Global Polypropylene Compounds Market Size By Product (Mineral Filled, Compounded TPV), By End-Users (Automotive, Electrical and Electronics), By Type (Homo Polymers, Random Copolymers), By Geographic Scope And Forecast

Polypropylene Compounds Market Size And Forecast

Polypropylene Compounds Market size was valued at USD 18.6 Billion in 2021 and is projected to reach USD 42.8 Billion by 2030, growing at a CAGR of 9.7% from 2023 to 2030.

In response to mounting worries about climate change, more attention is being paid to lightening automobiles, enhancing their fuel efficiency, and reducing emissions. This is encouraging efforts to develop new, lightweight, efficient materials that will improve fuel efficiency in vehicles. Growing awareness of greenhouse gas emissions and energy security is another factor influencing the demand for more efficient and lightweight materials for numerous applications and sectors. A consistent movement toward cleaner vehicles like Electric Vehicles (EVs) is opening up potential earning opportunities for participants in the global Polypropylene Compounds Market. The trend toward such products is projected to greatly improve market growth in the future considering PP compound is regularly used to create components for EV construction.

Global Polypropylene Compounds Market Definition

When one or more base polyolefins are combined with different additives and fillers (such as mineral fillers and glass fiber), colors, and impact modifiers, thermoplastic resins known as polypropylene compounds are formed. These polypropylene compounds come in a number of forms and have a wide range of benefits.

The thermoplastic polymer polypropylene has several applications. Propylene is employed as the initial monomer in chain-growth polymerization, which is the main process used to create it. Essentially, polypropylene compounds are thermoplastic resins manufactured from a variety of additives, fillers, impact modifiers, reinforcers, and colors in combination with one or more polyolefin bases. These compounds are used in a variety of circumstances and offer a wide range of advantages. In a manner similar to other polymers like acrylic and polystyrene, polypropylene compounds may also offer transparency for industrial uses, however, their range of application is limited.

Global Polypropylene Compounds Market Overview

Numerous products, including electrical gadgets, furniture and appliances, packaging, building and construction materials, and automobile parts and components, are made with polypropylene compounds. Polypropylene (PP) compound is utilized in a variety of building applications in addition to being used to make water pipes, doors, and windows.

The construction of more energy-efficient buildings and the growing trend of green buildings are driving demand for more ecologically friendly polymers in the building and construction sector. Packaging is crucial in the food industry because it protects the integrity and safety of the contents inside, aids in communicating information and facts about the product, encourages product visibility, prevents food spoilage and dehydration, and lengthens shelf life. With FDA certification for use in food contact, polypropylene is one of the safest commercial polymers currently on the market. Foods such as yogurt, cream cheese, butter, and others are used in food containers. The packaging industry is benefiting from technological advancements that provide for the production of more flexible and secure packaging materials and techniques as well as better package design, storage, and transportation of various food items.

On the market for polypropylene compounds, the growth of the building and construction industries in developing countries is likely to have an impact. Additionally, the growing demand for strong, lightweight materials in the automotive industry is anticipated to significantly contribute to the growth of the Polypropylene Compounds Market over the course of the forecast period by assisting in the reduction of vehicle weight and the enhancement of fuel efficiency. The dramatic growth in living standards and population expansion are expected to drive up demand for polypropylene compounds. The main driver of the market’s growth is the rapid rise in customer preference for and consumption of lightweight materials.

Global Polypropylene Compounds Market Segmentation Analysis

The Global Polypropylene Compounds Market is Segmented on the basis of Product, End-Users, Type, And Geography.

Polypropylene Compounds Market, By Product

• Mineral Filled
• Compounded TPV
• Compounded TPO
• Glass Reinforced
• Others

Based on Product, the market is segmented into Mineral Filled, Compounded TPV, Compounded TPO, Glass Reinforced, and Others. The mineral-filled PP compound category is anticipated to have the greatest market share in the next years based on the product. Minerals are added to the PP composites to boost stiffness and reduce thermal distortion. Their exceptional heat stability and mechanical stiffness make it possible for them to be widely used in a range of industries, including the automotive and electronics industries. Compound TPO is a combination of polyethylene, EPDM rubber, and polypropylene. TPOs are processed using both blow molding and injection molding. They outperform conventional polymers in features including high chemical and impact resistance, low density, and increased toughness and endurance, which makes them ideal for use in applications like automotive components.

Polypropylene Compounds Market, By End-Users

• Automotive
• Electricals and Electronics
• Packaging
• Building and Construction
• Textiles
• Others

Based on End-Users, the market is segmented into Automotive, Electrical and Electronics, Packaging, Building and Construction, Textiles, and Others. The automotive sector is anticipated to hold the largest market share in the upcoming years based on the end user. Polypropylene is mostly used in packaging due to its superior temperature resistance, moisture barrier, flexibility, and lightweight. This makes it the ideal material for packaging food. Additionally, it is economically favorable for the packaging of a variety of products, such as cosmetics, pharmaceuticals, medical gadgets, and automotive components. Additionally, the optical clarity, transparency, and electrical non-conductivity properties of PP will be used more in the packaging of electrical and electronic devices.

Polypropylene Compounds Market, By Type

• Homo Polymers
• Random Copolymers
• Impact Copolymers

Based on Type, the market is segmented into Homo Polymers, Random Copolymers, and Impact Copolymers. The copolymer is anticipated to hold the largest market share in the upcoming years based on the type segment. Copolymers will generate the most revenue because of their widespread application in the pharmaceutical industry. A copolymer, which is used in packaging, injection molding, thermoforming, blow molding, and other sectors, is one of the most efficient thermoplastic polymers. Its excellent impact resistance, perfect temperature resistance, exceptional optical, and flexibility properties, as well as its use in food containers, automobile components, and vessels, will help copolymer applications in these areas even more.

Two examples of the numerous applications for copolymers in the pharmaceutical industry are injection molds and medicine bottles. It is also used in the production of bumpers and dashboards, among other automotive components. The segment has had positive growth in particular because of  the use of this type of PP in the consumer goods and lifestyle, infrastructure,  building, and electrical and electronics industries.  All of these components are likely to further increase market revenue during the projected year.

Polypropylene Compounds Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Based on Geographical Analysis, the global Polypropylene Compounds Market is classified into North America, Europe, Asia Pacific, Latin America, and MEA. In the upcoming years, the market is anticipated to be dominated by the Asia-Pacific region. Asia Pacific is expected to have strong market expansion due to increased demand from the packaging and vehicle production industries. China, Japan, and India are significant contributors to the market expansion in this region because of the expanding usage of PP in the food and beverage, packaging, and automobile industries in these countries. Vehicle production in China is rapidly expanding. The country’s expanding automotive and construction sectors are significantly raising the demand for polymer. On the other hand, the fluctuation in the price of raw materials can restrict the growth of the Polypropylene Compounds Market. Polypropylene compounds are derived from petroleum sources. Due to the inconsistent pricing of petroleum products, the market for polypropylene compounds may experience some setbacks shortly.

Key Players

The “Global Polypropylene Compounds Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are LyondellBasell Industries Holdings B.V., ExxonMobil Corp., Solvay, Sumitomo Chemical Co., Ltd., Trinseo, Rhetech, Inc., Washington Penn Plastics Co., Ltd., Avient Corp, A. Schulman, Repsol, PolyOne, SABIC, Peeco Polytech Private Limited, Specialty Chemicals and Polymers, Plastochem India, and others.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight to the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In December 2020, LyondellBasell unveiled Beon 3D, a state-of-the-art PP product line that will provide a distinctive design and allow the production of intricate, high-quality 3D-printed objects in a single step. By combining polymer technology and additive manufacturing, this product was developed. This product line will be advantageous to the transportation, industrial, building and construction, and consumer products industries.
• In November 2020, Renewable propane will be shared between NESTE and Borealis for use in making polypropylene. The assistance in business expansion provided by this arrangement has been advantageous to both businesses.

Ace Matrix Analysis

The ace matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global polypropylene compounds market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global polypropylene compounds market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

Top Trending Reports

Research Methodology of Market Research