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Total polypropylene consumption worldwide is set to reach 62.4 percent by 2020, growing at a CAGR of 4.5 percent from 42.3 million tons in 2011, according to a new report.
The report, from U.S.-based GBI Research, says demand will rise as a result of economic growth developing industrialization.
Much of the growth is due to booming developing markets, namely China, South Korea, Japan and India. North America will see demand recover from the losses seen in 2010-2011 but Europe will continue to suffer because of the Eurozone economic crisis, says the report.
The packaging industry will consume around 20.1 million tons of PP in 2020, fueled by demand for food and flexible packaging.