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Description
Polypropylene Compounds Market size was valued at USD 17.58 billion in 2020 and is expected to grow at a compound annual growth rate CAGR of 7.7% from 2021 to 2027. worldwide polypropylene compound market is predicted to grow at a rapid pace. The consumer electronics, automotive, industrial, and packaging industries are all seeing increased prospects. Various light-weight vehicle applications are expected to emerge in the polypropylene compound market. Polypropylene belongs to the polyolefins family. It is partly crystalline and non-polar. Its natural properties are similar to those of polyethylene, however it has a higher toughness and heat resistance. Polypropylene is a white plastic. It is commonly utilised in industries because it is chemically resistant and mechanically tough. Growing automotive additive and electronics industries across the globe is expected to create a demand for polypropylene in the near future. Moreover, growing sentience concerning about the sustainability of natural resources, particularly in regions such as North America and Europe is anticipated to drive the polypropylene market. Increasing demand from developing markets, particularly China owing to the development of construction, automotive and building industry is up surging the industry growth. However, high cost of raw materials hinder the market growth. Key players in global polypropylene compounds market enhance their product portfolio and consumer base by adopting striking market strategy like collaborations, acquisitions, technological innovations, among others. For instance, in 2017, LyondellBasell started a new 20 kiloton per year polypropylene compounding plant in Dalian, China. Through this expansion, the company aimed to serve the demand from China’s growing automotive market.
