Polypropylene Compound Market Size to Reach USD 31.47 Billion in 2028 | Increasing Demand for PP Compounds in Automotive Interiors and Demand for Materials that Require Negligible Paint Processing are Key Factors Driving Industry Demand, says Emergen Research

VANCOUVER, BC, Nov. 29, 2021 /PRNewswire/ -- The global PP compound market size reached USD 17.59 Billion in 2020 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research.

Drivers:

Polypropylene compounds have a broad range of characteristics and are widely used in a variety of applications for automotive components and parts, electrical appliances, building and construction applications, packaging, and manufacturing furniture and appliances, among others. Polypropylene (PP) compound is also used to manufacture doors and windows, water pipes, and is used in a variety of building applications, and also, PP is the lightest weight piping material with good resistance to organic solvents and chemicals resistance, even to many organic solvents. Increasing trend of green buildings and construction of more energy-efficient buildings is driving demand for more eco-friendly plastics in the building and construction sector.

Packaging plays a crucial role in the food sector as it is imperative to ensure integrity and safety of contents within, serves to provide product-related information and details, increases product visibility, prevents spoilage and dehydration of food, and extends shelf life. Polypropylene is considered one of the safest among all commercial plastics on the market currently and is FDA-approved for food contact. It is used in food containers for yogurt, cream cheese, and butter, and more. Technological advancements in the packaging industry are enabling production of more flexible and safer packaging materials and techniques and to enhance packaging design, storage, and transport of various food products.

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Restraints:

Plastic recycling is the process of reprocessing plastic waste into new and useful products. Plastics are non-biodegradable material and have severe impact on the environment. growth of the PP compound market. In addition, availability of substitute materials for packaging and other end-uses is expected to hamper market growth to some extent over the forecast period.

Growth Projections:

The global PP compound market is expected to expand at a CAGR of 7.6% from USD 17.59 Billion in 2020 to USD 31.47 Billion by 2028 due to increasing regulation to adopt the lightweight materials.

COVID-19 Impact Analysis:

Due to the COVID-19 pandemic, the PP compound market was highly affected like other industries. In 2020, automotive production faced a sharp decline of almost 16% due to the impact of the pandemic. Many countries-imposed lockdowns, which led to the shutdown of many manufacturing plants. Due to decrease in demand from the automotive industry, the production of vehicles also slowed down considerably.

Current Trends and Innovations:

Rising concerns regarding climate change are resulting in increasing focus on reducing vehicle weight and enhancing fuel efficiency and reducing emissions. This is also encouraging efforts to develop newer and more efficient and lightweight materials that will improve fuel efficiency in vehicles. Increasing awareness regarding greenhouse gas emissions and energy security is another factor driving need for more efficient and lightweight materials for various applications and industries. Steady shift towards more eco-friendly vehicles such as Electric Vehicles (EVs) is creating potential revenue opportunities for players in the global PP compound market. PP compound is widely used to manufacture components for building EVs, and shift towards such options is expected to continue to support market growth to a substantial extent going ahead.

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Geographical Outlook:

The market in Asia Pacific is expected to register fastest revenue growth rate owing to the region being a major hub for electronics and comparatively larger consumer base for food and other products that require PP compounds and related products.

North America is expected to register considerable growth in terms of revenue over the forecast period. High presence of PP compound providers including Avient Corporation, Ravago Holdings America, Inc. and others in countries in the region is expected to drive revenue growth of the market in the region.

Strategic Initiatives:

Some major companies included in the market report include LyondellBasell Industries Holdings B.V., Saudi Basic Industries Corporation (SABIC), Mitsui Chemicals, Inc., Avient Corporation, Ravago Holdings America, Inc., Washington Penn Plastic Co., Inc., Kingfa Science & Technology Co., Ltd., Sumitomo Shoji Chemical Co., Ltd., PP-Plus Corporation, and HEXPOL AB (RheTech)

• In April 2021, Mitsui Chemicals and IBM Japan teamed up to explore block chain to recycle plastic resources. Their main aim was to recycle, reshape, reuse, and repair the materials. They are even looking forward to developing a platform that will help to track the material life cycle of their raw form. The companies established the digital transformation division that is aimed at speeding digitization, which mainly focuses on business operations and supply chain.

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Emergen Research has segmented the global PP compound market on the basis of product, polymer type, end-use, and region:

• Product Outlook (Revenue, USD Billion; 2018–2028)
• Mineral Filled
• Compounded TPO
• Compounded TPV
• Glass Reinforced
• Others
• Polymer Type Outlook (Revenue, USD Billion; 2018–2028)
• Homo Polymers
• Random Copolymers
• Impact Copolymers
• End Use Outlook (Revenue, USD Billion; 2018–2028)
• Automotive
• Building & Construction
• Electrical & Electronics
• Textiles
• Others

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• Regional Outlook (Revenue, USD Billion; 2018–2028)
• North America
  a.  U.S.
  b.  Canada
  c.  Mexico
• Europe
  a.  Germany
  b.  France
  c.  U.K.
  d.  Italy
  e.  Spain
  f.  BENELUX
  g.  Rest of Europe
• Asia Pacific
  a.  China
  b.  India
  c.  Japan
  d.  South Korea
  e.  Rest of APAC
• Latin America
  a.  Brazil
  b.  Rest of LATAM
• Middle East & Africa
  a.  Saudi Arabia
  b.  UAE
  c.  South Africa
  d.  Turkey
  e.  Rest of MEA

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About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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