Dublin, July 01, 2021 (GLOBE NEWSWIRE) -- The "Polypropylene Compound Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for polypropylene compounds is expected to grow at a CAGR of more than 7.2% globally during the forecast period. Polypropylene compounds are thermoplastic resins that are formed by combining one or more base polyolefins with various materials, such as impact modifiers, fillers, and reinforcements, pigments, and additives. The growing demand from consumer electronics products has been driving the market growth.
However, the fluctuation in raw material and the outbreak of coronavirus across the globe are likely to hinder the growth of the studied market.
The research and development of eco-friendly polypropylene compounds are likely to provide opportunities for the polypropylene compound market over the next five years.
Automotive Industry is the most dominating end-user segment for the market studied. Asia Pacific region dominated across the world with increasing consumption from countries like China and India.
Key Market Trends
Automotive Industry to Dominate the Market
The automotive industry stands to be the dominating segment owing to continuously increasing demand for polypropylene resin as a replacement for metal and electronics plastics in automotive manufacturing.
Rising demand for lightweight products with high strength in the automotive industry is projected to accelerate target market growth to decrease the weight of the vehicle and boost fuel efficiency.
The low density of PP compounds increases the automotive fuel economy and reduces the overall cost of raw materials. High polypropylene versatility has led to creative designs being developed which enhances passenger safety and comfort. It is these aspects that drive demand for PP compounds.
The automotive industry has been experiencing a decline in production in countries such as the United States, China, and Germany since 2018, as a result of which consumption of polypropylene compound is expected to decline. However, the automotive industry is expected to witness a recovery in production from 2021.
All the aforementioned factors are expected to drive the polypropylene compound market during the forecast period.
Asia-Pacific Region to Dominate the Market
Due to robust demand from the automotive industry and consumer electronics, particularly in emerging countries such as India and China, the Asia Pacific market is expected to be the largest and fastest-growing market over the forecast period.
The flexible packaging industry in the Asia-Pacific is rising at a faster pace due to its advantages, such as simple handling, portable packaging, and lightweight.
Easy availability of raw material, well-developed infrastructural facilities, and skilled & cheap labor force have attracted major international automotive manufacturers to invest in the Asia-Pacific region. Hence, all these factors are expected to drive the market for polypropylene compounds in the Asia-Pacific region.
The region's electronics market is also rising at a steady pace. Additionally, with companies actively investing in the electronics industry in the region, the demand is likely to continue to expand, thus growing polypropylene use in the Asia-Pacific region.
Market demand for electric cars and policies under Clean Energy Ministerial (CEM), such as the initiative on electric vehicles and increasing enthusiasm for electric vehicles, are expected to push polypropylene compound consumption in near future.
Hence, all such market trends are expected to drive the demand for polypropylene compound market in the region during the forecast period.
The global polypropylene compound market is fragmented in nature owing to the presence of numerous players in the market with no significant market share. Some of the major companies are LyondellBasell Industries Holdings B.V., Repsol, SABIC, Sumitomo Chemical Co., Ltd., and Exxon Mobil Corporation amongst others.
Reasons to Purchase this report:
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Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand from Consumer Electronics Product
4.1.2 Other Drivers
4.2.1 Fluctuation in Raw Material Cost
4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Mineral Filled
5.1.2 Compounded TPO
5.1.3 Compounded TPV
5.1.4 Glass Reinforced
5.2 End-user Industry
5.2.3 Electrical and Electronics
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.2 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 Saudi Arabia
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Borealis AG
6.4.2 Domo Chemicals
6.4.3 Exxon Mobil Corporation
6.4.5 JJ Plastalloy
6.4.6 LG Chem.
6.4.7 LyondellBasell Industries Holdings B.V.
6.4.8 Mitsubishi Chemical Corporation.
6.4.9 MITSUI CHEMICALS AMERICA, INC.
6.4.12 RTP Company
6.4.14 Sumitomo Chemical Co., Ltd.
6.4.15 The Plastics Group of America
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Research and Development of Eco-friendly Polypropylene Compounds
7.2 Other Opportunities
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