VANCOUVER, BC, November 29, 2021 / PRNewswire / – The World PP Compound Market Size reached $ 17.59 billion in 2020 and is expected to register a significantly rapid revenue CAGR over the forecast period, according to the latest analysis from Emergen Research.
Polypropylene compounds have a wide range of characteristics and are widely used in a variety of applications for automotive components and parts, electrical appliances, building and construction applications, packaging, and furniture and manufacturing. devices, among others. Polypropylene (PP) compound is also used to make doors and windows, water pipes, and is used in a variety of construction applications. PP is also the lightest piping material with good resistance to organic solvents and chemicals, even many organic solvents. The growing trend towards green buildings and the construction of more energy efficient buildings is driving the demand for more environmentally friendly plastics in the building and construction industry.
Packaging plays a crucial role in the food industry as it is imperative to ensure the integrity and safety of contents, serves to provide product information and details, increases product visibility, prevents spoilage and dehydration of food and prolongs shelf life. Polypropylene is considered one of the safest of all commercial plastics on the market today and is FDA approved for food contact. It is used in food containers for yogurt, cream cheese, butter, etc. Technological advancements in the packaging industry allow the production of more flexible and secure packaging materials and techniques and improve the packaging design, storage and transportation of various food products.
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Plastic recycling is the process of reprocessing plastic waste into new and useful products. Plastics are non-biodegradable materials and have a severe impact on the environment. growth of the PP compounds market. Furthermore, the availability of alternative materials for packaging and other end uses is expected to hamper the growth of the market to some extent during the forecast period.
The global PP Compounds market is expected to grow at a CAGR of 7.6% compared to $ 17.59 billion in 2020 at $ 31.47 billion by 2028 due to increasing regulations to adopt lightweight materials.
COVID-19 impact analysis:
Due to the COVID-19 pandemic, the PP compounds market has been severely affected like other industries. In 2020, auto production suffered a sharp drop of almost 16% due to the impact of the pandemic. Many countries have imposed lockdowns, which have led to the closure of many manufacturing plants. Due to lower demand from the auto industry, vehicle production has also slowed down considerably.
Current trends and innovations:
Growing concerns about climate change are resulting in a growing focus on reducing vehicle weights, improving fuel efficiency and reducing emissions. It also encourages efforts to develop newer, more efficient and lighter materials that will improve the fuel efficiency of vehicles. Growing awareness of greenhouse gas emissions and energy security is another factor driving the need for more efficient and lighter materials for various applications and industries. The constant evolution towards more environmentally friendly vehicles such as electric vehicles (EVs) creates potential revenue opportunities for players in the global PP Compounds market. The PP compound is widely used to make components for the construction of electric vehicles, and the evolution towards such options is expected to continue to support the market growth to a large extent in the future.
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The market in Asia Pacific is expected to register the fastest revenue growth rate due to the region being a major hub for electronics and a relatively larger consumer base for food and other products that require PP compounds and related products .
North America is expected to register considerable growth in terms of revenue over the forecast period. The strong presence of PP compound suppliers including Avient Corporation, Ravago Holdings America, Inc. and others in countries in the region is expected to drive the region’s market revenue growth.
Some large companies included in the market report include LyondellBasell Industries Holdings BV, Saudi Basic Industries Corporation (SABIC), Mitsui Chemicals, Inc., Avient Corporation, Ravago Holdings America, Inc., Washington Penn Plastic Co., Inc., Kingfa Science & Technology Co., Ltd., Sumitomo Shoji Chemical Co., Ltd., PP-Plus Corporation and HEXPOL AB (RheTech)
In April 2021, Mitsui Chemicals and IBM Japan have teamed up to explore the blockchain to recycle plastic resources. Their main goal was to recycle, remodel, reuse and repair materials. They’re even eager to develop a platform that will help track the lifecycle of materials from their raw form. The companies have created the Digital Transformation Division which aims to accelerate digitization, which mainly focuses on business operations and supply chain.
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Emergen Research has segmented the Global PP Compounds Market by Product, Polymer Type, End Use and Region:
Product Outlook (Revenue, USD Billion; 2018-2028)
Polymer Type Outlook (Revenue, USD Billion; 2018-2028)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
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