by Polypropylene compounds are widely used in the automotive industry for applications such as interior and exterior parts, under-the-hood components, and reinforcement of bumper beams. Polypropylene compounds offers advantages such as resistance to corrosion and chemicals, durability, and flexibility. The global demand for vehicles has been consistently growing over the years with rise in disposable income of consumers. This has propelled the need for polypropylene compounds in the automotive industry.
The global Polypropylene Compounds Market is estimated to be valued at US$ 76.9 billion in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth in the automotive segment has been a major driver of the polypropylene compounds market over the past decade. Polypropylene compounds find widespread application in various automotive components given their lightweight, durable, and flexible characteristics. As per estimates, around 20 kilograms of polypropylene is used in a typical passenger vehicle. Stringent fuel economy and emission norms have prompted automakers to focus on reducing vehicle weight without compromising strength and performance. This has fueled the adoption of advanced thermoplastic materials such as polypropylene compounds in under-the-hood components and other structural automotive parts. The rising vehicle production across regions is expected to continue driving demand for polypropylene compounds during the forecast period.
SWOT Analysis
Strength: Polypropylene compounds have excellent chemical resistance and are lightweight yet durable. They possess good fatigue and stress-crack resistance.
Weakness: Polypropylene compounds have relatively low heat deflection temperature and poor resistance to heat. They also lack resistance to UV light exposure over an extended period.
Opportunity: Increasing demand for polypropylene compounds from the automotive, consumer goods, and packaging industries is driving market growth. Growing regulations to curb carbon emissions are also creating opportunities.
Threats: Strong competition from alternative materials such as polyethylene compounds poses a threat. Fluctuations in raw material prices can impact the polypropylene compounds market.
Key Takeaways
The global polypropylene compounds market is expected to witness high growth in the forecast period of 2024 to 2031.The automotive industry accounts for the largest share of the polypropylene compounds market. Polypropylene compounds find widespread use in automotive bumpers, interior dashboards, grilles, and panels owing to their ruggedness and affordability. Global Polypropylene Compounds Market Size is estimated to be valued at US$ 76.9 billion in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031.
Asia Pacific dominates the global polypropylene compounds market and is expected to maintain its leading position over the forecast period. This is attributed to the growing automotive and packaging industries, particularly in China and India. The region is home to some of the fastest developing countries that are witnessing major industrialization. This is driving the consumption of polypropylene compounds in various applications.
Key players operating in the polypropylene compounds market are LyondellBasell Industries Holdings B.V., Solvay S.A, Chase Plastics LP, The Hexpol Group of Companies, Teknor Apex Company, Washington Penn Plastics Co., Inc., Techmer ES, Sumitomo Chemical Co., Ltd., MRC Polymers Inc., and RTP Company.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
