The global polypropylene compounds market size is anticipated to reach USD 35.19 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 7.6% over the forecast period. Increasing requirement for flame retardancy and improved heat resistance and serviceability of plastics in the electrical & electronics industry is the primary factor driving the growth of the global market. In addition, regulations in western markets, including the EU and the U.S., which are aimed at vehicular weight reduction are further fueling the demand for polypropylene (PP) compounds in the automotive industry.
The mineral-filled product segment is expected to hold a dominant market share owing to the superior properties of these products, such as higher heat distortion and rigidity. The most widely used minerals in the PP compound include talc, glass beads, mica, silica, and calcium. Low-cost production in China has led to a surge in new polymer production, which is driving the market to oversupply. Furthermore, rising population, rapid industrialization, and increase in consumer disposable income levels are some of the key socio-economic factors supporting market growth in the region.
The global market is the second-largest polymer business in the world, which contributes more than 25% of the overall polymer demand. Basic raw materials required for producing chemicals include feedstock, such as crude oil, natural gas, and other sources. Numerous companies in the industry have begun manufacturing the raw materials themselves to combat the supply-demand imbalances and meet the uncertainty of crude oil prices.
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Polypropylene Compounds Market Report Highlights
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Polypropylene Compounds Market Segmentation
Grand View Research has segmented the global polypropylene compounds market on the basis of product, end-use, and region:
PP Compounds Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
PP Compounds End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
PP Compounds Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2028)
List of Key Players of Polypropylene (PP) Compounds Market
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MEA Polypropylene Compounds Market Size, Share & Trends Analysis Report By Product (Mineral Filled PP Compounds, Compounded TPV), By Application, And Segment Forecasts, 2020 – 2027
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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