SAN FRANCISCO, Nov. 23, 2021 /PRNewswire/ -- The global modified polypropylene market size is expected to reach USD 56.35 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.5% from 2021 to 2030. The market is anticipated to grow due to the use of modified polypropylene in the automotive, electrical and electronics, packaging, building and construction, and medical industry across the globe. In modified polypropylene, the processing of polypropylene is done by adding glass fibers and thermoplastic rubbers to improve its impact resistance, flame retardancy, and other properties, thus expanding its scope of application in the above-mentioned industries.
Key Insights & Findings:
The medical application segment is expected to register the highest CAGR of 6.6% over the forecast period in terms of revenue. This is attributed to the high bacterial and chemical resistance exhibited by modified polypropylene, making it suitable for medical applications
The automotive application segment dominated the market and accounted for over 65.0% share of the overall revenue in 2020. This is attributed to the growing demand for modified polypropylene from the automotive industry due to its superior properties, thereby making it an alternative to metal alloys and improving the vehicle performance
The packaging application segment is expected to grow in the years to come owing to the increased demand for modified polypropylene for the packaging of food products
China led the market and accounted for over 20.0% share of the overall revenue in 2020. Major electrical OEMs have set up manufacturing facilities in China, which is anticipated to increase the demand for modified polypropylene
Modified polypropylene exhibits superior flowability, high UV resistance, impact resistance chemical resistance, and negligible water absorption, which makes it suitable to be used in the manufacturing of front and rear-end bumpers, protective side strips, and mud guards.
The rising income of the population and improvements in the standard of living are driving the interior designing market and are influencing interior designers and furniture manufacturers to introduce new designs in the market. Moreover, the investments in the construction of smart cities, airports, and commercial buildings by governments across the globe are driving the demand for smart planning and technology integrated interior design services, which is anticipated to drive the market for modified polypropylene in furniture designing.
The construction industry in the developing countries, including Kenya and Nigeria, in the African continent, has witnessed growth in recent years due to the sizable refugee population and infrastructure development. In addition, the easing of geopolitical tensions in the country is a major factor for reconstruction, in turn, boosting the growth of the construction industry in the region. The growth in the construction industry is expected to boost the demand for modified polypropylene over the coming years.
Key players are carrying out strategic initiatives such as mergers and acquisitions to strengthen their position in the market. For instance, in June 2021, LyondellBasell Industries Holdings B.V. completed the acquisition of PolyPacific Polymers Sdn. Bhd. (PPM) in Port Klang, Malaysia. This acquisition is expected to bring a 25kt manufacturing facility producing reinforced and modified polyolefin compounds under the control of LyondellBasell Industries Holdings B.V. and strengthen its position in the market in the Asia Pacific region.
Grand View Research has segmented the global modified polypropylene market on the basis of application and region:
List of Key Players of Modified Polypropylene Market
LyondellBasell Industries Holdings B.V.
Kingfa Sci. & Tech Co., Ltd.
PetroChina Company Limited
China XD Plastics Co., Ltd.
Check out more studies related to polypropylene, conducted by Grand View Research:
Expanded Polypropylene Foam Market – The global expanded polypropylene foam market size was valued at USD 936.8 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2021 to 2028. The increasing product penetration in applications, such as packaging, consumer goods, and furniture, is expected to have a significant impact on the overall market growth.
Synthetic And Bio-based Polypropylene Market – Global synthetic and bio-based polypropylene market demand was USD 85.88 billion in 2013. Strong end-use industries demand is slated to impact positively the global polypropylene market over the forecast period.
Polypropylene Compounds Market – The 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 growth of the automotive and electronics industries across emerging nations is expected to be the key growth factor for the global market over the forecast period.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.