by Polypropylene is a thermoplastic polymer used across various industries due to its desirable properties such as high heat resistance, stiffness, and toughness. It is widely used in the automotive industry for various applications such as interior parts, exterior body panels, and bumpers. Polypropylene compounds are formulated by mixing polypropylene with additives to enhance performance properties.
The global polypropylene compounds market is estimated to be valued at US$ 23.21 billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand from automotive industry: Polypropylene compounds exhibit properties like lightweight, durability, and corrosion resistance which makes them suitable for various auto-parts application. Increasing vehicle production globally is expected to drive the demand for polypropylene compounds from automotive manufacturers. This emerging demand from automotive industry will boost the market growth over the forecast period.
Polypropylene is a thermoplastic polymer used across various industries due to its desirable properties such as high heat resistance, stiffness, and toughness. It is widely used in the automotive industry for various applications such as interior parts, exterior body panels, and bumpers. Polypropylene compounds are formulated by mixing polypropylene with additives to enhance performance properties.
The global polypropylene compounds market is estimated to be valued at US$ 23.21 billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand from automotive industry: Polypropylene compounds exhibit properties like lightweight, durability, and corrosion resistance which makes them suitable for various auto-parts application. Increasing vehicle production globally is expected to drive the demand for polypropylene compounds from automotive manufacturers. This emerging demand from automotive industry will boost the market growth over the forecast period.
Segment Analysis
The global polypropylene compounds market is dominated by the automotive segment, which accounts for over 50% market share. Polypropylene compounds are extensively used in automotive applications such as interior and exterior parts, battery cases, and wire and cable insulation due to their lightweight and corrosion resistance properties. Within automotive, bumper and soft touch applications contribute majorly to the segment’s large share as these components require polypropylene compounds for improved aesthetics, feel and safety performance.
PEST Analysis
Political: Significant growth of automotive and construction industries globally due to supportive regulations will drive polypropylene compounds demand.
Economic: Rising disposable incomes in developing nations are increasing spending on home improvement and vehicles, benefiting polypropylene compound consumption.
Social: Growing focus on lightweight and sustainable materials amid environmental concerns has boosted adoption of polypropylene compounds across industries.
Technological: Continuous R&D for developing polypropylene compounds with enhanced physical properties and recyclability has widened the scope of applications in medical equipment, electrical components and more.
Key Takeaways
The Global Polypropylene Compounds Market Analysis is expected to witness high growth over the forecast period of 2023 to 2030 supported by robust demand from the automotive and construction industries.
The Asia Pacific region dominates the market currently due to strong presence of automotive OEMs and infrastructure activities in China, India and Southeast Asia.
Key players operating in the polypropylene compounds market are Siemens Healthineers, Nordion Inc., Lantheus Holdings Inc., Guerbet Group, GE Healthcare, Curium, Bracco Imaging SpA, Bayer AG, Cardinal Health Inc., and NTP Radioisotopes SOC Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
