Growth of Polypropylene Random Copolymer Market in Top Gear due to Rising Demand for Food Containers

A new Transparency Market Research report states that the global polypropylene random copolymer market stood at US$5.9 bn in 2014 and is predicted to reach US$9.2 bn by 2023. It is expected to expand at a CAGR of 5.20% from 2015 to 2023. The title of the report is “Polypropylene Random Copolymer Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”.

As per this research report, the market for polypropylene random copolymers is predicted to be fuelled by the rising demand for food containers and the increasing usage of syringes in injectable drugs. The increasing count of super/hypermarkets in many countries around the world is also raising the demand for polypropylene random copolymers. The industry for beverages is expected to present widespread opportunities for the manufacturers of polypropylene random copolymers during the forecast horizon. On the other hand, increasing competition from alternatives and the fluctuating prices of raw materials are anticipated to restrict the growth of the polypropylene random copolymer market in the forecast horizon.

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On the basis of end user, the polypropylene random copolymer market is segmented into building and construction, packaging, healthcare, and others including furniture, media packaging, sports, toys, etc. Amongst these, in 2014, the packaging industry led the market on the basis of volume and held a share of more than 55% in the market. The preference for polypropylene random copolymers in the packaging industry is due to their exceptional stiffness, transparency, heat resistance, sealability, and organoleptic nature.

These qualities of polypropylene random copolymers make them a highly suitable packaging material for food and beverages. Polypropylene random copolymer containers are utilized for storing fruits, grains, meat, vegetables, dairy products, etc. The health industry trailed the packaging industry by the volume of polypropylene random copolymers consumed and constituted the second biggest share in the market in 2014. Polypropylene random copolymers are extensively used in the healthcare industry, particularly in lab ware, syringes, and bottles.

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On the basis of geography, the polypropylene random copolymer market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa (MEA), and Latin America. Amongst these regions, in 2014, Asia Pacific constituted the biggest share in the market on the basis of volume and represented around 50% of the polypropylene random copolymer market. The market for polypropylene random copolymers is predicted to increase substantially within India, China, and ASEAN countries due to the rising demand for food containers here. On the other hand, the Latin America market is expected to rise exponentially owing to the increasing demand from the medical and food and beverages industries. However, Europe and North America are stagnant polypropylene random copolymer markets and are predicted to decline in the market by 2023.

The report segments the global polypropylene random copolymer market as follows:

Polypropylene Random Copolymer Market – End-user Analysis
Packaging
Building & Construction
Healthcare
Others (Including Media Packaging, Furniture, Toys, Sports, etc.)

According to the report, the top players in the market for polypropylene random copolymers include SABIC, Borealis AG, Sinopec, Reliance Industries Limited, Sasol, INEOS Olefins & Polymers USA, Formosa Plastics Corporation, Pinnacle Polymers LLC, Flint Hills Resources, Exxon Mobil Corporation, and Entec Polymers, among others.

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Although renewable resources of energy have gained substantial popularity in the recent past, there is no foreseeable limitation to the escalating demand for oil and gas, with the growing population and rapid urbanization. Consequently, the demand in the global market for oil and gas pipeline leak detection equipment is projected for a robust CAGR of 6.8% during the forecast period of 2016 to 2024, according to a recent report by Transparency Market Research (TMR). As per the estimations of the TMR report, the global oil and gas pipeline leak detection equipment market will be worth US$3.65 bn by the end of 2024, significantly up from its evaluated valuation of US$2.02 bn in 2015. Some of the key factors augmenting the demand in the oil and gas pipeline leak detection equipment market are: development and expansion of existing pipelines and construction of new pipelines, increasing incidents of oil and gas leakages in pipeline and storage tanks at production facilities, and

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