Press Release-Polypropylene Compounds Market to Reach USD 51.46 Bn in 2034

Vantage Market Research releases its latest comprehensive report on the ‘Global Polypropylene Compounds Market’ with a forecast period of 2025-2034. In 2023, the global polypropylene compounds market size was USD 22.3 Billion, and is calculated at USD 24.06 billion in 2024. The market is calculated to reach USD 51.46 billion in 2034, and register a revenue CAGR of 7.9% over the forecast period (2025-2034).

 

Market Overview:

The global Polypropylene (PP) compounds market has been registering steady and consistently inclining revenue growth over 2023-2024. Major trends supporting this growth are sustainability and circular economy driving higher demand for recyclable materials and polymers for products, and creating a steady shift towards more bio-based polypropylene (bio-PP) as sustainable alternatives to traditional synthetic polypropylene and fossil fuel-based materials worldwide. Advancements in thermoplastic compounding are also resulting in development of various eco-friendly alternatives to fossil-fuel based and synthetic plastics, and demand for recyclable polypropylene is significantly high from the automotive industry for numerous components and parts. 

Demand for lightweight and eco-friendly materials is also high from the Electric Vehicle (EV) industry for the manufacture of battery packs, structural components, and interior elements, among others. Demand for consumer electronics and home appliances is also rising due to expanding consumer populations, increasing spending capacity, and this is causing a shift in use of more recyclable and eco-friendly materials by manufacturing industries to address carbon footprint and reduce Greenhouse (GHG) emissions, as well as to reduce waste material volumes. Advancements in thermoplastic compounding is also resulting in development and introduction of more durable and lightweight materials with good flame retardancy, chemical resistance, heat resistance, rigidity, good tensile strength, moldability, bacterial resistance, and resistance to steam sterilization among others. 

In addition, continuous growth of the packaging industry, inclining demand for processed food products and need for containers and packaging solutions in this sector, increasing use of polypropylene in medical devices, and rising number of commercial and residential construction projects and need for various end-use products and materials are key factors expected to continue to support revenue growth of the polypropylene compounds market over the forecast period.

Initiatives for lightweighting of vehicles, and especially EVs to enhance battery efficiency and vehicle aesthetics  are also supporting revenue growth of the market to a major extent. Companies are focusing on initiatives to develop and introduce more lightweight materials to enhance battery and overall EV performance, and this lightweighting trend is expected to continue and gain momentum over the forecast period. Manufacturers of various products are also shifting towards PP compounds and thermoplastics as a means to reduce carbon footprint, and factor use of bio-based and recyclable polypropylene compounds to drive sales among environmental-conscious consumers. 

Segments:

By Product Type

• Mineral-filled Polypropylene Compounds
• Compounded Thermoplastic Polyolefins (TPO)
• Compounded Thermoplastic Vulcanizates (TPV)
• Reinforced Polypropylene Compounds
• Flame Retardant Polypropylene Compounds

By Manufacturing Process

• Injection Molding, Blow Molding
• Extrusion
• Thermoforming
• By Application
• Automotive
• Building & Construction
• Electrical & Electronics
• Packaging
• Textiles
• Consumer Goods
• Medical

By End-Use Industry

• Automotive & Transportation
• Consumer Products
• Industrial
• Packaging
• Electrical & Electronics

Some Key Takeaways:

• Among the regional markets, Asia Pacific polypropylene compounds market accounted for largest revenue share of around 46% in 2023, and is expected to register fastest CAGR of 7% over the forecast period.
• In Europe, Germany leads in terms of consumption of polypropylene compounds due to the large and established automotive industry and continuous demand for vehicle manufacturing. 
• Revenue share incline of the North America polypropylene compounds market is driven majorly by contribution from the US.
• Among the product type segments in 2023, the mineral-filled polypropylene compounds segment accounted for largest revenue share.
• The injection molding segment among the manufacturing process segments is expected to continue to maintain a lead in terms of revenue share over the forecast period.
• Among the application segments, the automotive & transportation segment is expected to account for largest revenue share over the forecast period.
• The global polypropylene compounds market is characterized by a highly competitive environment, with a number of large players accounting for majority market share.

Company List:

•             LyondellBasell Industries Holdings B.V.

•             SABIC (Saudi Basic Industries Corporation)

•             Exxon Mobil Corporation

•             Borealis AG

•             Braskem

•             Sumitomo Chemical Co., Ltd.

•             Mitsubishi Chemical Corporation

•             INEOS

•             LG Chem

•             Repsol

•             Total Energies

•             China Petrochemical Corporation (SINOPEC)

•             Mitsui Chemicals, Inc.

•             Reliance Industries Limited

•             Formosa Plastics Corporation

Recent Developments:

• September 16, 2024: Lyondellbasell and Dacia announced collaboration for the exterior design of the all-new Duster model, which will be featured in Darcia’s ‘Starkle’. This collaboration is focused on the CirculenRecover polypropylene portfolio from Lyondellbasell, which is an innovative PP compound that includes 20% recycled PP based on mechanical recycling. The material for recycling is derived from post-industrial waste diverted from the manufacturing process of goods such as flexible packaging, and reduces CO2 emissions compared to using virgin materials, and also aligns with Dacia’s dedication to sustainability. , The material is used in exterior parts such as bumpers, trims, and body side moldings across the new Duster model. It is also noteworthy to mention that on September 10, 2024, LyondellBasell announced investment in a new closed-loop preparation center in Lich, Germany. This sophisticated recycling center is transforming plastic waste into high-quality feedstock for high-performance materials, supporting the circular economy and contributing to industry sustainability goals. 

• May 6, 2024: Sirmax North America, which is a global supplier of polypropylene compounds, engineering polymers, post-consumer recycled compounds, and biopolymers for a broad range of industries, highlighted its broad portfolio of flame-retardant polypropylene (PP) compounds at the NPE 2024 exhibition at the Orange County Convention Center in Orlando, Florida, US. The multi-family line of halogen-free FR PP materials carry UL Yellow Card certification and are available in a range of colors for electrical/electronic applications.

• March 13, 2024: Repsol announced launch of Reciclex lubricant containers that include 60% post-consumer, mechanically recycled plastic. This new high-density polyethylene compound is part of the Repsol Reciclex range, and will be used in all 1ltr, 4ltr, and 5ltr lubricant containers, and is available in five colors for the different product ranges. This development in part of the company’s focus on developing a packaging solution that includes recycled materials and meets high durability and performance standards. This material reduces 25% of the carbon footprint compared to previous packaging, and by 2030, Repsol Lubricants aims to reduce the carbon footprint of its products by 30% compared to the emissions levels recorded in 2022. 

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