Polypropylene Compounds Market Analysis: Size, Trends, Consumer Preferences, and Growth Prospects from 2024-2031 | Mitsui Chemicals, Inc., Exxon Mobil Corporation

The Polypropylene Compounds Market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Polypropylene compounds are engineered plastics consisting of polypropylene blended with fillers and additives. They exhibit properties such as high impact resistance, high tensile strength, and good chemical resistance. They are widely used in automotive interior and exterior parts as well as appliances.

Market Dynamics:

The growth of the global polypropylene compounds market is driven by rapidly growing automotive industry across the globe. Polypropylene compounds have emerged as preferred materials for automotive interior and exterior components owing to their light weight and high impact resistance properties. Further, growing demand for polypropylene compounds from appliances industry is also pushing the market growth. Appliance manufacturers prefer polypropylene compounds due to their ability to withstand high temperatures during manufacturing processes. Additionally, developments in blown film extrusion technology has led to wider application of polypropylene compounds in packaging films, thereby fueling the market growth during the forecast period.

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Top Key Players are Covered in this Report:

★ Mitsui Chemicals Inc.
★ Exxon Mobil Corporation
★ Japan Polypropylene Corporation
★ SABIC
★ Sumitomo Chemical Co., Ltd.,
★ Washington Penn

Market Segmentation:

By Product Type:

★ Mineral Filled PP Compounds
★ Compounded TPO
★ Compounded TPV
★ Glass Reinforced
★ Others

By Applications:

★ Automotive
★ Building & Construction
★ Electrical & Electronics
★ Textiles
★ Others

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Major Driver: Increasing Demand for Polypropylene Compounds from Automotive Industry

The automotive industry has been one of the largest end-use industry for polypropylene compounds. Polypropylene compounds are widely used in automotive manufacturing for various components and parts such as bumpers, car seats, dashboards, door panels, and others. The growing automotive production across major regions such as Asia Pacific, Europe, and North America has significantly contributed to the growth of polypropylene compounds market. For instance, according to International Organization of Motor Vehicle Manufacturers, the global automotive production reached over 95 million vehicles in 2018. Moreover, the rising demand for lightweight and durable materials in automotive manufacturing is also propelling the consumption of polypropylene compounds. Their features like durability, heat resistance and lightweight properties make them an ideal material choice for automakers. With continuous growth in vehicle production as well as demand for advanced and customized vehicles globally, the demand for polypropylene compounds from automotive industry is expected to drive the market during the forecast period.

Major Driver: Increasing Consumption of Polypropylene Compounds in Packaging Industry

Polypropylene compounds find extensive usage in packaging industry for various flexible and rigid packaging applications such as food packaging, bottles, containers and others. Their inherent properties such as durability, chemical resistance and transparency make them a suitable material for packaging applications. Moreover, increasing demand for improved shelf life and customized packaging from food & beverage as well as other industries is also augmenting the consumption of polypropylene compounds. According to PlasticsEurope, around 26 million metric tons of polypropylene is consumed annually for rigid as well as flexible packaging applications. Additionally, factors such as growing consumption of packaged & ready-to-eat food products and rising e-commerce industry are propelling the packaging demand which in turn is driving the polypropylene compounds market growth. However, increasing prevalence of substitutes like polyethylene may slightly restrain the market growth during the forecast period.

Major Restrain: Availability of Substitute Materials

Availability of various substitute materials for polypropylene compounds poses a threat to the market growth. Materials like polyethylene, polyvinyl chloride and others can be used as alternatives to polypropylene compounds in certain applications based on cost and functionality requirements. For instance, high-density polyethylene (HDPE) is widely used in making plastic bottles, containers and others as it offers advantages like flexibility, durability and chemical resistance at competitive costs. Similarly, PVC finds applications as an alternative in pipes, films and other construction materials. Moreover, development of bio-based and recycled polymer compounds is further strengthening the substitute threat. Continuous R&D towards advancing the properties of substitute materials to match polypropylene at lower costs can shift the preferences of end-use industries, thereby negatively impacting the polypropylene compounds demand and restraining the market growth over the forecast period.

Major Opportunity: Growing Infrastructure Development activities

The rapid infrastructure development activities underway globally present lucrative opportunities for polypropylene compounds market. Polypropylene compounds are extensively utilized in the construction of buildings, roads, bridges and other infrastructure projects. Their properties like durability, flexibility, corrosion resistance and UV stability make them suitable for various construction applications. According to research, around $57 trillion is forecast to be invested globally in infrastructure by 2040. Emerging economies in Asia Pacific and Middle East are expected to contribute significantly in this regard. For instance, China's 14th five year plan envisages massive investments in transportation, energy and urban infrastructure projects. India too aims to invest over $1.3 trillion in infra development by 2024-25. This rising spend on infrastructures will certainly augment the consumption of polypropylene compounds used in construction industry. The opportunities are further complemented by shifting trends towards lightweight and environment-friendly construction materials. These factors indicate a lucrative avenue for polypropylene compound producers over the coming years.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Polypropylene Compounds market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the Polypropylene Compounds market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Polypropylene Compounds Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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This release was published on openPR.