Global Glass Filled Polypropylene Market Size, Trends & Analysis with Covid-19 Impact - Forecasts To 2026 By Type (Long Fiber, Short Fiber), By Application (Automotive, Appliances, Furniture, Others), By Region (North America, Europe, Asia Pacific, MEA, CSA), Vendor Landscape, End User Landscape and Company Market Share Analysis & Competitor Analysis
Glass Filled Polypropylene Market Insights
The global glass filled polypropylene market is expected to generate revenue amounting to USD 1.63 billion in 2020, and is projected to reach to USD 2.60 billion by 2026, growing at a CAGR of 8.07% over the forecast period. Rise in automotive production across the globe is one of the major factor driving the market for glass filled polypropylene during the forecast period. Increasing awareness regarding the sustainability of natural resources is also propelling the market growth for glass filled polypropylene.
The rapidly changing regulatory landscape coupled with advancements in light weight vehicles are driving the market growth. Using lightweight materials, adopting sustainable production techniques, and increasingly moving towards the production of electric and hybrid vehicle are some of the major factors expected to propel the market growth during the forecast period. The properties of glass filled polypropylene, including comfort, safety, and minimal corrosion, recyclability, and design flexibility are anticipated to drive the market growth over the coming years. Growth in usage of electric and light weight vehicles across various regions including North America, Europe, Asia Pacific, and Central & South America is further projected to propel the market growth of glass filled polypropylene. However, volatile raw material prices are likely to hamper the market growth during the forecast period.
Glass Filled Polypropylene Market Size: By Segmentation
The global glass filled polypropylene market is segmented on the basis of type into long fiber and short fiber. The long fiber segment is expected to hold the largest market share in the global glass filled polypropylene market during the forecast period. Long glass filled polypropylene fibers offer various properties such as better stiffness, creep resistance, strong dimensional stability, and high part forming accuracy among others. Long fiber type glass filled polypropylene also offers excellent fatigue resistance and stability in hot and humid environments. They help to decrease the overall weight of the structure by nearly 10% to 15% than that of the short fiber. These are some of the major factors expected to propel the market growth during the forecast period.
On the basis of application, the global glass filled polypropylene market is segmented into automotive, appliances, and furniture among others. The automotive segment is expected to hold the largest market share during the forecast period. The growing focus on using lightweight components to produce lightweight vehicles are driving the market growth. Also, the growing popularity of polypropylene as an alternative for engineering plastics and metal in automotive applications is also driving the market growth for automotive segment. The appliances segment is expected to grow at a significant CAGR during the forecast period. Growth in demand for electrical appliances, rise in disposable income, and increase in new housing and business construction is boosting the demand for appliance segment. Glass filled polypropylene is also used for manufacturing washing machine drums, washing machine triangle brackets, brush rollers, and air conditioning fans among others.
Glass Filled Polypropylene Market Size: By Region
On the basis of region, the market of glass filled polypropylene is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The Asia Pacific region is expected to dominate the market and is also projected to expand at a rapid pace during the forecast period. The presence of leading automotive manufacturers such as Toyota, Hyundai, KIA, and Honda among others in the region is driving the market growth. The growing manufacturing sectors along with FDI in the region are also driving the market growth in the region.
Glass Filled Polypropylene Market Share & Competitor Analysis
Some of the key players operating in the glass filled polypropylene market include: SABIC, Repsol S.A., RTP Company, Mitsui Chemicals Inc., Washington Penn Plastic Co. Inc., Ravago, PolyPacific, Asahi Kasei Plastics North America, Avient Corporation, The Plastics Group of America, Borealis AG, Sumitomo Chemicals, Trinseo, and RheTech Inc, among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In August 2020, Royal DSM announced the launch of glass filled polypropylene granules particularly developed for structural 3D printing applications.
Glass Filled Polypropylene Market: By Type
Glass Filled Polypropylene Market: By Application
Glass Filled Polypropylene Market: By Region
The global Glass Filled Polypropylene Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Glass Filled Polypropylene Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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