.1 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
The thermoplastic polymers polypropylene (PP) and high-impact polystyrene (HIPS), often known as PS, were first commercially introduced in the 1950s. They both have a low cost per unit weight, good heat resistance, excellent electrical insulation properties, and a wide range of chemical resistance. HIPS can be found in foam cups or various building components, such as doors and windows frames, while PP is used to produce supermarket bags and other throwaway packaging.
Increase in building activities, the developing packaging industry, and rise in demand for consumer products and electronics, and domestic applications are some of the primary drivers for the market growth. In addition, the market witnesses a number of notable developments, including adoption of automation in the injection molding process, increase in the usage of lightweight materials, and increase in packaging innovations. Furthermore, strong demand for polypropylene and HIPS across a variety of end-use sectors, as well as growing awareness of the benefits of these materials in terms of sustainability over other options, such as glass or metal, drive the expansion of the market. Furthermore, increase in the number of recycling programs in wealthy economies is expected to boost the plastic usage globally.
The polypropylene & high-impact polystyrene market for injection molding is segmented on the basis of material, application, and region. By material, the market is segregated into polypropylene and high-impact polystyrene. On the basis of application, it is fragmented into consumer goods & electronics, household, packaging, horticulture & agriculture, construction, automotive, textile, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include, LyondellBasell, SABIC, Exxon Mobil Corporation, INEOS, KISCO LTD., Innova, Resilient Plastics Pvt. Ltd., King Plastic Corporation, China Petroleum & Chemical Corporation (Sinopec Limited), and LG Chem. The global polypropylene & high-impact polystyrene market for injection molding report provides in-depth competitive analysis as well as profiles of these major players.
The thermoplastic polymers polypropylene (PP) and high-impact polystyrene (HIPS), often known as PS, were first commercially introduced in the 1950s. They both have a low cost per unit weight, good heat resistance, excellent electrical insulation properties, and a wide range of chemical resistance. HIPS can be found in foam cups or various building components, such as doors and windows frames, while PP is used to produce supermarket bags and other throwaway packaging.
Increase in building activities, the developing packaging industry, and rise in demand for consumer products and electronics, and domestic applications are some of the primary drivers for the market growth. In addition, the market witnesses a number of notable developments, including adoption of automation in the injection molding process, increase in the usage of lightweight materials, and increase in packaging innovations. Furthermore, strong demand for polypropylene and HIPS across a variety of end-use sectors, as well as growing awareness of the benefits of these materials in terms of sustainability over other options, such as glass or metal, drive the expansion of the market. Furthermore, increase in the number of recycling programs in wealthy economies is expected to boost the plastic usage globally.
The polypropylene & high-impact polystyrene market for injection molding is segmented on the basis of material, application, and region. By material, the market is segregated into polypropylene and high-impact polystyrene. On the basis of application, it is fragmented into consumer goods & electronics, household, packaging, horticulture & agriculture, construction, automotive, textile, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in this report include, LyondellBasell, SABIC, Exxon Mobil Corporation, INEOS, KISCO LTD., Innova, Resilient Plastics Pvt. Ltd., King Plastic Corporation, China Petroleum & Chemical Corporation (Sinopec Limited), and LG Chem. The global polypropylene & high-impact polystyrene market for injection molding report provides in-depth competitive analysis as well as profiles of these major players.
Impact of COVID-19 on Global Polypropylene & High-impact Polystyrene Market for Injection Molding
- The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of production activities in most of the industrial units across the globe.
- The COVID-19 pandemic stagnated production activities in various areas, such as consumer goods & electronics, household, packaging, horticulture & agriculture, construction, automotive, and textile making. Supply chain disruptions of raw materials to these industries led to decline in the demand for polypropylene & high-impact polystyrene.
- In addition, the price of crude oil fell significantly due to decrease in demand for oil from various industries, subdued production activities in various industries, and increase in restrictions due to lockdown globally, which further reduced operating rates.
- However, the demand for plastic products from the healthcare and food packaging industries is on the rise again due to the rise in preference for single use healthcare products and packaged food & beverages.
Key Benefits For Stakeholders
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current trends and future estimations of the polypropylene & high-impact polystyrene market for injection molding from 2021 to 2031 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, & opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Key Market Segments
By Application
- Household
- Packaging
- Horticulture and Agriculture
- Construction
- Automotive
- Textile
- Others
- Consumer Goods and Electronics
By Material
- Polypropylene
- High-impact Polystyrene (HIPS)
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- China Petroleum & Chemical Corporation (Sinopec Limited)
- Exxon Mobil Corporation
- INEOS Group Holdings S.A
- King Plastic Corporation
- LG Chem Ltd
- LyondellBasell Industries Holdings B.V
- Khushi Enterprises
- Innova
- KISCO LTD.
- SABIC
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: POLYPROPYLENE & HIGH-IMPACT POLYSTYRENE MARKET, BY APPLICATION
CHAPTER 5: POLYPROPYLENE & HIGH-IMPACT POLYSTYRENE MARKET, BY MATERIAL
CHAPTER 6: POLYPROPYLENE & HIGH-IMPACT POLYSTYRENE MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Polypropylene & High-impact Polystyrene Market,' the polypropylene & high-impact polystyrene market was valued at $49.6 billion in 2021, and is estimated to reach $81.1 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.Injection molding is a mass production process, in which similar plastic components are produced in large quantity. Both, thermoplastic and thermosetting plastics can be used in the injection molding process. The injection-molded polypropylene & high-impact polystyrene is largely used in packaging applications to manufacture packaging parts and components to increase the aesthetic value and consumer friendliness of the packaging products.
The global polypropylene & high-impact polystyrene market for injection molding is primarily driven by a wide range of applications of the materials in numerous end-user industries and low waste production during the manufacturing process. Furthermore, the expansion of the polypropylene and high-impact polystyrene market for injection molding is aided by cheap labor costs and bulk manufacturing advantages. However, the market's growth is hampered by high initial tooling costs and restrictions on completed product design because injection molding is limited to a single design. Automation in the injection molding process is becoming more common as a result of technological advancements, which is projected to open up new prospects for market growth in the future.
According to material, the polypropylene segment is projected to hold a 90.0% market share in the market in 2021. Polypropylene holds the largest market share in the polypropylene and high-impact polystyrene market for injection molding 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.
By application, the automotive segment is projected to contribute a 24.9% market share in the market in 2021. Automotive sector has been the primary market for polypropylene and high-impact polystyrene as 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.
Region-wise, Asia-Pacific is projected to hold a significant share in the global polypropylene & high-impact polystyrene market for injection molding. APAC is the second-largest importer of polypropylene along with having 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 soldiers.
The major companies profiled in this report include, LyondellBasell, SABIC, Exxon Mobil Corporation, INEOS, KISCO LTD., Innova, Resilient Plastics Pvt. Ltd., King Plastic Corporation, China Petroleum & Chemical Corporation (Sinopec Limited), and LG Chem.
These players have adopted strategies such as product launch and business expansion to sustain the competition and to strengthen their foothold in the market.
Key Findings of Study
- Region-wise, Asia-Pacific is projected to grow at the highest CAGR of nearly 5.7%, in terms of revenue, during the forecast period.
- By application, the automotive segment accounted for the largest market share in 2021.
- By material, the polypropylene segment garnered the highest share in 2021.
IMPACT OF COVID-19 on Global Polypropylene & High-impact Polystyrene Market for Injection Molding
- The outbreak of COVID-19 led to partial or complete shutdown of production facilities that do not come under essential goods, owing to prolonged lockdown in major countries, including the U.S., China, Japan, India, and Germany. It led to either closure or suspension of production activities in most of the industrial units across the globe.
- The COVID-19 pandemic stagnated production activities in various areas, such as consumer goods & electronics, household, packaging, horticulture & agriculture, construction, automotive, and textile making. Supply chain disruptions of raw materials to these industries led to decline in the demand for polypropylene & high-impact polystyrene.
However, the demand for plastic products from the healthcare and food packaging industries is on the rise again due to the rise in preference for single use healthcare products and packaged food & beverages.
Companies Mentioned
- China Petroleum & Chemical Corporation (Sinopec Limited)
- Exxon Mobil Corporation
- INEOS Group Holdings S.A
- King Plastic Corporation
- LG Chem Ltd
- LyondellBasell Industries Holdings B.V
- Khushi Enterprises
- Innova
- KISCO LTD.
- SABIC
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | May 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 49.6 billion |
| Forecasted Market Value ( USD | $ 81.1 billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
