Glass-Reinforced PP Compound Market - Forecast(2023 - 2028)

Report Code: CMR 51926 Report Format: PDF + Excel

Glass-Reinforced PP Compound Market Overview

The Glass-Reinforced PP Compound market size is projected to reach US$2.7 billion by 2027, after growing at a CAGR of around 7.5% from 2022 to 2027. The glass-reinforced PP compound is a composite material that consists of thermoplastics such as polypropylene reinforced with the glass fibers. This thermoplastic polymer offers superior properties such as lubricity, flame retardance, conductivity and multifunctional performance, thereby having growing application in the market. The high demand for short glass fibers reinforced PP compound as a replacement for engineering plastics and metals in the automotive sector for high heat-extensive applications create a major drive in the glass-reinforced PP compound market. Furthermore, the increasing demand of PP compounds for plastics usage across major end use industries such as construction, electronics and others will offer major growth in the Glass-Reinforced PP Compound market size during the forecast period.

COVID-19 Impact

The Glass-reinforced PP compound industry faced major destruction and slow down during the pandemic. The glass-reinforced PP compound has major application in the automotive sector. The halt in production, logistics restrictions, supply chain disturbance and other lockdown restrictions created a major fall in the automotive sector. The fall in automotive manufacturing and distribution activities, disturbance in raw material supply and closure of vehicle manufacturing sites led to a slowdown in growth for the automotive industry. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global automotive production fell sharply by 5.25 in the year 2019. Thus, the application of glass-reinforced PP compound saw a major fall due to a decline in demand in major end use industries, thereby faced a major hamper in growth and slowdown during the covid-19 pandemic phase.

Report Coverage

The “Glass-Reinforced PP Compound Market Report– Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments of the glass-reinforced PP compound industry.

By Type: Short-Glass Fiber and Long-Glass Fiber
By Processing Method: Injection Molding, Extrusion, Blow Molding and Others
By Application: Air Vent Control, Door Panels, Bed Frames, Engine and Transmission and EV Charging Systems
By End-Use Industry: Automotive (Passenger Vehicle, Commercial Vehicle and Electric Vehicle), Electrical and Electronics, Furniture, Construction (Commercial, Industrial and Residential) and Other
By Geography: North America (USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa)

Key Takeaways

  • The Glass-Reinforced PP Compound market size will increase owing to its growing demand in automotive applications for batteries, energy and transmission, door panels and others during the forecast period.
  • The Asia Pacific is the fastest-growing region in the glass-reinforced PP compound industry owing to flourishing end-use sectors such as construction, automotive, electronics and others, along with high demand for reinforced PP compound for major industries in this region.
  • The demand of short glass fibers reinforced PP compounds is high due to superior features such as strength, heat resistance, cost-efficiency and others.

Figure: Asia Pacific Glass-Reinforced PP Compound Market Revenue, 2021-2027 (US$ Billion)

Glass-Reinforced PP Compound MarketFor More Details On this report - Request For Sample 

Glass-Reinforced PP Compound Market Segment Analysis – By Application

By application, the engine and transmission segment is the fastest-growing segment and is expected to grow with a CAGR of around 9.2% during the forecast period. The engine and transmission segment held a significant portion of the Glass-Reinforced PP Compound market share in 2021. The glass-reinforced PP compounds such as TPO and TVP PP have growing demand for the energy and transmission application in the automotive vehicles. The short glass fibers reinforced PP is widely used in the engine and transmission application due to high stiffness and heat resistance and lightweight features. Furthermore, the flourishing electric vehicle and light vehicles production across the globe is propelling the demand for PP compound for maximum fuel efficiency. According to the Society of Indian Automobile Manufacturers (SIAM), the total production of passenger vehicles, three wheelers, two wheelers and quadricycle in India was reported at 1,874,461 units in April 2022. Thus, with increase in the application of glass-reinforced PP compound for engine and transmission system in the vehicles, the glass-reinforced PP compound market will grow rapidly during the forecast period.

Glass-Reinforced PP Compound Market Segment Analysis – By End-Use Industry

By end-use industry, the automotive segment held the largest Glass-Reinforced PP Compound market share in 2021, with a share of over 30%. The glass reinforced PP compound has growing demand in the automotive sector due to wide range of applications such as batteries, engine transmission, door panels and others. Moreover, the rise in demand for thermylene or reinforced polypropylene thermoplastic compounds as a replacement for engineering plastics and metal in the automotive production is boosting the growth in the market. According to the National Automotive Dealers Association (NADA), the sales of new-light vehicles in U.S. for 2021 accounted for 14.93 million units, showing an increase of 3.1% compared to 2020. The flourishing manufacturing activities for electric vehicle, commercial and passenger vehicles are propelling the demand in the glass-reinforced PP compounds market. Thus, with major demand in the automotive industry, the glass-reinforced PP compounds industry will grow rapidly during the forecast period.

Glass-Reinforced PP Compound Market Segment Analysis – By Geography

By geography, the Asia-Pacific is the fastest-growing region in the Glass-Reinforced PP Compound market and is expected to grow with a CAGR of around 9.7% during the forecast periodThe Asia-Pacific region held a significant portion of the Glass-Reinforced PP Compound market share in 2021. The robust growth of glass-reinforced PP compound in this region is influenced by its rising demand across major end use industries, along with growing production base in APAC region. Moreover, the rise in electronics production in countries such as China, Japan, India and others is propelling the demand in the market, owing to its flourishing usage in consumer electronics and other electrical components. According to the India Brand Equity Foundation (IBEF), the consumer electronics and appliances sector in India stood at US$ 9.84 billion in 2021 and is expected to reach US$ 21.18 billion by 2025. Furthermore, the growing application of glass-reinforced PP compounds thermoplastic polymer in the automotive for vehicle interior and exterior, batteries and others is influencing the robust growth of glass-reinforced PP compound in this region. Thus, with major development projects in major end-use industries and high demand of reinforced PP compounds in Asia Pacific, the glass-reinforced PP compound industry will grow rapidly during the forecast period.

Glass-Reinforced PP Compound Market– Drivers

Replacement of metals and engineering plastics by glass-reinforced PP compounds

The glass-reinforced PP compound thermoplastics is replacing the engineering polymers and metals due to its cost-effectiveness, mechanical strength and moldability properties. The flourishing usage of glass-reinforced polypropylene compounds as a better alternative for metals and engineering polymers in light automotive vehicles is offering major drive in the market. The PC/ABS is replaced by glass-reinforced PP compounds such as TPO for application in bumpers, centre consoles and side pillars. According to the International Trade Administration (ITA), the sales of commercial vehicles in China reached 5.23 million units in 2020, an increase of 20% from 2019. Thus, with rise in preference of reinforced PP thermoplastics as a better alternative for metals and engineering plastics, the glass-reinforced PP compound industry is experiencing major growth opportunities.

High demand for applications in the construction sector

The glass-reinforced polypropylene compounds have major applications in the building and construction sector. The short glass fiber, as well as long glass fiber reinforced PP, has growing usage in building materials owing to its superior features such as improved creep resistance, tensile strength, long-term heat resistance and light weight features. Moreover, the rise in demand for lightweight thermoplastic polymers such as glass-reinforced PP compound in the construction materials is offering major drive in the market. According to the World Bank data, the global construction sector added value of 26% in the GDP for the year 2020. The growing construction and building projects across the globe is influencing the high demand for the global glass-reinforced and providing growth opportunities.

Glass-Reinforced PP Compound Market– Challenges

Volatile raw material prices

The glass-reinforced PP compound industry faces major challenge and growth restraints due to volatility in raw material prices. The propylene is the primary raw material that is utilized in the process production of polypropylene. Moreover, price increases for glass fibers and crude oil, which is used as raw material in polypropylene thermoplastic compound, thereby creating a disturbance in the market. According to the U.S. Energy Information Administration (EIA), the WTI crude prices in quarter 4 of 2020 were USD 37.12 per barrel, which rose to USD 63.91 per barrel in quarter 4 of 2021. Thus, due to increase in raw material prices for reinforced PP compound and volatility, the glass-reinforced PP compound industry faces hamper and slowdown.

Glass-Reinforced PP Compound Industry Outlook

The glass-reinforced PP compound top 10 companies include:

  1. Mitsui Chemicals, Inc.
  2. Japan Polypropylene Corporation
  3. Saudi Basic Industries Corporation
  4. POLYONE Corporation
  5. LyondellBasell Industries Holdings B.V.
  6. Kingfa Sci. & Tech. Co., Limited
  7. Washington Penn Plastic Co., Inc.
  8. Borealis AG
  9. Sparsh Polychem Private Limited
  10. Ravago S.A.

Recent Developments

  • In October 2021, the SABIC opened new polypropylene compounding line with the aim to fulfill the growing automotive demand and boosts the supply in the market.
  • In April 2021, the Mitsubishi Chemical planned to acquire a major stake in polypropylene (PP) compound producing subsidiary of joint venture Japan Polypropylene in order to reinforce the PP compound business.
  • In February 2021, the Sumitomo Chemical decided to establish Sumika Polymer Compound Sp.z.o.o in order to enhance the PP compound business.

Relevant Reports 

Glass Fiber Reinforced Concrete Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 42130

Polypropylene And Polypropylene Composites Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 18842

Glass Fiber Reinforcement Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis

Report Code: CMR 66833

For more Chemicals and Materials Market reports, please click here

1. Glass-Reinforced PP Compound Market- Market Overview
    1.1 Definitions and Scope
2. Glass-Reinforced PP Compound Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Processing Method
    2.3 Key Trends by Application
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3. Glass-Reinforced PP Compound Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Glass-Reinforced PP Compound Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Glass-Reinforced PP Compound Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Glass-Reinforced PP Compound Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Glass-Reinforced PP Compound Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Glass-Reinforced PP Compound Market – By Type (Market Size -$Million/Billion)
    8.1 Short Glass Fiber
    8.2 Long-Glass Fiber
9. Glass-Reinforced PP Compound Market – By Processing Method (Market Size -$Million/Billion)
    9.1 Injection Molding
    9.2 Extrusion
    9.3 Blow Molding
    9.4 Others
10. Glass-Reinforced PP Compound Market – By Application (Market Size -$Million/Billion)
    10.1 Air Vent Control
    10.2 Door Panels
    10.3 Bed Frames
    10.4 Engine and Transmission
    10.5 EV Charging Systems
    10.6 Other
11. Glass-Reinforced PP Compound Market - By End-Use Industry (Market Size -$Million/Billion)
    11.1 Automotive
        11.1.1 Passenger Vehicle
        11.1.2 Commercial Vehicle
        11.1.3 Electric Vehicle
    11.2 Electrical and Electronics
    11.3 Furniture
    11.4 Construction
        11.4.1 Commercial
        11.4.2 Industrial
        11.4.3 Residential
    11.5 Other
12. Glass-Reinforced PP Compound Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zeeland
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Glass-Reinforced PP Compound Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Glass-Reinforced PP Compound Market – Industry/Competition Segment Analysis Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Glass-Reinforced PP Compound Market – Key Company List by Country Premium Premium
16. Glass-Reinforced PP Compound Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
 * "Financials would be provided to private companies on best-efforts basis."

LIST OF TABLES

1.Global PP Compound Market in the Automotive Industry By Type) Market 2019-2024 ($M)
1.1 Additive Concentrates for the PP Compound Market Market 2019-2024 ($M) - Global Industry Research
2.Global PP Compound Market in the Automotive Industry By Type) Market 2019-2024 (Volume/Units)
2.1 Additive Concentrates for the PP Compound Market Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America PP Compound Market in the Automotive Industry By Type) Market 2019-2024 ($M)
3.1 Additive Concentrates for the PP Compound Market Market 2019-2024 ($M) - Regional Industry Research
4.South America PP Compound Market in the Automotive Industry By Type) Market 2019-2024 ($M)
4.1 Additive Concentrates for the PP Compound Market Market 2019-2024 ($M) - Regional Industry Research
5.Europe PP Compound Market in the Automotive Industry By Type) Market 2019-2024 ($M)
5.1 Additive Concentrates for the PP Compound Market Market 2019-2024 ($M) - Regional Industry Research
6.APAC PP Compound Market in the Automotive Industry By Type) Market 2019-2024 ($M)
6.1 Additive Concentrates for the PP Compound Market Market 2019-2024 ($M) - Regional Industry Research
7.MENA PP Compound Market in the Automotive Industry By Type) Market 2019-2024 ($M)
7.1 Additive Concentrates for the PP Compound Market Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
2.Canada Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
3.Mexico Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
4.Brazil Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
5.Argentina Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
6.Peru Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
7.Colombia Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
8.Chile Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
10.UK Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
11.Germany Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
12.France Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
13.Italy Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
14.Spain Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
16.China Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
17.India Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
18.Japan Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
19.South Korea Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
20.South Africa Global Glass-Reinforced PP Compound Market Revenue, 2019-2024 ($M)
21.North America Global Glass-Reinforced PP Compound By Application
22.South America Global Glass-Reinforced PP Compound By Application
23.Europe Global Glass-Reinforced PP Compound By Application
24.APAC Global Glass-Reinforced PP Compound By Application
25.MENA Global Glass-Reinforced PP Compound By Application
26.LyondellBasell Industries Holdings B.V., Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Mitsui Chemicals, Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Kingfa Sci. Tech. Co., Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Borealis AG, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Washington Penn Plastic Co., Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Sumitomo Chemical Co., Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Polypropylene Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.SAUDI BASIC INDUSTRIES CORPORATION, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.POLYONE CORPORATION, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Ravago, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Customer Profiles, Sales /Revenue, 2015-2018 ($Mn/$Bn)