PUBLISHER: Allied Market Research | PRODUCT CODE: 1179791
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179791
The global polypropylene compound market was valued at $16.2 billion in 2021, and is projected to reach $29.7 million by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
Polypropylene compounds are thermoplastic resins manufactured by combining one or more base polyolefins with different additives, fillers, and reinforcements, as well as impact modifiers. Polypropylene is the second-most widely manufactured thermoplastic, which is frequently used for labeling and packing. These polypropylene compounds have a wide range of properties and are used in a wide range of applications, including furniture, electrical appliances, automotive, and building & construction materials.
Growth in automotive and electronics industries across emerging countries is anticipated to drive market growth during the forecast period. In the automotive industry, engineering plastics and metals have been largely replaced by polypropylene (PP) based materials in automotive parts in order to achieve reduced weight and cost. In addition, these compounds are a great choice for fabricating piping systems due to their high strength, rigidity, and purity. Moreover, high demand from the emerging countries, especially China, owing to expansion of the building and construction industry, this will drive the market growth during the forecast period. However, volatility in the raw material prices may restrain the growth of the market during the forecast period. The primary raw material used to manufacture polypropylene is propylene. These basic resources come from petroleum and carbon-based chemicals.
The global polypropylene compound market is segmented on the basis of product type, end use industry and region. Depending on product type, the polypropylene compound market is divided into mineral filled, compounded TPO/TPV, glass reinforced, and others. By end use industry, the market is segmented into automotive, building and construction, electrical and electronics, textiles, and others. Automotive is further sub-segmented into interior, exterior, and under the hood components. Region wise, the polypropylene compound market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Impact of COVID-19 on Global Polypropylene Compounds Market
The COVID-19 crisis has affected the chemical industry supply chain to a major extent; thus, having a major impact on raw material procurement. The above factors have impacted the growth of the polypropylene market.
The companies operating in the market are bouncing back due to 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.
Competition Landscape
The key players operating in the global polypropylene compound market are BASF SE, LG Chem, Clariant AG, Solvay S.A., Exxon Mobil Corporation, SIBUR, Ineos Group, Dow Inc., Eastman Chemical Company, Avient Corporation, Amcor plc, Borealis AG, LyondellBasell Industries Holdings B.V., Repsol, RTP Company, Sumitomo Chemical Co., Ltd., and Hitemp Polymers Pvt. Ltd.
Key Benefits For Stakeholders
By End Use Industry
By Product Type
By Region