Polypropylene Compounds Market Research, 2031
The global polypropylene compounds market size was valued at $16.2 billion in 2021, and polypropylene compounds industry is projected to reach $29.7 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
Polypropylene compounds (PP) are also called as polypropene, which is a thermoplastic polymer used in various applications. Polypropylene is the second-most widely produced and it is often used in packaging and labelling. PP compound is a tough, rigid, and crystalline thermoplastic. It is made from propene monomer.
The growth of the market is directly proportional to the growth of the automotive and building & construction industry. Vehicles use polypropylene compounds to improve fuel efficiency. The capacity of automotive manufacturers to meet strict environmental criteria for car interiors is considerably aided by the usage of polypropylene compounds in vehicles. The global packaging industry is growing rapidly. The packaging industry has become an important part of the manufacturing industry. The high demand for polypropylene compound in packaging industry is expected to drive the polypropylene compound market growth during the forecast period.
The global polypropylene compound market forecast is segmented on the basis of product type, end-use industry and region. Depending on product type, the polypropylene compound market is divided into mineral filled, compounded TPO/TPV, glass reinforced, and others. By end-use industry, the market is segmented into automotive, building and construction, electrical and electronics, textiles, and others. Automotive is further sub-segmented into interior, exterior, and under the hood components. Region wise, the polypropylene compound market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global polypropylene compound market has been analyzed on the basis of product type, which includes mineral filled, compounded TPO/TPV, glass reinforced and others. The mineral filled segment garnered the highest polypropylene compound market share of 43.5% in the global polypropylene compound market in 2021. This is owing to increase in demand for mineral filled as it is incorporated in the PP compounds to produce higher heat distortion and rigidity.
On the basis of end use industry, the automotive segment dominated the highest market share of around 52.4%. This is owing to increasing popularity of PP as an alternative for engineering plastics and metal in automotive applications.
By region, Asia-Pacific dominated the market, accounting for almost 41.2% of the global polypropylene compound market share and is expected to consolidate its position throughout the forecast period. This is owing to high demand for PP compounds from the automotive and electrical & electronics industries, especially in emerging countries, such as India, China, and Japan.
Impact of Covid-19 on Global Polypropylene Compounds Market
The COVID-19 crisis has affected the chemical industry supply chain to a major extent; thus, having a major impact on raw material procurement. The above factors have impacted the growth of the polypropylene market.
The companies operating in the market are bouncing back due to 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.
Competition Landscape
The key players operating in the global polypropylene compound market are BASF SE, LG Chem, Clariant AG, Solvay S.A., Exxon Mobil Corporation, SIBUR, Ineos Group, Dow Inc., Eastman Chemical Company, Avient Corporation, Amcor plc, Borealis AG, LyondellBasell Industries Holdings B.V., Repsol, RTP Company, Sumitomo Chemical Co., Ltd., and Hitemp Polymers Pvt. Ltd. Other companies in accordance with polypropylene compound market are Sumitomo Chemical Co., Ltd., LyondellBasell and others.
Key developments:
- Avient launched two new polymer solutions at the battery show, supporting sustainability in battery and electric vehicle applications. This business strategy has enhanced the customer preference of choice for polypropylene compound depending upon their application need.
- Exxon Mobil will add almost 1 billion pounds of capacity for polypropylene resin in Baton Rouge, La. With this strategy, Exxon Mobil will expand their business in polypropylene market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the polypropylene compounds market analysis from 2021 to 2031 to identify the prevailing polypropylene compounds market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the polypropylene compounds market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global polypropylene compounds market trends, key players, market segments, application areas, and market growth strategies.
Polypropylene Compounds Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 29.7 billion |
 Growth Rate | CAGR of 6.3% |
 Forecast period | 2021 - 2031 |
 Report Pages | 402 |
 By End Use Industry |
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 By Product Type |
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 By Region |
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 Key Market Players | Sumitomo Chemical Co., Ltd., RTP Company, Borealis AG, INEOS AG, LyondellBasell Industries Holdings B.V., solvay, Avient Corp, Repsol, SABIC, Eastman Chemical Company, Amcor Ltd., BASF SE, PolyOne Corporation, The Dow Chemical Company, Clariant Chemicals (India) Ltd, LG Chem, EXXON MOBIL CORPORATION (EXXONMOBIL CHEMICAL COMPANY, INC. |
Analyst Review
According to the CXOs of the leading companies, wide range of existing applications for polypropylene compound is expected to drive the market growth during the forecast period. Furthermore, polypropylene compounds offer many benefits such as high rigidity, strength, and purity for manufacturing piping systems. These systems, which are frequently utilized in hydronic heating, portable plumbing, and reclaimed water, are anticipated to significantly expand the market for polypropylene compounds. However, volatile prices of raw material used in manufacturing of polypropylene may hamper the growth of polypropylene compound market.
High demand for polypropylene compound across various applications and benefits of polypropylene compound are the key factors boosting the Polypropylene compounds market growth.
The market value of Polypropylene compounds in 2031 is expected to be $29.7 billion
BASF SE, LG Chem, Clariant AG, Solvay S.A., Exxon Mobil Corporation, SIBUR, Ineos Group, Dow Inc., Eastman Chemical Company, Avient Corporation, Amcor plc, Borealis AG, LyondellBasell Industries Holdings B.V., Repsol, RTP Company, Sumitomo Chemical Co., Ltd., and Hitemp Polymers Pvt. Ltd.
Food and beverage industry is projected to increase the demand for Polypropylene compounds Market
The global polypropylene compound market forecast is segmented on the basis of product type, end-use industry and region. Depending on product type, the polypropylene compound market is divided into mineral filled, compounded TPO/TPV, glass reinforced, and others. By end-use industry, the market is segmented into automotive, building and construction, electrical and electronics, textiles, and others. Automotive is further sub-segmented into interior, exterior, and under the hood components. Region wise, the polypropylene compound market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Increase in demand in automotive industry is the Main Driver of Polypropylene compounds Market.
The companies operating in the market are bouncing back due to 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.
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