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.
- Borealis AG
- Domo Chemicals
- Exxon Mobil Corporation
- JJ Plastalloy
- LG Chem.
- LyondellBasell Industries Holdings B.V.
- Mitsubishi Chemical Corporation.
- MITSUI CHEMICALS AMERICA, INC.
- RTP Company
- Sumitomo Chemical Co., Ltd.
- The Plastics Group of America
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.
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
5 MARKET SEGMENTATION
5.1 Product Type
5.2 End-user Industry
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
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Research and Development of Eco-friendly Polypropylene Compounds
7.2 Other Opportunities
For more information about this report visit https://www.researchandmarkets.com/r/wvjc2x
Laura Wood, Senior Press Manager
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