Polypropylene Compounds Market To Witness A Significant Growth Of USD 39.21 Billion By 2030



 San Francisco, 1 Feb 2024: The Report Polypropylene Compounds Market Size, Share & Trends Analysis Report By Product (Mineral Filled, Compounded TPO, Compounded TPV, Glass Fiber Reinforced, Talc Filled), By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

The global polypropylene compounds market size is estimated to reach USD 39.21 billion by 2030, growing at a CAGR of 7.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The major factor contributing to the growth of the polypropylene (PP) compounds market is the rising demand for lightweight and high-performing plastics in the automotive industry.

There has been a shift in the trend toward manufacturing lightweight vehicle components owing to the stringent environmental regulations issued by the government to promote fuel economy. Polypropylene, being plastic, is lightweight and therefore positively influences the efficiency of the vehicle. Increasing incorporation of plastics in automotive components and the simultaneous rise in the production of electric passenger cars and heavy-duty vehicles, particularly in Asia and Central & South America, are expected to propel the growth of PP compounds over the forecast period.

The glass fiber reinforced segment is expected to lead the market from 2024 to 2030. Glass-reinforced polypropylene offers higher tensile strength, enhanced heat resistance and significantly improved stiffness. This product is commonly used in structural components that require the aforementioned properties and are predominantly a part of furniture, appliances, and automotive applications.

The electrical & electronics application segment is expected to grow at a CAGR of 7.8% from 2024-2030. Polypropylene compounds are used in electrical and electronics industry owing to their benefits such as weight reduction, thermal & electrical insulation, and miniaturization. Their demand has propelled over the past years due to increased use of advanced features such as high-density data storage. Moreover, the use of PP compounds has enabled the development of higher performing, affordable and convenient electronic equipment that are recyclable owing to its halogen-free nature.

Europe emerged as the third-largest market for PP compounds and accounted for a market share of around 21.0% in 2023. Europe is one of the prominent manufacturers of automobiles and is expected to continue its dominance in this sector over the forecast period. The rising demand for lightweight electric and hybrid vehicles, along with the presence of major automotive manufacturers, including AUDI AG, BMW AG, Mercedes-Benz AG, Automobili Lamborghini S.p.A., and Porsche Austria GmbH & Co. in this region, makes it a hub for the automotive industry.

Access Research Report of Polypropylene Compounds Market @ https://www.grandviewresearch.com/industry-analysis/polypropylene-pp-compounds-market

Propylene Compounds Market Report Highlights

  • Based on product, the glass fiber reinforced segment is expected to grow at a CAGR of over 8.0% from 2024 to 2030. The product find application across industries due to their higher tensile strength, heat resistance, and improved stiffness
  • Based on end-use, the building & construction segment is expected to grow at a CAGR of over 7.0% from 2024 to 2030. The use of polypropylene-based compounds in the building and construction segment has increased in recent years, owing to their benefits such as energy efficiency, weather resistance, and green roofing options
  • Increasing demand for electronic gadgets such as mobiles, laptops, tablets, and phablets in emerging economies of the Asia Pacific and Central & South America, such as China, India, Vietnam, Thailand, Brazil, and Argentina, is expected to drive polypropylene compounds consumption in the electrical & electronics application segment
  • In October 2023, LyondellBasell Industries Holdings B.V. announced the launch of its new range of translucent polypropylene compounds, namely Hostacom and Hifax, for automotive applications

Polypropylene Compounds Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 24.9 billion

Revenue forecast in 2030

USD 39.2 billion

Growth rate

CAGR of 7.8% from 2024 to 2030

Base year for estimation

2023

Historical data

2018 - 2022

Forecast period

2024 - 2030

List of Key Players in the Polypropylene Compounds Market

  • Mitsui Chemical, Inc.
  • IRPC Public Company Limited
  • Exxon Mobil Corporation
  • Avient Corporation
  • Japan Polypropylene Corporation
  • SABIC
  • Trinseo S.A.
  • Sumitomo Chemical Co., Ltd.
  • Washington Penn
  • Borealis AG
  • LyondellBasell Industries Holdings B.V.
  • DAEHACOM Co., Ltd.
  • GS Caltex Corporation

Access Press Release of Polypropylene Compounds Market @ https://www.grandviewresearch.com/press-release/global-polypropylene-pp-compounds-market

 

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