DUBLIN--(BUSINESS WIRE)--The "Polypropylene Fibers Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The market for polypropylene fibers is expected to grow at 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 automotive, construction, and furniture. However, availability of cheaper substitutes is likely to restrain the market.
- Rising usage in hygiene and healthcare is also likely to boost the demand for during the forecast period.
- Novel applications in reinforcing is likely to act as an opportunity for the market growth in future.
- Asia-Pacific dominated the polypropylene fibers market across the globe in 2018 and it is also likely to witness the highest growth rate during the forecast period.
Key Market Trends
Rising demand from Automotive Industries to Drive the Market Growth
- The use of polypropylene fibers in the automotive industry as luggage compartments, under shields, floor carpet systems, wheel arch liners, and seam reinforcement, is driving the global polypropylene fibers market.
- With growing population and rising consumer spending in Asia-Pacific, the global automotive production has been increasing constantly. According to OICA (The Organisation Internationale des Constructeurs d'Automobiles), the global production of automobiles had reached to 95.6 million units in 2018.
- Asia-Pacific and Europe have been the prime regions supporting the growth of automotive production. Additionally, South America is also witnessing a growth in production with the economic conditions improving in the major countries.
- China, India, the Philippines, and Vietnam are turning out to be potential markets for demand and supply of automobiles, owing to many automobile manufacturers establishing their manufacturing and assembly plants in these countries. This can be attributed to the availability of labor at low costs, raw material prices, and growing urban population in the region.
- Furthermore, 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 governments look to develop infrastructure that has seen years of under investment, in an effort to unlock sustainable economic growth.
- Among the Asian countries, India is anticipated to remain the fastest-growing G20 economy. The infrastructure sector is an important pillar for the growth of the Indian economy. The government is taking various initiatives to ensure time-bound creation of excellent infrastructure in the country.
- Hence, the usage of polypropylene fibers in the coming years is expected to increase.
Asia-Pacific to Dominate the Market
- In 2018, 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 of 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.
- India is the fourth-largest and sixth-largest producer of commercial vehicles and passenger cars, respectively. The country's automotive industry accounts for ~7.1% of the country's GDP, where the two-wheeler segment holds around 81% share, owing to growing middle-class population.
- Additionally, 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.
- Moreover, with consistent economic development, along with rising incomes, the automotive industry has been witnessing a continued shift in vehicle preferences (with consumers moving from two- to four-wheelers).
- 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.
Key Topics Covered:
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Rising Usage in Hygiene and Healthcare
4.1.2 Rising Demand from End-user applications, such as Automotive, Construction, and Furniture
4.2.1 Availability of Cheaper Substitutes
4.2.2 Low Melting Point Hinders Usage in Some Applications
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.5 Raw Material Analysis
5 MARKET SEGMENTATION
5.2 End-user Industry
5.2.3 Healthcare and Hygiene
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Avgol Nonwovens
6.4.2 ABC Polymer Industries, LLC
6.4.3 Belgian Fibers
6.4.5 Eastman Chemicals
6.4.7 Fiberweb PLC
6.4.8 Fibre Innovation Technology Sdn. Bhd.
6.4.9 Freudenberg & Co. KG
6.4.10 International Fibres Group
6.4.11 Kimberly-Clark Corp.
6.4.12 Koch Industries
6.4.13 W. Barnet GmbH & Co
6.4.14 LCY Group
6.4.15 Propex Operating Company, LLC
6.4.17 Syntech Fibres
6.4.18 Tri Ocean Textile Co. Ltd
6.4.19 Zenith Fibres Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Novel Applications in Reinforcing
For more information about this report visit https://www.researchandmarkets.com/r/ufsktj