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The market for polypropylene fibers is expected to witness a CAGR of over 5%, during the forecast period. One of the major factors driving the market is the rising demand from end-user applications, such as construction, and furniture. However, the availability of cheaper substitutes is likely to restrain the market.
- Rising usage in hygiene and healthcare is also likely to boost the demand for polypropylene fibers, during the forecast period.
- Novel applications in reinforcing are likely to act as an opportunity for market growth in the future.
- Asia-Pacific dominated the polypropylene fibers market across the world, and it is also likely to witness the highest growth rate, during the forecast period.
Key Market Trends
Construction Industry to Dominate the Market
- Polypropylene is a thermoplastic polymer that is used as a part of a wide variety of applications, including bundling, materials, etc. Polypropylene fiber is majorly used in concrete mix design due to purposes that include rigid pavement, self-compacting concrete, etc. Polypropylene fibers are used as a secondary reinforcement, which is usually mixed with the concrete to decrease shrinkage and control cracking in the construction industry.
- The Asian market is expected to account for the largest share in the global construction market, as the governments in various countries look to develop infrastructure that has seen years of under-investment, in an effort to unlock sustainable economic growth. The Asia-pacific countries, such as India and China, are anticipated to remain the fastest-growing markets. The infrastructure sector is an important pillar for the growth of the economy of these countries.
- In India, the government’s initiatives, like the “Make in India” campaign, are helping the local and state-owned manufacturers to provide their products to the consumers and give stiff competition to international players.
- Infrastructure and highway expansion is the key parts of China’s 13th five-year plan. In the present scenario, the government is taking initiatives, which involves two types of road networks that include a tolled expressways with low tariff and another without toll.
- In 2019, China’s People’s Liberation Army (PLA) has made noteworthy advances in constructing an ’all-weather road’ that connects the Doklam plateau with its network of highways. According to the latest updates, a 12-km-long stretch of Merug La-Doklam road has been black-topped and is close to finishing. The sources also mention that another stretch to Jelep La from Yatung has also been ’black-topped’.
- Hence, the usage of polypropylene fibers in the coming years is expected to increase.
Asia-Pacific to Dominate the Market
- Asia-Pacific dominated the global polypropylene fibers market and is likely to witness the highest growth rate, during the forecast period.
- China is a leading producer of polypropylene fibers, due to the large scale manufacturing activity in the country.
- The other end-user industries, like furniture and construction, especially geo-polymers, are also favorable for the increase in consumption of polypropylene fibers in the country.
- In India, government initiatives, such as ’Housing for All’ and ’Smart City Mission’, are expected to drive the growth of the sector. The increasing incentive to develop infrastructure in the country is attracting major global players. The sector is one of the largest receivers of FDI in the country.
- India’s construction sector has been growing rapidly with increased investment by the government. The Indian government’s ’Housing for All by 2022’ is also a major game changer for the industry.
- Additionally, the demand from other end-user industries, such as furniture, exhibited a healthy growth, which is expected to boost the polypropylene fibers market in these regions over the forecast period.
The global polypropylene fibers market is fragmented, with the presence of large number of major players. Avgol Nonwovens, ABC Polymer Industries, LLC, Belgian Fibers, Chemosvit, and Eastman Chemicals are some of the major companies associated with the polypropylene fiber market.
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