Polypropylene Compound Market is likely to hit $31.47 billion by 2028, automotive segment will drive the industry growth
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Polypropylene Compound Market Trends – Rapid growth of end-use automotive, electronics, textile, and construction industries
VANCOUVER, BRITISH COLUMBIA, CANADA, May 9, 2023 /EINPresswire.com/ -- The global PP compound market size reached USD 17.59 Billion in 2020 and is expected to register a revenue CAGR of 7.6% during the forecast period, according to latest analysis by Emergen Research. Rising demand for long-fiber PP compound and increasing adoption of lightweight materials are some of the major factors driving global PP compound market revenue growth. Revenue growth of the market is also expected to be driven by increasing demand for PP compound due to rapid growth of end-use industries such as automotive, electronics, textile, and construction.
Polypropylene (PP) compound is a thermoplastic polymer that, due to its versatility and inexpensive cost, is widely employed in a wide range of applications. PP compounds are made by combining PP resin with various additives to improve its qualities for specific uses. Fillers, reinforcements, stabilisers, and pigments are examples of additives. When compared to pure PP resin, the resulting PP compound has superior mechanical, thermal, and electrical properties.
Currently, long-fiber thermoplastic PP compounds are used in automotive front-end carriers, door panels, pedals, under body shields, and many more. It has reached its peak with the help of resin companies. Glass fibers are combined with PP compounds to make different parts of the car, which enables replacing steel with PP compound. It even helps to reduce the use of expensive engineering plastics, and enables offering of more cost-effective vehicles to consumers.
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Target Audience of the Global Polypropylene Compound Market Report:
Companies involved in the production, distribution, and marketing of PP compounds, such as resin manufacturers, compounders, and distributors, are considered industry participants.
Automotive, packaging, construction, consumer goods, and electrical and electronic industries are examples of end-use industries that employ PP compound as a raw material for their products.
Individuals and corporations that invest in the PP compound market or give analysis and consulting services to enterprises in the industry are referred to as investors and analysts.
Government Agencies and Regulatory Bodies: Organisations such as environmental agencies and trade groups that govern and oversee the usage and manufacturing of PP compounds.
Researchers and scientists who focus on discovering novel formulations and applications for PP compounds, as well as optimising the manufacturing process and quality control.
Key Highlights presented in the report:
Automotive segment revenue is expected to expand at a significantly rapid CAGR during the forecast period due to increasing demand for PP compounds such as resins and low-density PP compounds, which is boosting revenue growth of the automotive segment.
Impact copolymer segment is expected to register a significantly robust revenue growth rate over the forecast period owing to excellent performance in outdoor applications and components with cost-effective, low strength, and ductile materials. It can be used for various purposes such as blow molding, sheet extrusion, and thermoforming.
Asia Pacific is expected to account for a larger revenue share than other regional markets over the forecast period due to its cost-efficient feedstock. Shale gas, which is derived from the feedstock, increases the cost competitiveness among manufacturers. Besides, presence of some major companies such as Mitsui Chemicals, Inc., Kingfa Science &Technology Co. Ltd., and others is boosting growth of the PP compound market in the region.
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Major Geographies Analyzed in the Report:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Competitive Outlook:
The global Polypropylene Compound market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Polypropylene Compound market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures.
Companies profiled in the global Smart Water Management market:
LyondellBasell Industries Holdings B.V., Saudi Basic Industries Corporation (SABIC), Mitsui Chemicals, Inc., Avient Corporation, Ravago Holdings America, Inc., Washington Penn Plastic Co., Inc., Kingfa Science & Technology Co., Ltd., Sumitomo Shoji Chemical Co., Ltd., PP-Plus Corporation, and HEXPOL AB (RheTech)
Market Overview:
The report bifurcates the Polypropylene Compound market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Additional information offered by the report:
PP Compound qualities: PP compound is well-known for its high chemical resistance, superior mechanical qualities, and low density. It has a high melting point and is not affected by heat. PP compound is also very resistant to impact and fatigue and has outstanding electrical insulating qualities.
PP Compound Applications: PP compound is utilised in a variety of applications such as automobile parts, household appliances, packaging, construction, and electrical and electronic components. Because of its inexpensive cost and great mechanical qualities, it is an excellent material for lightweight parts.
Manufacturing Methods: PP compound can be manufactured using a variety of methods, including injection moulding, extrusion, blow moulding, and thermoforming. The manufacturing technique chosen is determined by the specific application and the required qualities of the final product.
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Polypropylene Compound Market Segmentation:
Product Outlook (Revenue, USD Billion; Volume KT; 2018–2028)
Mineral Filled
Compounded TPO
Compounded TPV
Glass Reinforced
Others
Polymer Type Outlook (Revenue, USD Billion; Volume KT; 2018–2028)
Homo Polymers
Random Copolymers
Impact Copolymers
End Use Outlook (Revenue, USD Billion; Volume KT; 2018–2028)
Automotive
Building & Construction
Electrical & Electronics
Textiles
Others
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