Market Overview

The size of domestic polypropylene market in 2022 shrank to 2,184,600 t (92.5% of the preceding year, based on the shipment volume, including exports). Although the shipment volume recovered slightly in 2021 from the pandemic-induced demand slump in industries like automotive, the demand diminished again in 2022, particularly in the manufacturing sector, due to soaring price of raw materials and shortages of components such as semiconductor shortages.

 

Noteworthy Topics

Manufacturers Eager to Launch Eco-Conscious Brands for Achieving Carbon Neutrality

While enhancing functionality of products, polypropylene manufacturers are increasingly turning to the development of eco-friendly products. In addition to their conventional efforts to promote lightweight vehicle design and thinner food packaging, they are inclined to improve recyclability of their products by mono-material approach (using a single material) and expanding the range of eco-friendly products.

For example, in 2022, Prime Polymer announced the release of “Re’PRM🄬” and “Prasus🄬”, the new polyolefin brands designed to contribute to achieving carbon neutrality and realizing a circular economy.  

Subsequently, in 2023 Prime Polymer obtained ISCC PLUS certification for Anesaki Plant and its affiliate, Tokuyama Polypro. With the acquisition of this certification, the company has extended the production of biomass product “Prasus®” at all of its manufacturing sites using the mass balance method.

Meanwhile, Sumitomo Chemical launched “MeguriTM” in 2021, a new brand for recycled plastic products, such as polyethylene, polypropylene, and acrylic resin produced by chemical or material recycling technologies. The product portfolio of “MeguriTM” includes products such as polyethylene made from municipal waste, which is currently under joint development with Sekisui Chemical Co., Ltd., and polypropylene compound for automotive parts that are made by recycling used plastic.


 

Future Outlook

The polypropylene market size for 2023 is estimated to attain 2,258,500t, 103.4% of the previous year. Considering the demand recovery in automotive production associated with the relief of semiconductor shortage, the increase of people flows that propel consumption, and a rise of inbound tourist demand, the shipment volume of polypropylene is projected to turn for the better.


 

Research Outline