Rising penetration across food containers and vessels will considerably expand the polypropylene random copolymer market share in the coming years. The growing household incomes of consumers across the world have resulted in their optimum capacities to spend on packed food items. There is also a gradual shift towards artistic labeling and packaging that offers food durability. As per reports, the annual revenue collected from the global food containers business reached more than USD 110 billion in 2015. This value is estimated to cross USD 175 billion by the end of 2024.
Polypropylene random copolymer compounds are widely utilized to maintain organoleptic food characteristics. They exhibit transparency, gloss, high thermal resistance, and lightweight attributes across food storage applications like vessels and containers. Furthermore, PP random copolymer properties such as flexibility, optimum optical value, and higher impact resistance will add impetus to their application outlook.
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It has been estimated that the polypropylene random copolymer market size will globally surpass an annual value of more than USD 9 billion by 2024.
The industry share of PP random copolymers in healthcare applications exceeded USD 1 billion in 2015. This is due to the transparent physical quality of the copolymers, which makes them largely consumed in the production of healthcare and medical instruments like syringes and nozzles. On a further note, polypropylene random copolymer uses in laboratory instruments can be attributed to their lightweight and indestructible properties.
The application of polypropylene copolymers across packaging contributed to 50% of the total revenue share in 2015. This can be owed to the intense demand for beverages such as fruit juices, flavored water, and milk. Features like transparency and increased thermal resistance rendered by the polymer make it suitable for packing. Owing to this, it is also excessively employed as an alternative to conventional packing materials like PET and glass.
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North America PP copolymer industry, with the U.S as a leading contributor, recorded more than USD 950 million in global remuneration in 2015. This is due to the presence of a significant packaged food consumer base across developing regions like the U.S. and Canada. Furthermore, the expanding healthcare and packaging sector in the region will add impetus to the regional copolymer consumption.
The Asia Pacific industry, mainly consisting of China and India amassed significant revenues for the polypropylene copolymers in the same year. The modernized consumer lifestyles and the strong population demographics across India and China have pushed the need for packaging across the continent.
LyondellBasell, Entec Polymers, Braskem, Flint Hills Resources, Reliance Industries, Total, INEOS, Formosa Plastics, Pinnacle Polymers, and Sasol, are some of the other suppliers.
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