Polypropylene Compounds Market Size To Worth USD 42.63 Bn By 2032

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Table of Content

The polypropylene compounds market size was evaluated at USD 20.4 billion in 2022 and is expected to be worth around USD 42.63 billion by 2032, growing at a CAGR of 7.70% during the forecast period 2023 to 2032.

Polypropylene belongs to the family of polyolefins. The colour of polypropylene is white. Due to its great chemical resistance and mechanical toughness, it is frequently employed in industries. These characteristics allow the material to be used in a variety of marking and packaging applications. After polyethylene, it is the plastic that is used the most.

The thermoplastic most frequently utilised for a range of end products and application sectors is PP. Some of them are plastic equipment, plastic-parts machinery, and plastic packaging materials. Because of its higher working temperature, tensile strength, chemical resistance, and appropriate absorption, PP may be employed in a wide range of applications. Due to its low melt viscosity and ability to be moulded into any shape without sacrificing the quality of the original material, PP is generally employed in injection moulding applications. PP is also frequently used for other things including chemical tanks, door panels, consoles, seatbacks, and cable insulation.

Polypropylene Compounds Market Report Scope

Report Highlights

• The automobile industry will continue to be the largest end use sector because of rising automotive production and expanding usage of composite materials for weight reduction, which improves fuel efficiency, vehicle performance, and reduces emissions.
• Because it provides tougher material and superior impact strength at high as well as low temperature, impact polymer is expected to remain the largest segment and to experience the highest growth over the forecast period. Asia Pacific is anticipated to remain the largest region and to experience the highest growth over the forecast period due to rising growth in the automotive production and appliance industry.
• Over the course of the forecast period, mineral-filled PP compounds will continue to represent the largest product category worldwide. 
• The rapid growth of end-use industries, such as the automotive and electrical & electronics sectors, in developing nations like China and India is responsible for the APAC regional market's expansion.
• By 2028, Europe is anticipated to have the second-largest revenue share worldwide.

Regional Snapshots

The market for polypropylene compounds was dominated by Asia Pacific in 2020, and South and Central America is anticipated to grow at the fastest CAGR during the projected period. Polypropylene compounds are being utilised more and more in the electronics and automotive sectors in Asia Pacific. Additionally, a sizable portion of the region's industrial sector is devoted to the packaging business, which helps to fuel the rise in interest for polypropylene compounds. Additionally, businesses active in the Asia Pacific region polypropylene compounds industry place a strong emphasis on raising production levels and creating high-performance polypropylene materials.

Due to the rising demand for PP compound from food packaging, consumer products, and other industries in nations in this area, Europe is predicted to see a substantial revenue growth rate over the projected period. Due to a change in customer preferences toward online meal ordering, the food packaging sector is expanding quickly. The PP composite is extremely strong and has excellent puncture resistance. It is used to package biscuits, snacks, dry fruits, and other items since it provides a modest barrier against moisture, gases, and aromas and is unaffected by changes in humidity.

Market Dynamics

Drivers

According to forecasts, the world market for polypropylene compounds will expand as a result of the expanding electronics and automotive sectors. The primary uses of plastics in reducing vehicle weight will also provide increased protection and stricter sustainability standards, which will likely lead to a variety of new growth opportunities for the polypropylene compound industry. Polypropylene compound is a suitable option for solvent containers because to its chemical resistance. 

Due to its form retention and fatigue resistance, it is utilized in the creation of living hinges. Electrical insulation in electronic components is another application for polypropylene. Polypropylene is widely used in a variety of products, including flexible and rigid packaging, piping, food containers, transparent plastic bags, ropes, carpeting, and concrete reinforcement.

Widespread Use of polypropylene composites containing minerals is promoting market expansion. Raw polypropylene is mixed with calcium carbonate, talc, glass beads, and mica powder to generate mineral-filled polyethylene. The dimensional stability of polypropylene materials is improved by these minerals, which also improve the mechanical qualities and toughness of the material. 

Mineral-filled polypropylene compound polymers are frequently used in engineering structural elements, tiny appliance housings, electronic and electrical parts, outdoor air conditioning systems, etc. tiny appliance housings,  parts, outdoor air conditioning systems, etc. 

It is also utilized in the shelves, racks, and bases of refrigerators, as well as the inner buckets, and cloth removal elements of pulsator and washing machines. Mineral-filled polypropylene compounds can be utilised in low-cost, high-volume products including packaging, electrical and electronic gadgets, and automobiles. Minerals added to polypropylene composites increase their resistance to heat distortion and stiffness. These polypropylene goods may be found with UV-stabilized, colorable, and natural-colored structures.

Restraints

Recycling plastic is repurposing waste plastic to create fresh, practical items. Plastics are a substance that does not biodegrade and have a negative influence on the environment. Market expansion for PP compounds. Additionally, it is anticipated that the availability of replacement materials for packaging and other end applications may somewhat restrain market growth during the projection period.

Opportunities

The strong growth for PP compounds from the electrical and electronics industries, the rise in investment opportunities in technological innovation to improve their production capacity, and the powerful presence of a significant number of international and local producers are expected to provide a wide range of opportunities for growth for the polypropylene compounds market in the aforementioned forecast period.

Challenges

Foreign investments in the polypropylene sector are declining as more businesses make investments in domestic manufacturing facilities. Over the projection period, raw material price volatility is anticipated to restrain market growth. Market fluctuations in the price of raw resources like crude oil have long been a significant obstacle. Crude oil price fluctuations raise operational costs, which have an impact on the profitability of manufacturing businesses in this sector. 

For instance, the "Business Standard" reported that the cost of polypropylene increased by 4.6 percent as a result of higher oil prices. Since petroleum products are the primary source of petrochemicals, which are used to make plastics, crude oil prices are one of the major variables influencing the price of plastics and contribute to their high volatility. Thus, volatile pricing have a detrimental effect on the polypropylene market, slowing the market's expansion.

Recent Developments

• LyondellBasell Industries Holdings B.V. declared its intention to create and commercialise two million metric tonnes of polymers made from renewable and recyclable sources by 2030 in September 2020. The three transformative areas it primarily addressed were plastic waste, climate change, and thriving societies.
• In June 2021, LyondellBasell, a significant chemical, refinery, and plastics company with headquarters in the Netherlands, purchased PolyPacific Polymers. The growth of LyondellBasell's polypropylene division is aided by this purchase. A Malaysian company called PolyPacific Polymers Sdn Bhd makes modified polypropylene olefin compounds.
• ExxonMobil has announced plans to build a new polypropylene manufacturing facility in Louisiana along the US Gulf Coast. The factory will increase its local unit's annual production capacity by 4.5 million tonnes.

Key Players in the Reports:

• LyondellBasell Industries Holdings B.V.
• Solvay
• ExxonMobil Corp.
• Trinseo
• Sumitomo Chemical Co., Ltd.
• Washington Penn Plastics Co., Ltd.
• Rhetech, Inc.
• A. Schulman
• Avient Corp
• Repsol
• SABIC
• PolyOne
• Specialty Chemicals and Polymers
• Peeco Polytech Private Limited
• Plastochem India 

Market Segmentation

By Product

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

By End User

• Automotive
  • Interior
  • Exterior
  • Under the Hood Components
• Electricals and Electronics
• Packaging
• Building and Construction
• Textiles
• Others

By Type

• Homo Polymers
• Random Copolymers
• Impact Copolymers

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