Polypropylene Compounds Market By Product Type (Mineral Filled, Compounded TPO/TPV, Glass Reinforced, Others), By End Use Industry (Automotive, Building and Construction, Electrical and Electronics, Textiles, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the polypropylene compounds market analysis from 2021 to 2031 to identify the prevailing polypropylene compounds market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the polypropylene compounds market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global polypropylene compounds market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By End Use Industry
Automotive
Application
Interior
Exterior
Under the Hood Components
Building and Construction
Electrical and Electronics
Textiles
Others
By Product Type
Glass Reinforced
Others
Mineral Filled
Compounded TPO/TPV
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Spain
UK
Rest Of Europe
Asia-Pacific
India
South Korea
Australia
Rest Of Asia-Pacific
China
Japan
LAMEA
Brazil
Saudi Arabia
South Africa
Rest Of LAMEA
Key Market Players
Amcor Ltd.
Avient Corp
BASF SE
Clariant Chemicals (India) Ltd
EXXON MOBIL CORPORATION (EXXONMOBIL CHEMICAL COMPANY, INC.
The Dow Chemical Company
Eastman Chemical Company
INEOS AG
LG Chem
PolyOne Corporation
SABIC
solvay
Repsol
Sumitomo Chemical Co., Ltd.
LyondellBasell Industries Holdings B.V.
Borealis AG
RTP Company
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