Increasing Demand Building and Construction, Textile, Electricals and Electronics, and Automotive Industries Escalates Polypropylene Compounds Market Growth
According to our latest market study on “Polypropylene Compounds Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Mineral Filled PP Compounds, Compounded TPO, Compounded TPV, Glass Reinforced, Others); End User (Automotive, Electricals and Electronics, Packaging, Building and Construction, Textiles, Others),” the polypropylene compounds market is projected to reach US$ 25,864.00 million by 2028 from US$ 17,977.40 million in 2021; it is expected to grow at a CAGR of 5.3% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Polypropylene, a thermoplastic polymer, is used in a variety of applications. It is produced through chain-growth polymerization of propylene monomers. Polypropylene compounds are thermoplastic resins manufactured through the mixture of one or more polyolefins base, and they are added with various components such as strengtheners, fillers, impact modifiers, additives, and pigments for various applications.
The polypropylene compounds market is mainly driven by the increasing demand for these products from the building and construction, textiles, electrical and electronics, and automobile industries, among others. In the automotive industry, polypropylene is popularly being used as an alternative to engineering plastics and metals. High strength, rigidity, and purity make these compounds an ideal option in the manufacturing of piping systems. Applications of polypropylene in the building and construction industry include siding, air and moisture barrier membranes, carpet textiles, building insulation wrap films and sheets, industrial adhesives and tapes, and plastic parts.
A few of the key market players in the polypropylene compounds market include LyondellBasell Industries Holdings B.V.; Exxon Mobil Corporation; Sumitomo Chemical Co., Ltd; Borealis AG; Rialti S.p.A.; Trinseo; and Total.
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.
Polypropylene Compounds Market Breakdown – by Region
Polypropylene Compounds Market Size, analysis and Forecast 2028
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Polypropylene Compounds Market 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)
Polypropylene Compounds Market Size, analysis and Forecast 2028
Download Free SamplePolypropylene Compounds Market 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)
The report includes the segmentation of the polypropylene compounds market as follows:
Based on type, the polypropylene compounds market has been segmented into mineral filled PP compounds, compounded TPO, compounded TPV, glass reinforced, and others. On the basis of end user, the market has been segmented as automotive, electricals and electronics, packaging, building and construction, textiles, and others. The polypropylene compounds market, by geography, is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The market in North America is further segmented into the US, Canada, and Mexico. The European market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The polypropylene compounds market in APAC is subsegmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The market in the MEA is subsegmented into South Africa, Saudi Arabia, UAE, and the Rest of MEA. The SAM polypropylene compounds market is further segmented into Brazil, Argentina, and the Rest of SAM.
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