The future of polypropylene resin in the global composites industry looks good with opportunities in transportation, consumer goods, and electrical/electronics industries. As per Lucintel, the polypropylene resin market in the global composites industry is expected to reach an estimated $657 mln by 2021 and it is forecast to grow at a CAGR of 6% by value from 2016 to 2021.
Lucintel forecasts that the transportation segment is expected to show above average growth during the forecast period. Within the polypropylene resin in the global composites industry, the transportation segment is expected to remain the largest segment by value and volume. Expected increase in global automotive production and increasing demand for lightweight materials to achieve higher fuel efficiency are the major driving forces that spur growth for this segment over the forecast period.
By product form, the largest segment for polypropylene resin is expected to remain long fiber thermoplastics (LFT) due to the higher performance characteristics of long fiber reinforced compounds compared to that of short fiber reinforced compounds. Europe is expected to remain the largest market for polypropylene resin consumption for composite applications. Asia Pacific is expected to witness the highest growth rate over the forecast period due to expected increase in vehicle production and growing consumer goods and electrical/electronics industry in the region. For business expansion, the report suggests innovation to achieve higher thermal resistance with desired mechanical properties. Emerging trends, which have a direct impact on the dynamics of the industry, include increasing penetration of reinforced polypropylene compounds in under-the-hood applications and increasing competition with other thermoplastics. SABIC, LyondellBasell, Borealis, Asahi Kasei Plastics, and Mitsui Chemicals are among the major suppliers of polypropylene resin in the global composites industry.