PUNE, India, Sept. 19, 2023 /PRNewswire/ -- Polypropylene Compounds Market is projected to grow from USD 12 billion in 2022 to USD 22 billion by 2032, registering a CAGR of 6%, according to a new report by Prismane Consulting Prismane Consulting has unveiled a new market study report highlighting the evolving dynamics within the global Polypropylene (PP) Compounds market. This in-depth study focuses on the industry complexities and challenges, underscoring Prismane Consulting's commitment to offering valuable insights for industry stakeholders. With a dedicated approach to anticipating change, strategizing, guiding R&D investments, and addressing challenges, this report is an invaluable resource for navigating the dynamic global PP Compounds market.
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Reshaping the PP Compounds Landscape: The Automotive Industry's Impact
The report underscores the pivotal role of the automotive sector as a primary driver in the PP Compounds market. It recognizes the automotive industry's substantial influence in propelling this sector forward, prompting a comprehensive analysis of PP compounds usage in each automotive segment among various OEMs. As the automotive market undergoes a significant transformation, shifting away from traditional internal combustion engines to embrace ambitious eco-sustainability goals, it solidifies its position as the largest global consumer of PP Compounds. PP Compounds serve a wide range of applications within the automotive domain, including interior and exterior components, under-the-hood elements, and components engineered for crash resistance. The growing adoption of PP Compounds across diverse vehicle segments, facilitated by their versatility and compliance with stringent environmental regulations, has led to an upsurge in their usage within the automotive sector. This transition is driven by the imperative to reduce vehicle weight in alignment with evolving environmental policies while upholding crucial structural integrity. Consequently, it has induced fundamental design differentiations between electric and hybrid electric vehicles, significantly impacting the utilization of plastics in these applications.
Industry Trends
The global PP Compounds market has seen noteworthy developments like capacity expansions, collaborations, and new product / grade introductions. PP Compounders are scaling up their capacities to meet the evolving automotive industry demands, while recycling initiatives are also on their agenda. The automotive sector is transforming due to electric vehicles, autonomous tech, and safety features driven by carbon emission reduction efforts. PP Compounds are favored for their customization options, low density, and aesthetics, replacing traditional materials, especially in structural applications. Major compounders prioritize PP recycling for environmental goals and enhanced performance. Some of the recent industry highlights include Sumitomo Chemical's recycling partnership with Rever Holdings Corporation, SABIC's new PP Compounds grades, and Total Energies' recycled PP production plans. These developments align with critical industry changes.
Asia's Ascendancy: A Dominant Force
Asia has taken the lead in global PP compound demand, accounting for 53%, surpassing Western Europe (14%) and North America (17%). China, with its massive automotive industry, is the key driver of PP Compounds consumption in the Asia-Pacific region, followed by Japan, South Korea, and India. China boasts over 200 automotive assembly plants and produced 26 million vehicles in 2021, solidifying its position as the world's largest automotive market. Major automotive hubs in China include Shanghai, Guangzhou, Chongqing, and Beijing, making it a pivotal player in the industry's development.
Key Industry Players: Navigating the Landscape
The report spotlights leading industry players including LyondellBasell, Mitsui, Borealis, Kingfa, Mitsubishi, Washington Penn, Sumitomo, GS Caltex, Sirmax, ExxonMobil, Hyundai Engineering Plastics, Japan Polypropylene Company, Repsol, Shanghai PRET, SABIC, etc.
About Prismane Consulting
Prismane Consulting is a unique global research & consulting firm serving businesses in the field of Chemicals, Energy and Environment. They provide in-depth technical reports & consulting services. Their Strategy and Market study reports cover information on complete value chains, supply- demand analysis, trade, supplier profiles, target markets, business opportunity assessments, new technologies and emerging trends. These studies analyse historical trends and future prospects like major areas of growth, investments, profitability, and other emerging opportunities for companies. Special features in the strategy reports include variation in product pricing resulting from change in feedstock, raw material, input, and other associated costs. Their methods of research and analysis can be made to tailor fit any research or consulting requirements to improve performance & services.
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Tejas Shah
tejas.shah@prismaneconsulting.com
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