The global polypropylene compounds market size was valued at USD 17.59 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.6% from 2021 to 2028. The growth of the automotive and electronics industries across emerging nations is expected to be the key growth factor for the global market over the forecast period. Moreover, rising demand from the emerging economies, especially China, due to the rapid expansion of the building & construction industry, is positively influencing the demand for polypropylene (PP) compounds. The global market is highly dependent on commodity prices with the presence of a large number of global and regional manufacturers.
Foreign investments are decreasing in the industry since most of the companies are investing in domestic production capacities. Volatility in the raw material prices is anticipated to hinder the growth of the market over the forecast period. Propylene is the key raw material used in the manufacturing of polypropylene. These raw materials are derived from carbon compounds and petroleum.
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Key Player Mentioned:
- LyondellBasell Industries Holdings B.V.
- Solvay
- ExxonMobil Corp.
- Trinseo
- Sumitomo Chemical Co., Ltd.
- Washington Penn Plastics Co., Ltd.
- Rhetech, Inc.
- Avient Corp.
The global market is fragmented in nature with the presence of various key players. Major players, in particular, compete on the basis of production capacity expansions, product portfolio developments, and methods to implement new technologies in product manufacturing. Integration across the stages of the value chain results in continuous raw material supply as well as low manufacturing costs. R&D initiatives by a few companies to enhance their product specifications and expand the market reach are expected to further augment intensify the market competition in the years to come.
Product Segment Analysis:
- Mineral Filled
- Compounded TPO
- Compounded TPV
- Glass Reinforced
- Others
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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Crude oil is one commodity, which is considered to be highly volatile in its pricing nature and this volatility can further be seen in its downstream derivatives. Moreover, the recent outbreak of Covid-19 across the globe is negatively impacting the demand for PP compounds. Stalled industrial output and restrictions on the product supply and transport due to the pandemic are affecting the overall market growth.
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