Polypropylene Market in India to Grow at CAGR 11% till 2030
Boisterous
growth in the plastic packaging industry and geotextile industry, emerging downstream
applications and rapid urbanization to drive India polypropylene market through
2030
According to recently
published TechSci Research report “India
Polypropylene Market Study, 2015-2030”, the polypropylene market in
India is projected to grow at a CAGR of over 11% during 2017 - 2030. Surging
application areas, rising industrialization and commercialization constitute
major factors that are promoting propylene market in India. Impact Copolymers
Polypropylene (ICP) is used in manufacture of automotive components, and with
the country’s automotive components market valued at around $ 39 billion for FY 2016, the growth potential for
polypropylene market in India is huge. Similarly, Tubular Quenched
Polypropylene (TQPP) is widely used in the country’s packaged food market, which
is projected to grow to $ 110 billion by 2020. Rise
in consumption expenditure, given the surging rate of development across the
country, will see an enhanced usage of polypropylene and its derivatives in diverse
application segments in the coming years.
In terms of region, West and
North regions were the major demand generators in India polypropylene market in
2016, owing to the presence of numerous major plastic processing facilities in
the two regions. ICP and raffia were the application segments that enjoyed the
lion’s share in 2016, owing to their widespread use in automotive components
and geotextile segments, respectively. Both of these application segments are
expected to continue dominating the market until 2030. Reliance Industries
Ltd., Indian Oil Corporation Ltd., HPCL-Mittal Energy Ltd. and Haldia
Petrochemicals Ltd. Are the leading players operating in India polypropylene
market.
“Polypropylene is a widely
used thermoplastic polymer produced from addition polymerization of monomer
propylene. Polypropylene offers high resistance to temperature and provides
higher tensile strength due to which it is preferred in various applications
such as caps, batteries, pails, automotive components, blow moulding, extrusion
thermoforming and sheet extrusion. Such factors make it the second most traded
polymer in the world after polyethylene. Over the next decade, growth potential
for polypropylene market in a robustly growing huge economy like India is huge.”
said Mr. Karan Chechi, Research Director, with TechSci Research, a research
based global management consulting firm.
“India
Polypropylene Market Study, 2015-2030” has analyzed the potential of the polypropylene
market in India and provides statistics and information on market sizes, shares
and trends. The report intends to provide cutting-edge market intelligence and
help decision makers take sound investment evaluation. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers and
key challenges faced by India Polypropylene market.
About TechSci Research
TechSci Research
is a leading global market research firm publishing premium
market research reports. Serving 700 global clients with more than 600 premium
market research studies, TechSci Research is serving clients across 11
different industrial verticals. TechSci Research specializes in research based
consulting assignments in high growth and emerging markets, leading
technologies and niche applications. Our workforce of more than 100 fulltime
Analysts and Consultants employing innovative research solutions and tracking
global and country specific high growth markets helps TechSci clients to lead
rather than follow market trends.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]