Modified Polypropylene Market Is Extrapolated To Reach A Value Of USD 56.35 Bn By 2030Posted by rahul nikade on November 4th, 2022 Modified Polypropylene Industry Overview The global modified polypropylene market size was valued at USD 34.12 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2021 to 2030. The growth of the market is attributed to the use of modified polypropylene in the automotive, electrical and electronics, packaging, medical, building and construction, and other industries. The automotive industry has witnessed growth due to technological advancements, rising disposable income, and population shift towards electric vehicles. In addition, the growing demand for materials as a replacement for metals to reduce weight is propelling the demand for modified polypropylene in the automotive, electrical and electronics, building and construction, and other industries. Gather more insights about the market drivers, restrains and growth of the Global Modified Polypropylene Market Modified polypropylene exhibits a perfect balance between toughness and stiffness, excellent surface finish, and easy processability, making it suitable for various applications. The COVID-19 drove a shift to remote working and increased voice traffic, residential broadband, and mobile data. The telecom industry responded favorably to this challenge with several operational improvements to ensure the user experience stayed positive. The growth of the telecommunication industry is expected to drive the demand for modified polypropylene as an insulation material in electrical and electronics applications. China accounted for a significant revenue share in the market in 2020. The automotive industry is one of the top pillars of the Chinese economy. Automotive components were traditionally made using steel or other alloys, which resulted in a higher weight of these components, reducing the vehicle's performance and an increase in carbon emissions. Moreover, the increasing prices of metal alloys due to the rising mining and mineral processing costs resulted in increased overall vehicle costs. Modified polypropylene is produced from blending polypropylene with other polymers and offers superior properties compared to other polyolefins. Food safety is a significant concern globally for which countries have been imposing stringent rules and regulations. These regulations have promoted the utilization of modified polypropylene in packaging solutions. Modified polypropylene does not contain bisphenol A and eliminates the risk of leaching of chemicals in packaged foods. In addition, increasing trade among countries and the need for safer transportation of products have led to an increase in the demand for industrial packaging. This has resulted in increased demand for modified polypropylene in the global packaging industry. Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports
Modified Polypropylene Market Segmentation Grand View Research has segmented the global modified polypropylene market on the basis of application and region: Modified Polypropylene Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
Modified Polypropylene Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)
Market Share Insights
Key Companies profiled: Some prominent players in the global modified polypropylene market include:
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