Polypropylene and Polypropylene Composites Market for Injection Molding Value to Witness $78,381 Mn by 2023

"Polypropylene & polypropylene composites manufacturers and research institutions across the world have heavily invested on technological advancements to develop better composites. These are expected to modify and enhance the performance of bioplastic composites in a way that they use less energy in the production process, owing to their enhanced physical eco-friendly properties. Asia-Pacific countries, such as China, India, and others, possess high potential for the growth of the polypropylene & polypropylene composites market for injection molding."

Injection molded plastics have attracted attention in recent years due to low waste generation, excellent material flexibility, wide range of applications and low labor costs. Recent technological developments such as computer assisted engineering and automation have enabled injection molding processes to be performed in a variety of applications. Injection molded polypropylene is used in food and beverage containers with high chemical resistance and translucent properties. It is also widely used in many end-use applications such as flexible packaging, rigid packaging, automotive and consumer products. In addition, polypropylene composites are in increasing demand for aerospace and defense applications due to their high tensile strength and excellent resistance to heat for use in harsh environments.

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New report "Global Polypropylene and Polypropylene Composites Market for Injection Molding by Product, Fiber Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023", published by Allied Market Research. The global polypropylene and polypropylene composites market for injection molding was valued at $54,703 million in 2016, and is projected to reach $78,381 million by 2023, growing at a CAGR of 5.1% from 2017 to 2023. The polypropylene (PP) segment accounted for more than 89% share of the global polypropylene and polypropylene composites market for injection molding in 2016.

Based on products, the market is divided into polypropylene (PP) and polypropylene composites. Polypropylene composite segments are expected to be the most profitable segment from 2017 to 2023 due to versatility, low cost and impact resistance. In addition, lightweight, high tensile strength and highly recyclable polypropylene composites encourage automotive manufacturers to use polypropylene composites on the exterior and interior parts of automobiles to improve fuel economy and minimize emissions.

On the basis of fiber type, the market is divided into glass fiber, carbon fiber, and others. The carbon fiber polypropylene composites segment is estimated to grow at the highest CAGR during the forecast period, due to high strength to weight ratio, corrosion resistance, fatigue resistance, and fire resistance properties of the carbon fiber polypropylene composites.

By application, the market is categorized into transportation, electrical & electronics, aerospace & defense, and others. The aerospace & defense segment is projected to be the most lucrative segment from 2017 to 2023, owing to rise in demand for high-performance material from the aerospace & defense industry.

Key Findings of the Polypropylene and Polypropylene Composites Market :

• The carbon fiber segment is expected to grow at a significant CAGR of 12.1%, in terms of value, from 2017 to 2023.
• The transportation segment is projected to grow at a CAGR of 5.6%, in terms of value.
• The glass fiber composites segment accounted for more than 64% share of the global market for injection molding, and is projected to grow at a CAGR of 7.9%, in terms of value.
• The polypropylene and polypropylene composites market for injection molding in Asia-Pacific is expected to grow at the highest CAGR of 6.1%, in terms of value.
• The North American market accounted for more than 38% share in 2016.

In 2016, North America and Europe collectively accounted for more than 65% of the global polypropylene and polypropylene composites market for injection molding, in terms of value. This is attributed to wide use of polypropylene and polypropylene composites in automobile industries to manufacture lightweight automobiles, as they enhance the fuel efficiency. Furthermore, in North America, injection molded polypropylene & polypropylene composites are widely used in electricals & electronics and packaging industries. In Europe, the European legal framework and strategies foster the widespread use of injection molded polypropylene & polypropylene composites products in various industries, which provide growth opportunities for the market.

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The major companies profiled in this report are Borealis AG, Sumitomo Chemicals, Exxon Mobil Corporation, Sinopec Ltd, SABIC, Formosa Plastics Corporation, Lyondell Basell Industries N.V., DuPont, INEOS, and Braskem.

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