Polypropylene Compounds Market Expected to Reach $29.7 Billion by 2031 - Allied Market Research

According to a new report published by Allied Market Research, titled, “Polypropylene Compounds Market," The polypropylene compounds market was valued at $16.2 billion in 2021, and is estimated to reach $29.7 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.

Polypropylene (PP) compound is the commodity thermoplastic with the lowest density. Lower density results in lighter parts during molding. The toughness and flexibility of polypropylene are additional characteristics, particularly when it is copolymerized with ethylene. This enables polypropylene compounds to be used as an engineering thermoplastic, competing with materials such as acrylonitrile butadiene styrene (ABS). In order to improve certain mechanical performance over plain PP, functional additives (homo, random, or impact) are added to produce PP compounds. PP compounds are divided into a variety of grades based on their intended use (high stiffness, electro-conductivity, heat resistance, and others). PP compounds are mostly utilized in home and automotive appliance parts.

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 share of 43.5% in the global polypropylene compound market in 2021. This is owing to an increase in demand for mineral-filled products since they provide higher heat distortion and rigidity when added to PP compounds.

In 2021, 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, the global polypropylene compound market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 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.

The market 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.

Key findings of the study

• By product type, the mineral emerged as the global leader by acquiring around 43.5% of the global market share in 2021, while glass reinforced is anticipated to be the largest market during the forecast period.
• On the basis of end use industry, the automotive segment registered the highest market share of around 52.4% and is projected to maintain the same during the forecast period.
• Asia-Pacific is the major consumer of polypropylene compound among other regions. It accounted for around 41.2% of the global market share in 2021 and is projected to maintain the same during the forecast period. Impact of Covid-19 on Global Polypropylene Compounds Market.
• The companies operating in the global polypropylene compound 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  market growth in the coming years.