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The Global Polypropylene Compounds Market Growth Accelerated By Rising Adoption In Packaging Industry

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samruddhicmi12
The Global Polypropylene Compounds Market Growth Accelerated By Rising Adoption In Packaging Industry

Polypropylene compounds are widely used in varied industries such as automotive, infrastructure, electrical & electronics, packaging industry owing to their excellent properties like corrosion resistance, high tensile strength and low density. They are gaining immense popularity in packaging of various commodities including consumer goods, food and beverages, pharmaceuticals and others. The packaging industry has witnessed exponential growth over the years which in turn has surged the demand for polypropylene compounds.

The global polypropylene compounds market is estimated to be valued at US$ 23.21 billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The key trend that is driving the growth of polypropylene compounds market is increasing spending on packaged foods and beverages globally. Polypropylene compounds are widely used for manufacturing various packaging products such as bottles, jars, caps and closures for food and beverages. Rapid urbanization and changing lifestyle in developing countries is fuelling the demand for ready-to-eat and packaged foods. As per statistics, the global packaged food market is projected to reach US$ 2.5 trillion by 2025 from US$ 1.9 trillion in 2017, growing at a CAGR of 6%. With the exponential growth of packaged food industry, the demand for polypropylene compounds from packaging sector is anticipated to boost significantly over the forecast period.

Segment Analysis

The global polypropylene compounds market is dominated by the automotive segment, which accounts for over 40% share. Polypropylene compounds are extensively used in automotive applications such as bumpers, instrument panels, and interior trim components owing to their lightweight, durability, and corrosion resistance properties. Within the automotive segment, polypropylene compounds find major demand from exterior automotive parts sub-segment.

Key Takeaways

The  Global Polypropylene Compounds Market Analysis is expected to witness high growth. The automotive industry has been the largest end-use industry for polypropylene compounds globally. The Asia Pacific region dominates the global polypropylene compounds market with China being the fastest growing country in the region. The growth in the region is attributed to the increasing automotive production in China and other emerging countries.

Key players operating in the polypropylene compounds market are Siemens Healthineers, Nordion Inc., Lantheus Holdings Inc., Guerbet Group, GE Healthcare, Curium, Bracco Imaging SpA, Bayer AG, Cardinal Health Inc., and NTP Radioisotopes SOC Ltd. The key players are focusing on new product launches and expansion of their production facilities to gain higher market share. Recently, Nordion Inc. launched new isotopes for clinical research and launched a new production facility in Canada to strengthen its market position.


Explore more information on this topic, Please visit @ https://www.rapidwebwire.com/polypropylene-compounds-market-driven-by-growth

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