The Polypropylene Compound Market is likely to grow at a significant CAGR of 4.3%, during 2023-2028, to reach US$ 16.1 Billion in 2028, states Stratview Research.
DETROIT, Mich., Aug. 22, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the polypropylene compound market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.
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Report Highlights
Market Size in 2028 | US$ 16.1 Billion in 2028 |
Growth (CAGR) | 4.3% during 2023-2028 |
Forecast Period | 2023-2028 |
Trend Period | 2016-2021 |
Base Year | 2022 |
Number of Segments Covered | 4 |
Number of Tables & Graphs | 60+ |
Country-Level Market Assessment | 20 |
Segment Insights on Polypropylene Compound Market
The polypropylene compound market is segmented based on end-use industry type, filler type, polymer type, and region.
Based on end-use industry type - The PP compounds market is segmented into automotive, building & construction, electrical & electronics, and others. Automotive continues to dominate as the leading end-use industry for plastics, particularly PP, due to its mechanical properties and moldability, with usage expected to increase in automotive components over the next five years. Bumpers, door panels, interior trims, engine components, and fuel tanks are some applications where PP compounds are widely preferred. Mineral-filled and compounded TPO/TPVs are the predominantly used filler types in this industry.
Based on filler type - The market is segmented into mineral-filled compounds, glass-reinforced compounds, additive concentrates, compounded TPO/TPVs, and others. Mineral is a dominant filler with usage in a variety of end-use industries due to its ability to offer a balance of performance, cost-effectiveness, weight reduction, heat resistance, dimensional stability, flame retardancy, and improved surface finish. Mineral fillers, such as calcium carbonate, talc, and mica, are added to compounds to deliver a low-cost option. Alumina trihydrate (ATH) and magnesium dihydroxide (MDH) are added to offer flame-retardant properties.
Based on polymer type - The market is segmented into homopolymer, random copolymer, and impact copolymer. Impact copolymer is expected to remain the largest segment during the forecast period. Impact copolymers are engineered with additives and modifiers that improve their ability to withstand impacts and resist cracking or breaking. Ethylene Propylene Rubber (EPR) and Ethylene Propylene Diene Monomer (EPDM) have been used in PP compounds for a long time as a result, there is an established supply chain and infrastructure in place for their production, distribution, and processing.
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Which Region Offers the Best Opportunity and Growth?
The report suggests that Asia-Pacific is expected to remain the largest market for polypropylene compound market during the forecast period.
This growth is majorly attributed to the following –
- China, Japan, and India are major automobile manufacturing hubs that are fueling the demand for PP compounds in the region.
On the other hand, the second-leading position captured by Europe in the market is driven by the changing market landscape. This region is also home to key PP compound producers such as LyondellBasell, Borealis, ExxonMobil, SABIC, and TotalEnergies.
Polypropylene Compound Market Drivers
Some of the key drivers listed in the report are given below.
- Rising demand for lightweight and high-performing plastics in the automotive industry.
- A rapid shift toward electric vehicles, which is creating an attractive business opportunity for polymers, including PP compounds.
- The electrical & electronics industry is increasingly incorporating PP compounds into their products, such as washing machines, refrigerators, dishwashers, and tumble dryers, to achieve improved thermal stability and mechanical stiffness.
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Top Companies in Polypropylene Compound Market?
The market is highly populated, with the presence of more than 100 local, regional, and global players. Most of the major players compete on some of the governing factors, including price, product offerings, regional presence, etc. These players have distinct capabilities for manufacturing PP compounds using a multitude of materials. They have been increasing their R&D investments to cope with the high demand arising from various industries. The major players, such as LyondellBasell, Mitsui Chemicals, and Mitsubishi Chemical Corporation, are increasing production capacities of PP compounds to capitalize on the growing market and enhance their competitiveness in the industry. The following are the key players in the PP compounds market.
- LyondellBasell Industries Holdings B.V.
- Mitsui Chemicals, Inc.
- Kingfa SCI. & TECH. CO., LTD.
- Mitsubishi Chemical Corporation
- Washington Penn
- Borealis AG
- Sumitomo Corporation
- Exxon Mobil Corporation
What Deliverables Will You Get in this Report?
Key questions this report answers | Relevant contents in the report |
How big is the sales opportunity? | In-depth Analysis of the Polypropylene Compound Market |
How lucrative is the future? | Market forecast and trend data and emerging trends |
Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
Which are the most attractive market segments? | Market segment analysis and forecast |
Which are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
How complex is the business environment? | Porter's five forces analysis, PEST analysis, Life cycle analysis |
What are the factors affecting the market? | Drivers & challenges |
Will I get the information on my specific requirement? | 10% free customization |
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