Report Overview
The global polypropylene compounds market is estimated to be valued at US$ 21.57 billion in 2022 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Polypropylene compounds are lightweight polymers used to manufacture durable industrial products and consumer goods. They provide excellent corrosion resistance and insulation properties at low costs. Their versatility make them suitable for making automotive parts, household goods, textiles and industrial packaging.
Market Overview
Polypropylene compounds are lightweight polymers manufactured by mixing polypropylene resin and additives. They offer high heat resistance, durability, chemical resistance and easy processability. These properties make them suitable for a wide range of applications in automotive, packaging, electrical & electronics, consumer products and construction industries. Polypropylene compounds are increasingly replacing conventional materials like wood, metal and glass due to their low costs and weight advantage.
Market key trends
One of the key trends in the polypropylene compounds market is the growing demand from the automotive industry. Car makers are increasingly adopting polypropylene compounds to manufacture lightweight vehicle components like bumpers, interior panels, seating, instrumental panels, and battery casings. Their use helps automakers significantly reduce vehicle weight and improve fuel efficiency as per corporate average fuel economy (CAFE) standards. Various government regulations aimed at curbing vehicular emissions are also driving the replacement of heavier convention materials with polypropylene compounds. Another major trend is the increasing use of reinforced polypropylene compounds. Companies are developing polypropylene compounds reinforced with glass fibers, carbon fibers or natural fibers to impart higher strength and stiffness. The reinforced grades expand the application scope of polypropylene compounds in under-hood components, structural dashboard parts and other high-load applications. Their superior mechanical properties allow automakers to further reduce vehicle weight without compromising strength and durability.
Segment Analysis
The global polypropylene compounds market is segmented by type into homopolymer and copolymer. The copolymer segment dominates the market and accounts for around 60% share of the total market. This is because copolymer compounds exhibit superior properties such as enhanced flex cracking resistance and impact strength compared to homopolymers. These properties make copolymers ideal for various injection molding applications in automotive, construction and consumer goods industries.
Key Takeaways
The Global Polypropylene Compounds Market Size is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing demand from the packaging industry. Polypropylene finds extensive application in packaging of food, beverage, pharmaceutical products owing to properties like high tensile strength, chemical resistance and moisture barrier.
Regional analysis - Asia Pacific dominates the global polypropylene compounds market and is estimated to grow at the fastest rate during the forecast period. Countries like China, India, Japan and South Korea are major contributors to the growth of the market in this region. This is due to rapid industrialization and growth of end use industries like automotive, electronics and packaging in Asia Pacific.
Key players operating in the polypropylene compounds market are Mitsui Chemicals, Inc., Exxon Mobil Corporation, Japan Polypropylene Corporation, SABIC, Sumitomo Chemical Co., Ltd., and Washington Penn Plax. Key players are focusing on capacity expansions and new product launches to cater to the increasing demand and consolidate their position further. For instance, in 2020, SABIC announced the expansion of its polypropylene compounding facility in the UK to meet the rising demand from the European market.
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