By 2028, the polypropylene compound market will increase from US$17.77 billion in 2021 to US$25.864 billion, with a compound annual growth rate of 5.3% from 2021 to 2028; while the global market is dominated by construction and construction, textiles, electrical and electronics And driven by the growing demand of the automotive industry.
New York, November 3, 2021 (GLOBE NEWSWIRE) - Polypropylene compounds market: key insights based on our latest research on polypropylene compounds market size, share, revenue, and forecast to 2028-COVID-19 impact and global types Analysis (mineral-filled PP compounds, composite TPO, composite TPV, glass reinforced materials, etc.) and end users (automotive, electrical and electronic, packaging, building and construction, textiles, etc.).
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North America; Europe; Asia Pacific; Latin America; Multilateral Environmental Agreements
United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecasts, company rankings, competitive landscape, growth factors and trends
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Polypropylene compound market: competitive landscape and major developments. Some of the major players operating in the global polypropylene compound market are LyondellBasell Industries Holdings BV; Exxon Mobil Corporation; Saudi Basic Industries Corporation; Sumitomo Chemical Co., Ltd.; Borealis ; All; Trinseo; and Rialti SpA. These companies have operations in developing regions, which provides profitable opportunities for their proliferation. They are highly focused on developing innovative and high-quality products to meet customer needs. In 2021, Sumitomo Chemical announced the establishment of a new production base Sumika Polymer Compounds Polish Sp.zoo (SPCP) in Poland to further expand its polypropylene compound business.
In 2020, the Asia-Pacific region has the largest revenue share in the polypropylene compound market, and South America and Central America are expected to have the highest compound annual growth rates during the forecast period. In the Asia-Pacific region, polypropylene compounds are increasingly used in the automotive and electronic industries. In addition, the packaging industry is an important part of the manufacturing industry in the region, which helps to increase the demand for polypropylene compounds. In addition, companies operating in the Asia-Pacific polypropylene compound market focus on expanding production capacity and developing high-performance polypropylene compounds.
The widespread use of mineral-filled polypropylene compounds has promoted market growth: mineral-filled polypropylene is produced by adding minerals such as calcium carbonate, glass beads, talc, wollastonite, and mica powder to polypropylene raw materials. These minerals can enhance the mechanical properties of polypropylene material and affect its toughness, while reducing its molding shrinkage, thereby improving its dimensional stability. Mineral-filled polypropylene plastics can be widely used in outdoor air-conditioning units, housings of small household appliances, electronic and electrical components, engineering structural parts, etc. Mineral-filled polypropylene is also used in home appliance parts, including pulsator, inner tub, pulsator and drum washing parts; sealing strips for microwave ovens, horns, and horn brackets; refrigerator shelves and shelves; and rice cooker shells and bases . Mineral-filled polypropylene compounds can be used in high-volume, low-cost applications such as automobiles, electrical and electronic equipment, and packaging. The addition of minerals to polypropylene compounds gives them greater thermal deformation and stiffness. These polypropylene products are available in natural color, colorable and UV stabilized versions.
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Polypropylene compound market: breakdown overview According to the type, the polypropylene compound market is divided into mineral-filled PP compounds, composite TPO, composite TPV, glass fiber reinforcement, etc. In 2020, the PP compound part filled with minerals will occupy the largest market share. According to end users, the polypropylene compound market is segmented into automobiles, electrical and electronic, packaging, construction and construction, textiles, etc. The automotive sector will occupy the largest market share in 2020. In the automotive industry, polypropylene compounds are used in exterior parts such as bumpers, rearview mirrors, wheel covers, front grilles, cladding, roof trim panels, and integrated and painted door sill panels. It is expected that during the forecast period, the market in the electrical and electronic fields will also grow at a considerable rate.
Impact of the COVID-19 pandemic on the polypropylene compounds market: The COVID-19 pandemic has adversely affected the plastics industry and related markets. The implementation of measures to combat the spread of SARS-CoV-2 has affected the growth of multiple industrial sectors. Due to the blockade of national and international borders, operational efficiency and the value chain were suddenly interrupted, industries such as automobiles and electronics were affected. However, the economy is working hard to resume its operations. As consumers tend to order food online, the food packaging industry has created a huge demand for polypropylene compounds. In addition, the previously delayed construction projects are ready to resume, which will further provide opportunities for the growth of polypropylene composites market participants. As supply constraints are resolved, companies operating in the market are rebounding. The increasing demand for polypropylene compounds in the packaging, automotive, construction and construction, electrical and electronic industries is expected to drive the growth of the polypropylene compound market in the next few years.
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The key issues that require the polypropylene compound market:
Can you list some of the major players operating in the global polypropylene compounds market?
What is the scope of polypropylene compounds in the global market?
According to the type, what is the prospect of glass fiber strengthening the market segment?
Based on the end user, what is the largest part of the global polypropylene compound market?
What is the largest geographic area of the global polypropylene compound market in 2020?
What is the forecast prospect of the mineral-filled polypropylene compound segment in the polypropylene compound market?
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