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Dongguan injection molds company:
A new report says the global PP market will hit 62.4 million tonnes by 2020, driven by growth in Asia Pacific, the Middle East and Africa.
According to GBI Research, the market will grow at a healthy CAGR of 4.5% between the 2011-2020 period, compared to 4.9% between 2000 and 2011.
Asia Pacific will account for 62.2% of the total and China and India are expected to generate more than 12 million tons of demand, or 84% of the Asia Pacific total. The North America market is expected to recover but the Eurozone crisis will restrict future growth in the European market.
The packaging industry is expected to continue to be the leading end-use industry in terms of PP consumption. In 2011 the packaging industry was the greatest PP user, accounting for 30% of the market, followed by electrical (13%), equipment and facilities (13%), household appliances (10%), automotive (10%) and construction (5%).
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