Electricals and Electronics Segment to Dominate APAC Polypropylene Compounds Market during 2020–2028       

According to a new market research study on “APAC Polypropylene Compounds Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and End User” is expected to reach US$ 13,813.96 million by 2028 from 9,486.67 US$ million in 2021. The market is estimated to grow at a CAGR of 5.5% from 2021 to 2028. The report provides trends prevailing in the APAC polypropylene compounds market along with the drivers and restraints pertaining to the market growth. Widespread usage of mineral-filled polypropylene compounds having widespread usage is the major factor driving the growth of the APAC polypropylene compounds market. However, issues associated negative impact of COVID-19 pandemic and fluctuations in raw material prices hinder the growth of APAC polypropylene compounds market.

APAC polypropylene compounds market is segmented into type, end user and country. Based on type, the APAC polypropylene compounds market is segmented into mineral filled PP compounds, compounded TPO, compounded TPV, glass reinforced, and others. The mineral filled PP compounds segment held the largest share of the market in 2020. Based on end user, the APAC polypropylene compounds market is divided into automotive, electricals and electronics, packaging, building and construction, textiles, and others. The electricals and electronics segment held the largest share of the polypropylene compounds market in 2020. Based on country, the APAC polypropylene compounds market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2020.

The COVID-19 pandemic has been causing a significant economic loss in APAC. The governments of various APAC economies are taking possible steps to restrict the spread of the virus by announcing a country-wide lockdown, which directly impacts the growth of their industrial sectors. This may affect the demand for polypropylene compounds. Various end-use industries, such as automotive, packaging, and construction have been hit hard by the pandemic, impacting the consumption of polypropylene compounds in the region. There is a systemic shift in consumer purchasing preferences from offline to online. Consumer preferences towards e-commerce and e-retailing are growing. With the steep growth of e-commerce and e-retailing, transit and omnichannel packaging is emerging as the most potential segments. The demand for packaging for groceries, healthcare products, and e-commerce transportation has increased significantly during the pandemic. At the same, the demand for industrial, luxury, and sections of B2B-transport packaging has declined. In India, the construction industry is one of the largest employers of the workforce. The COVID crisis has affected 8.5 million jobs in this sector. Like most industries, the automotive market has also been affected by the COVID-19 pandemic. Many automakers had to close production plants for safety measures. However, the construction sector is overcoming the challenges of labor shortage and disruptions of raw material supply chains. Also, the demand for electric motorcycles is on rise. The market is expected to witness an increase in investment by players to tap the prevailing opportunities and cater to expanding demand for polypropylene compounds in post-pandemic times.

Borealis AG; Exxon Mobil Corporation; LyondellBasell Industries Holdings B.V.; SABIC; Sumitomo Chemical Co., Ltd; Total; and Trinseo are among the leading companies in the APAC polypropylene compounds market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, LyondellBasell announced the launch of Beon3D, which enables the creation of complex, high-quality 3D printed things in novel ways. Beon3D does this by merging polymer and additive manufacturing methods. This new polypropylene (PP) product line intends to accelerate additive manufacturing usage in areas like transportation, industrial and consumer goods, and building and construction.

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