Polypropylene Compounds Market Growth, Opportunities and Forecast To 2028A Chapter by Markets InsightsThe global polypropylene compounds market size was valued at USD 17.59 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.6% from 2021 to 2028.The global Polypropylene Compounds Market size is anticipated to reach USD 35.19 billion by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 7.6% over the forecast period. Increasing requirement for flame retardancy and improved heat resistance and serviceability of plastics in the electrical & electronics industry is the primary factor driving the growth of the global market. In addition, regulations in western markets, including the EU and the U.S., which are aimed at vehicular weight reduction are further fueling the demand for polypropylene (PP) compounds in the automotive industry. The mineral-filled product segment is expected to hold a dominant market share owing to the superior properties of these products, such as higher heat distortion and rigidity. The most widely used minerals in the PP compound include talc, glass beads, mica, silica, and calcium. Low-cost production in China has led to a surge in new polymer production, which is driving the market to oversupply. Furthermore, rising population, rapid industrialization, and increase in consumer disposable income levels are some of the key socio-economic factors supporting market growth in the region. The global market is the second-largest polymer business in the world, which contributes more than 25% of the overall polymer demand. Basic raw materials required for producing chemicals include feedstock, such as crude oil, natural gas, and other sources. Numerous companies in the industry have begun manufacturing the raw materials themselves to combat the supply-demand imbalances and meet the uncertainty of crude oil prices. Related Press Release @ Polypropylene Compounds Market Report Polypropylene Compounds Market Report Highlights
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Added on April 16, 2021 Last Updated on April 16, 2021 Tags: Polypropylene Compounds Market AuthorMarkets InsightsFelton, CAAboutAbout Us: Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer c.. more..Writing
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