SAN FRANCISCO, April 14, 2021 /PRNewswire/ -- The global polypropylene compounds market size is anticipated to reach USD 35.19 billion by 2028, according to a new report by Grand View Research, Inc., growingat a CAGR of 7.6% from 2021 to 2028. Increasing requirement for flame retardancy and improved heat resistance and serviceability of plastics in the electrical & electronics industry is the primary factor driving the growth of the global market. In addition, regulations in western markets, including the EU and the U.S., which are aimed at vehicular weight reduction are further fueling the demand for polypropylene (PP) compounds in the automotive industry.
Key suggestions from the report:
- The global market was valued at USD 17.59 billion in 2020 and is estimated to grow at a CAGR of 7.6% from 2021 to 2028
- Mineral filled PP compounds will continue to be the largest product segment of the global market over the forecast period
- In terms of revenue, Asia Pacific accounted for the largest share of more than 46% of the global market in 2020 and is estimated to register the fastest CAGR over the next eight years
- The growth of the APAC regional market is attributed to the rapid expansion of the end-use industries, such as automotive, and electrical & electronics, in emerging economies like China and India
- Europe is estimated to account for the second-largest revenue share of the global market by 2028
Read 119 page research report with ToC on "Polypropylene Compounds Market Size, Share & Trends Analysis Report By Product (Mineral Filled, Compounded TPV), By End-use (Automotive, Electrical & Electronics), By Region, And Segment Forecasts, 2021 - 2028" at:https://www.grandviewresearch.com/industry-analysis/polypropylene-pp-compounds-market
The mineral-filled product segment is expected to hold a dominant market share owing to the superior properties of these products, such as higher heat distortion and rigidity. The most widely used minerals in the PP compound include talc, glass beads, mica, silica, and calcium. Low-cost production in China has led to a surge in new polymer production, which is driving the market to oversupply. Furthermore, rising population, rapid industrialization, and increase in consumer disposable income levels are some of the key socio-economic factors supporting market growth in the region.
The global market is the second-largest polymer business in the world, which contributes more than 25% of the overall polymer demand. Basic raw materials required for producing chemicals include feedstock, such as crude oil, natural gas, and other sources. Numerous companies in the industry have begun manufacturing the raw materials themselves to combat the supply-demand imbalances and meet the uncertainty of crude oil prices.
Grand View Research has segmented the global polypropylene compounds market on the basis of product, end-use, and region:
- PP Compounds Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
- Mineral Filled
- Compounded TPO
- Compounded TPV
- Glass Reinforced
- Others
- PP Compounds End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
- Automotive
- Interior
- Exterior
- Under the Hood Components
- Building & Construction
- Electrical & Electronics
- Textiles
- Others
- PP Compounds Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Asia Pacific
- China
- India
- Japan
- Latin America
- Mexico
- Brazil
- Middle East & Africa
- Saudi Arabia
List of Key Players of Polypropylene (PP) Compounds Market
- LyondellBasell Industries Holdings B.V.
- Solvay
- ExxonMobil Corp.
- Trinseo
- Sumitomo Chemical Co., Ltd.
- Washington Penn Plastics Co., Ltd.
- Rhetech, Inc.
- Avient Corp.
Find more research reports onPlastics, Polymers & Resins Industry, by Grand View Research:
- MEA Polypropylene Compounds Market - Increasing demand for lightweight material from the automotive and electrical and electronics industries is expected to fuel the growth of the market over the forecast period.
- Silica Market - The market scope includes silica forms including precipitated, fumed, gels and sols, and micro silica (fumes). Rising demand for the product from the rubber industry is the primary factor driving the market.
- Shale Gas Market - Rising energy demand along with depleting conventional gas reserves has resulted in a shift towards unconventional natural gas reserves such as shale gas, tight gas, and coal bed methane.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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