South America Polypropylene Compounds Market is expected to reach US$ 2,524.33 million by 2028

PRESS RELEASE BY The Insight Partners 15 Dec 2021

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Automotive Segment to Dominate SAM Polypropylene Compounds Market during 2020–2028      

According to The Insight Partners market research study on “SAM Polypropylene Compounds Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and End User” is expected to reach US$ 2,524.33 million by 2028 from 1,644.93 US$ million in 2021. The market is estimated to grow at a CAGR of 6.3% from 2021 to 2028. The report provides trends prevailing in the SAM polypropylene compounds market along with the drivers and restraints pertaining to the market growth. The packaging industry's application scope is expanding and this is the major factor driving the growth of the SAM polypropylene compounds market. However, issues associated with instability in raw material prices and negative impact of COVID-19 pandemic hinders the growth of SAM polypropylene compounds market.

SAM polypropylene compounds market is segmented into type, end user and country. Based on type, the SAM polypropylene compounds market is segmented into mineral filled PP compounds, compounded TPO, compounded TPV, glass reinforced, and others. The mineral filled PP compounds segment held the largest share of the market in 2020. Based on end user, the global polypropylene compounds market is divided into automotive, electricals and electronics, packaging, building and construction, textiles, and others. The automotive segment held the largest share of the SAM polypropylene compounds market in 2020. Based on country, the SAM polypropylene compounds market is segmented into Brazil, Argentina, and rest of SAM. Rest of SAM held the largest market share in 2020.

In SAM, Brazil has the highest number of COVID-19 cases, followed by Argentina, Colombia, Peru, Chile, among others. The governments of SAM countries have taken various actions to protect their citizens and combat the spread of the disease through lockdowns, trade bans, and travel restrictions. This may impact the growth of the polypropylene compounds market. The manufacturing and construction sectors in the region have been severely affected. The economy of Brazil depends on the construction sector that contributes significantly to the country’s GDP. However, amid the global economic crisis caused by the COVID-19 pandemic, the construction sector’s contribution to the Brazilian economy has decreased. Vaccine procurement and administration will have a significant impact on the region’s recovery. In some areas of Brazil, vehicle production volumes are almost back to the pre-pandemic levels. However, the shortages of key vehicle components are posing challenges for some automotive manufacturers. All business activities are expected to gradually recover in the coming months as the governments from the region continue to push forward their reopening plan to kick start their economies.

Borealis AG; Exxon Mobil Corporation; LyondellBasell Industries Holdings B.V.; SABIC; Sumitomo Chemical Co., Ltd; Total; and Trinseo are among the leading companies in the SAM polypropylene compounds market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Sumitomo Chemical announced the establishment of Sumika Polymer Compounds Poland Sp.z.o.o. (SPCP), a new production base in Poland, to further expand its polypropylene compound business. The company will continue to grow its production and sales system for PP compounds to respond more rapidly to customer demands. SPCP will start commercial production in the year 2022.

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