Market Introduction
The North American region includes economies such as the US, Canada, and Mexico. North America is one of the major markets for polypropylene compounds. The growth of the market in the region is mainly attributed to the growing demand for polypropylene compounds from various end-use industries. The US has one of the largest automotive marketplaces in the world. Mexico is the largest passenger vehicle manufacturer and the automotive sector in the country is growing. There is a growing use of polypropylene compounds in the automotive industry. Polypropylene compounds have replaced other polymers in various parts and components. The versatility and ease of processing of polypropylene contribute to the growing demand. The polypropylene compounds are used in many automotive applications, including bumper fascias, interior trim, instrument panels, door panels, and many other parts. Thus, the automotive industry's tremendous growth in North America contributes to the development of the polypropylene compounds market in the region. Additionally, polypropylene compounds are used in a wide range of industries such as electrical appliances, building, and construction and furniture components, etc. There is a growing use of polypropylene compounds in the building and construction industry in the region. This is creating demand for polypropylene compounds market.
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.
Market Overview and Dynamics
The polypropylene compounds market in North America is expected to grow from US$ 2,669.64 million in 2021 to US$ 3,856.32 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The players operating in the region are focusing on providing a proven portfolio of polypropylene solutions for various applications. The increase in demand for polypropylene compounds drives the strategic investments and expansion by key market players. For instance, in 2019, Borealis has announced the inauguration of its new polypropylene compounding plant in North Carolina. The plant is ideally located to meet the growing needs of Original Equipment Manufacturers (OEM) and Tier 1 customers in the region for advanced polypropylene solutions. The first produced compounds in the new facility are those used to make automotive interior and exterior materials approved and listed by major automotive customers. Such development will further boost the growth of the market in the region.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the polypropylene compounds market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Borealis AG; Exxon Mobil Corporation; LyondellBasell Industries Holdings B.V.; SABIC; Sumitomo Chemical Co., Ltd; Total; and Trinseo.
Reasons to buy report
North America Polypropylene Compounds Market Segmentation
North America Polypropylene Compounds Market - By Type
North America Polypropylene Compounds Market - By End User
North America Polypropylene Compounds Market - By Country
North America Polypropylene Compounds Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,669.64 Million |
| Market Size by 2028 | US$ 3,856.32 Million |
| CAGR (2021 - 2028) | 5.4% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
The North America Polypropylene Compounds Market is valued at US$ 2,669.64 Million in 2021, it is projected to reach US$ 3,856.32 Million by 2028.
As per our report North America Polypropylene Compounds Market, the market size is valued at US$ 2,669.64 Million in 2021, projecting it to reach US$ 3,856.32 Million by 2028. This translates to a CAGR of approximately 5.4% during the forecast period.
The North America Polypropylene Compounds Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Polypropylene Compounds Market report:
The North America Polypropylene Compounds Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Polypropylene Compounds Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Polypropylene Compounds Market value chain can benefit from the information contained in a comprehensive market report.
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