Polypropylene Compounds Market Is Estimated To Witness High Growth Owing To Increasing Applications In Various End-Use Industries
The 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.
Market Overview:
Polypropylene compounds are thermoplastic polymers derived from propylene. They are used to manufacture various plastic items like containers, automotive components, appliances, medical equipment and more due to their properties like corrosion resistance, lightweight, flexibility and impact strength. End use industries like packaging, automotive, medical and construction are major consumers of polypropylene compounds.
Market Dynamics:
The polypropylene compounds market is witnessing high growth owing to increasing applications in various end-use industries. The packaging industry consumes a large share of polypropylene compounds due to their chemical resistance, low cost and stiffness properties ideal for food packaging. In the automotive industry, polypropylene compounds are gaining popularity as a material for under the hood components as they are lightweight, durable and economical.
Supportive government policies around the world promoting use of engineered plastics in industries is another key factor driving the market growth. Countries are providing incentives for adoption of polypropylene compounds instead of conventional materials to reduce environmental impacts.
SWOT Analysis (Strength, Weakness, Opportunity, Threats)
Strength:
- Polypropylene has high chemical and stress resistance which makes it suitable for various applications.
- It has good mechanical properties such as high tensile strength and impact resistance.
- Production of polypropylene compounds is a cost-effective process.
Weakness:
- Polypropylene has low tolerance towards heat as it softens at a lower temperature.
- It has low resistance to environmental stress cracking.
Opportunity:
- Increasing demand from the automotive industry for interior and exterior automotive parts is opening new growth avenues.
- Rising application in packaging industry for food packaging is creating market opportunities.
Threats:
- Fluctuating crude oil prices directly impact the cost of polypropylene production.
- Stringent environmental regulations regarding plastic waste disposal can hamper the market growth.
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 automotive and packaging industries.
Regional analysis
Asia Pacific dominates the global polypropylene compounds market and is expected to continue its dominance, growing at a CAGR of around 8% during the forecast period. This can be attributed to robust presence of automotive and packaging industries and rapid industrialization in China, India, and Southeast Asian countries.
Key players
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 Plastic Co.
English
Arabic
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian