According to the latest research report by the polypropylene compounds market is projected to reach US$ 25,864.00 million by 2028 from US$ 17,977.40 million in 2021; it is expected to grow at a CAGR of 5.3% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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Rising demand for convenience foods to drive Polypropylene Compounds market growth at CAGR of 4.3% during 2019-2027
There are several uses for the thermoplastic polymer polypropylene. Propylene monomers are used in the chain-growth polymerization process to create it. Thermoplastic resins known as polypropylene compounds are created by combining one or more polyolefin bases. They are then supplemented with different additives, fillers, impact modifiers, strengtheners, and colors for a variety of uses.
The market for polypropylene compounds is primarily driven by the rising demand for these goods from a variety of industries, including building and construction, textiles, electrical and electronics, and automotive. Polypropylene is frequently utilized as an alternative to engineering plastics and metals in the automotive sector. These compounds are the best choice when creating plumbing systems due to their high strength, stiffness, and purity. Siding, air and moisture barrier membranes, carpet textiles, building insulation wrap films and sheets, industrial adhesives and tapes, and plastic components are just a few uses for polypropylene in the building and construction sector.
Impact of COVID-19 Pandemic on Polypropylene Compounds Market
The plastics sector and allied markets have suffered as a result of the COVID-19 epidemic. The development of numerous industrial sectors has been hampered by the execution of measures to stop the spread of SARS-CoV-2. The unexpected disruptions in operational efficiencies and value chains brought on by the closure of national and international boundaries have had an influence on sectors like the automotive and electronics industries. But economies are making efforts to resurrect their activities. Due to consumers' propensity for online meal ordering, the polypropylene compound market is experiencing substantial growth in the food packaging sector. A additional opportunity for the expansion of market players for polypropylene compounds would come from the readiness of previously delayed construction projects.
The market for Polypropylene Compounds is concentrated with some very well-established players. Some of the key players in the Polypropylene Compounds Market include
- LyondellBasell Industries Holdings B.V.
- Exxon Mobil Corporation
- Sumitomo Chemical Co., Ltd
- Borealis AG
- Rialti S.p.A.
Polypropylene Compounds Market is Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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