POLYPROPYLENE COMPOUNDS MARKET ANALYSIS

Polypropylene Compounds MarketSize and Trends

The global polypropylene compounds market size was valued at US$ 21.57 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.6 % from 2023 to 2030. The global polypropylene compounds market is anticipated to witness a significant growth in the coming years. This market is driven by the growing demand for plastics in the automotive, textile, construction and electrical & electronics industries. Rising use of PP compounds as an alternative to engineering plastics and metals in the automotive industry is anticipated to propel market growth over the forecast period. Moreover, increasing use of these products for fabricating piping systems due to their high strength, rigidity and purity will drive market growth.

Global Polypropylene Compounds Market Trends:

Rising demand for strong and lightweight materials is a recent trend

The rising demand for strong and lightweight materials across various sectors such as building, packaging, and automotive is a growing trend. Moreover, the market is further expected to be driven by the rising environmental concerns among consumers and consistent focus on reducing carbon footprints through energy efficiency and low emissions.

Expanding production capacities to meet rising demand from the end-use industries

Major players are increasing their production capacities to meet rising demand from the end use industries. For instance, in February 2021, Sumitomo Chemical has decided to establish Sumika Polymer Compounds Poland Sp.z.o.o. (SPCP), a new production base in Poland, to further enhance its polypropylene (PP) compound business. SPCP will start commercial production in the spring of 2022.