Mineral Filled PP Compounds Segment to Dominate North America Polypropylene Compounds Market during 2020–2028     

According to a new market research study on “North America Polypropylene Compounds Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and End User” is expected to reach US$ 3,856.32 million by 2028 from 2,669.64 US$ million in 2021. The market is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The report provides trends prevailing in the North America polypropylene compounds market along with the drivers and restraints pertaining to the market growth. Rising need from industries such as building and construction, textiles, electrical and electronics, and automobile is the major factor driving the growth of the North America polypropylene compounds market. However, issues associated with instability in raw material prices and negative impact of COVID-19 pandemic hinders the growth of North America polypropylene compounds market.  

North America polypropylene compounds market is segmented into type, end user and country. Based on type, the North America 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 North America polypropylene compounds market is divided into automotive, electricals and electronics, packaging, building and construction, textiles, and others. The automotive segment held the largest share of the North America polypropylene compounds market in 2020. Based on country, the North America polypropylene compounds market is segmented into US, Canada, and Mexico. US held the largest market share in 2020.  

North America is one of the worst affected economies due to the COVID-19 pandemic. The US has the highest number of confirmed cases in the region. The unprecedented rise in the number of COVID-19 cases across the US and Canada, and the subsequent lockdown of numerous manufacturing facilities in the countries have negatively influenced the growth of the various markets. The significant disruption in manufacturing due to low workforce availability and disrupted supply chains causing challenges in raw material sourcing have harmed the demand for polypropylene compounds in the region. The pandemic has had a massive impact on the automotive industry in the region. However, the market is reviving on account of the government's significant measures, such as vaccination drives. The North America polypropylene compounds market players are paying close attention to shipping, production, and vaccine-related trends. With economic recovery, several industrial sectors are strategically planning to invest in advanced products to maximize revenue. The building and construction industry is overcoming the challenges of supply chain disruptions of their raw material. The pre-COVID investment plans are likely to be resumed as businesses gain confidence in stabilizing economies and anticipate increased demand. This is expected to provide the impetus for the North America polypropylene compounds market growth.

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 North America 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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