Modified Polypropylene Industry Overview
The global modified polypropylene market size was valued at USD 34.12 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2021 to 2030.
The growth of the market is attributed to the use of modified polypropylene in the automotive, electrical and electronics, packaging, medical, building and construction, and other industries. The automotive industry has witnessed growth due to technological advancements, rising disposable income, and population shift towards electric vehicles. In addition, the growing demand for materials as a replacement for metals to reduce weight is propelling the demand for modified polypropylene in the automotive, electrical and electronics, building and construction, and other industries.
Gather more insights about the market drivers, restrains and growth of the Global Modified Polypropylene Market
Modified polypropylene exhibits a perfect balance between toughness and stiffness, excellent surface finish, and easy processability, making it suitable for various applications. The COVID-19 drove a shift to remote working and increased voice traffic, residential broadband, and mobile data. The telecom industry responded favorably to this challenge with several operational improvements to ensure the user experience stayed positive. The growth of the telecommunication industry is expected to drive the demand for modified polypropylene as an insulation material in electrical and electronics applications.
China accounted for a significant revenue share in the market in 2020. The automotive industry is one of the top pillars of the Chinese economy. Automotive components were traditionally made using steel or other alloys, which resulted in a higher weight of these components, reducing the vehicle's performance and an increase in carbon emissions. Moreover, the increasing prices of metal alloys due to the rising mining and mineral processing costs resulted in increased overall vehicle costs. Modified polypropylene is produced from blending polypropylene with other polymers and offers superior properties compared to other polyolefins.
Food safety is a significant concern globally for which countries have been imposing stringent rules and regulations. These regulations have promoted the utilization of modified polypropylene in packaging solutions. Modified polypropylene does not contain bisphenol A and eliminates the risk of leaching of chemicals in packaged foods. In addition, increasing trade among countries and the need for safer transportation of products have led to an increase in the demand for industrial packaging. This has resulted in increased demand for modified polypropylene in the global packaging industry.
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- Stretch And Shrink Films Market: The global stretch and shrink films market size was estimated at USD 15.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2030.
- Returnable Packaging Market: The global returnable packaging market size was valued at USD 103.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2022 to 2030.
Modified Polypropylene Market Segmentation
Grand View Research has segmented the global modified polypropylene market on the basis of application and region:
Modified Polypropylene Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
- Automotive
- Building Construction
- Packaging
- Medical
- Electrical Electronics
- Others
Modified Polypropylene Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
- North America
- South America
- West Europe
- East Europe
- China
- Asia Pacific
- Northeast Asia
- Southeast Asia
- Middle East
- Africa
Market Share Insights
- August 2021: Borealis AG introduced Daploy HMS PP products, which can be blended with the full range of standard PP extrusion grades and other polyolefin products. This offers the opportunity to widely tailor the foam properties to meet the particular demands of the end-use applications.
- 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.
Key Companies profiled:
Some prominent players in the global modified polypropylene market include:
- LG Chem
- SABIC
- LyondellBasell Industries Holdings B.V.
- Kingfa Sci. Tech Co., Ltd.
- PetroChina Company Limited
- PolyPacific
- Arkema
- JIANGYIN EXCEN
- China XD Plastics Co., Ltd.
- Covestro AG
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