KONSTANZ, GERMANY (Aug. 3, 10 a.m. ET) — The global market for polypropylene will reach $155 billion by 2019, boosted by especially strong growth in emerging markets, according to a new report.
According to Konstanz-based Ceresana Research, countries in Asia Pacific already account for more than half of PP sales, making the region the most important sales market, ahead of Western Europe and North America.
Moving forward, the Asia Pacific area will take up an even greater chunk at the expense of industrialized countries, according to Ceresana.
Global PP capacity is likely to increase by more than 23.5 million metric tons by 2019 and 57 percent of the new capacity will be built in the Asia Pacific.
Currently, the major consumers of PP are producers of flexible and rigid packaging, which account for an aggregated demand of 50 percent. Fibers and consumer goods account for 12 percent each.
The electronics, transportation and construction sectors each account for 6 percent of the total.
The largest increase in demand over the next eight years will be for the transportation industry, which will see growth of 5.8 percent.