Recycled Propylene Market to be Dominated by Packaging Applicability Segment Through 2028
Growing
demand for packaging applicability is expected to drive the recycled propylene market
during the forecast period, 2024-2028
According to TechSci Research report, “Recycled Propylene Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global recycled propylene
market is anticipated to grow at an impressive rate during the forecast period
2024-2028. Sales of
numerous consumer items have surged due to the worldwide e-commerce market's
explosive expansion. The need for diverse packaging goods has quickly expanded
due to e-commerce sales growth. As a result, the demand for recycled plastic in
product packaging is increasing swiftly. Additionally, the need for recycled propylene
as a packaging material has grown significantly due to the increasing
popularity of online shopping for gadgets such as computers, mobile phones, and
tablets. Thus, in the next five years, the global market for recycled propylene
is expected to rise due to the growing demand from the packaging sector.
Furthermore, the market is being further
stimulated by the extensive use of recycled propylene as footwear application;
many footwear players such as Adidas, Puma, and Reebok are increasingly using
recycled propylene for manufacturing shoes and other footwear products.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on the "Global Recycled Propylene Market"
The Global Recycled Propylene
Market is segmented based on process, source, and application.
Based on process, the market
is bifurcated into mechanical and chemical. Chemical
is expected to hold the largest market share in the forecast period, 2024-2028.
The production of recycled propylene from the chemical process produces
high-grade and suitable quality. Thus, it is more in demand in its segment and dominates.
Based
on source, the market is divided into bottles & containers, films, bags,
foams, industrial & agricultural waste, and others. Bottles &
containers are the dominating market, which share for the production of
recycled propylene, as they help reduce non-degradable plastic waste and
provide financial help to the country.
Based
on application, the market is segmented into packaging, automobile, building & construction,
textiles, Pharmaceuticals, Electronics, and Others. As per estimates, the packaging
segment is expected to experience the highest market share during the forecast
period. In order to provide high moisture resistance and reduces the likelihood
of significant food degradation, recycled propylene plays a vital role. This is
projected to boost the future market outlook for Recycled Propylene.
Major operating companies
operating in the Global Recycled Propylene market are:
- LyondellBasell
Industries Holdings B.V.
- Haldia
Petrochemicals Limited
- Reliance
Industries Limited
- Westlake
Chemical Corporation
- Formosa
Plastics Corporation
- Custom
Polymers Inc.
- Joe's
Plastic Inc.
- MBA
Polymers Inc.
- Veolia
Polymers NL B.V
- SUEZ
SA
Ø
In
November 2022, Milliken further expanded recycling plastic production capacity
in the German manufacturing plant by 60%.
Ø Berry focuses on having
access to over 600 million lbs of recycled plastic material every year by 2025
according to an announcement in November 2021.
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“In the coming
years, Asia Pacific is expected to dominate the worldwide market for recycled
polyethylene due to its supportive governmental policies, industrial
application, and the ability for innovation. The Global Recycled Propylene
Market is anticipated to increase due to the continuous usage in textile,
pharmaceuticals, and electronics domain.
The primary drivers of the market are
corporate activity, rising R&D investment, and regulatory restrictions on
trade and export. The growing demand for building & construction and the
automotive industry will be the main factors driving market growth through the
year 2028.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Recycled Propylene Market- Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Process
(Mechanical, Chemical), By Source (Bottles & Containers, Films, Bags,
Foams, Industrial & Agricultural Waste, Others), By Application (Packaging,
Automobile, Building & Construction, Textiles, Pharmaceuticals,
Electronics, Others), By Region, and Competition, has
evaluated the future growth potential of global recycled propylene market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global recycled propylene market.”
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