Polypropylene and Polypropylene Composites Market (By Product: Polypropylene (PP), Polypropylene Composites; By Fiber Type: Glass Fiber, Carbon Fiber, Others; By Application: Packaging, Building & Construction, Automotive, Electrical & Electronics, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The polypropylene and polypropylene composites market is anticipated to grow at a CAGR of 8.30% from 2020 to 2027 and to reach around US$ 88.9 Bn by 2027.

Market Dynamics

Rapid technological advancements in thermoplastic composite materials and rising demand from PP composites material from various end use industries are major factors expected to drive the growth of global market. In addition, flourishing automotive sector across the globe, increasing passenger vehicle sale in emerging economies, coupled with growing demand for vehicle parts from carbon fiber material is another important factor expected to further support the growth of target market.

Major players are focused on increasing business with the approach towards strategic merger and acquisition they are enhancing customer base and increasing profit ratio this is another factor expected to further positively impact the growth of target market.

• In 2018 Hexcel signed a agreement with Arkema a manufacturer of specialty chemicals and advanced materials in order to develop and manufacture carbon fiber-based thermoplastic composite solutions for the aerospace sector. This is expected to help the company to enhance the product portfolio and enhance the customer base.
• In 2017, Hexcel signed a contract with UTC Aerospace Systems a global supplier and distribution of aerospace products in order to supply advanced composites for various commercial aerospace programs. This is expected to help the company to enhance the profit ratio.

In addition, innovative product launches by the major players in order to attract new customers and inclination towards increasing the production capacity are among other important factors expected to further positively impact the growth of target market.

• In 2017, Solvay a global manufacturer and distributor of chemical products launched SolvaLite 730, a new innovative thermoset prepreg resin system for automotive applications. This is expected to help the company to expand the product portfolio.
• In 2018, Toray increased the production capacity of tow carbon fiber materials at its US-based subsidiary, Zoltek Companies, Inc. This approach is expected to help the company to cater the ongoing demand for carbon fiber materials and increase the revenue share.

However, factors such as high processing and manufacturing cost and recycling issues related to the material are expected to hamper the growth of global market. In addition, lack of standardization in developing countries related to manufacturing technologies is another factor expected to further challenge the growth of target market.

Rapid development of cost-effective technologies by the major players and inclination towards developing countries in order to increase the business presence are other factors expected to create new opportunities for players operating in the target market over the forecast period.

Polypropylene and Polypropylene Composites Market Segment Analysis, 2019

The global polypropylene and polypropylene composites market is further segmented into product, fiber type, and application. The application segment is further bifurcated into packaging, building & construction, automotive, electrical & electronics, and others.  Among fiber type the carbon fiber segment is expected to account for significant revenue share in the global market.

Segment Analysis by Region

The market in North America is expected to account for significant revenue share owing to high demand form packaging and construction industry. In addition, large number of players operating in the country and innovative product offerings in order to attract new customers is another factor expected to further support the growth of target market.

Asia Pacific is expected to witness faster growth in the near future owing to flourishing automotive sector, coupled with rising demand for carbon fiber material from auto manufacturers. In addition, stable economic condition and easy availability of raw material and low cost labor is attracting players across the globe to emerging countries in this region which is another important factor expected to further support the growth of target market.

Competitive Landscape

The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.

Report coverage

The market research study on “Polypropylene and Polypropylene Composites Market (Product: Polypropylene (PP) and Polypropylene Composites; Fiber Type: Glass Fiber, Carbon Fiber, and Others; Application: Packaging, Building & Construction, Automotive, Electrical & Electronics, and Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global polypropylene and polypropylene composites market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global polypropylene and polypropylene composites market segment by product, fiber type, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global polypropylene and polypropylene composites market size and segment markets by product, fiber type, application and geography along with the information on companies operating in the market. The polypropylene and polypropylene composites market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report Sinopec Ltd, SABIC, Formosa Plastics Corporation, Lyondell Basell Industries N.V., Borealis AG, Sumitomo Chemicals, Exxon Mobil Corporation, DuPont, INEOS, and Braskem.

Market Segmentation

Market By Product

• Polypropylene (PP)
• Polypropylene Composites

Market By Fiber Type

• Glass Fiber
• Carbon Fiber
• Others

Market By Application

• Packaging
• Building & Construction
• Automotive
• Electrical & Electronics
• Others

Market By Region

North America

• US
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest if Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Meddle East & Africa