The polypropylene compounds market to reach $25,864.00 million by 2028 from $17,977.40 million in 2021 to grow at a CAGR of 5.3% from 2021 to 2028; while the global market is driven by increasing demand from building and construction, textiles, electrical and electronics and automobile industries.
New York (GLOBE NEWSWIRE) — Polypropylene Compounds Market: Key Insights According to our new research study on Polypropylene Compounds Market Size, Share, Revenue, Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Mineral Filled PP Compounds, Compounded TPO, Compounded TPV, Glass Reinforced, and Others) and End User (Automotive, Electricals and Electronics, Packaging, Building and Construction, Textiles, and Others).
|Market Size Value in||US$ 17,977.40 million in 2021|
|Market Size Value by||US$ 25,864.00 million by 2028|
|Growth Rate||CAGR of 5.3% from 2021 to 2028|
|No. of Pages||135|
|No. of Charts & Figures||67|
|Historical Data Available||Yes|
|Segments Covered||Type, and End User|
|Regional Scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country Scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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Polypropylene Compounds Market: Competitive Landscape and Key Developments
A few of the prominent players operating in the global polypropylene compounds market are LyondellBasell Industries Holdings B.V.; Exxon Mobil Corporation; SABIC; Sumitomo Chemical Co., Ltd.; Borealis AG; Total; Trinseo; and Rialti S.p.A.. These companies have their presence in the developing regions, which provide a lucrative opportunity for their proliferation. They are highly focused on developing innovative and high-quality products to fulfill the customer’s requirements. In 2021, Sumitomo Chemical announced the establishment of Sumika Polymer Compounds Poland Sp.z.o.o. (SPCP), a new production base in Poland, to further expand its polypropylene compound business.
In 2020, Asia Pacific held the largest revenue share of the polypropylene compounds market, and South and Central America is expected to register the highest CAGR during the forecast period. In Asia Pacific, polypropylene compounds are increasingly being used in the automotive and electronics industries, among others. Further, the packaging industry is a significant part of the region’s manufacturing sector, which contributes to the growth in demand for polypropylene compounds. Moreover, companies operating in the Asia Pacific polypropylene compounds market focus on expanding their production capacities and developing high-performance polypropylene compounds.
Wide Usage of Mineral-filled Polypropylene Compounds Propels Market Growth:
Mineral-filled polypropylene is produced by adding calcium carbonate, glass beads, talc, wollastonite, and mica powder, among other minerals, to raw polypropylene material. These minerals enhance the mechanical properties and impact the toughness of polypropylene materials, along with reducing their molding shrinkage, thus improving their dimensional stability. Mineral-filled polypropylene plastics can be widely used in outdoor air-conditioning units, small appliance housings, electronic and electrical components, and engineering structural components, etc. The mineral-filled polypropylene is also being used in the components of home appliances, including pulsators, inner buckets, cloth removal parts of pulsator and drum washing machines; sealing strips for microwave ovens, speaker horns, and horn brackets; shelves and racks of refrigerators; and shell and base of rice cookers. Mineral-filled polypropylene compounds may be used in high-volume, low-cost applications such as automotive, electrical, and electronic appliances, and packaging. The incorporation of minerals in polypropylene compounds confer greater heat distortion and rigidity to them. These polypropylene products are available in versions such as natural-colored, colorable, and UV-stabilized structures.
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Polypropylene Compounds Market: Segmental Overview
Based on type, the polypropylene compounds market is segmented into mineral filled PP compounds, compounded TPO, compounded TPV, glass reinforced, and others. The mineral filled PP compounds segment held the largest share of the market in 2020. Based on end-user, the polypropylene compounds market is segmented into automotive, electrical and electronics, packaging, building and construction, textiles, and others. The automotive segment accounted for the largest share of the market in 2020. In the automotive industry, polypropylene compounds are used in exterior parts such as bumpers, mirrors, wheel covers, front grilles, cladding, roof trim, and integrated and painted rocker panels. The market for the electrical and electronics segment is also expected to grow at a substantial rate during the forecast period.
Impact of COVID-19 Pandemic on Polypropylene Compounds Market:
The COVID-19 pandemic has adversely affected the plastics industry, along with the related markets. The implementation of measures to combat the spread of SARS-CoV-2 has impacted the growth of several industrial sectors. Industries such as automotive and electronics have been impacted by the sudden disruptions in operational efficiencies and value chains due to the lockdown of national and international boundaries. However, economies are striving to revive their operations. The food packaging industry is generating significant demand for polypropylene compounds owing to the consumers’ inclination towards ordering food online. Moreover, the previously postponed construction projects are ready to resume, which would further provide an opportunities for the growth of the polypropylene compounds market players. The companies operating in the market are bouncing back due to the resolution of supply constraints. The elevating demand for polypropylene compounds in industries such as packaging, automotive, building and construction, electrical and electronics, is expected to drive the polypropylene compounds market growth in the coming years.