The global chlorinated polypropylene market is set to reach a valuation of US$ 388 million in 2022 and expand at a CAGR of 8.1% to end up at US$ 844.3 million by 2032.
Chlorinated polypropylene demand for use in paints and coatings accounted for 26.3% of the global market share at the end of 2021.
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Key chlorinated polypropylene manufacturers have observed an upward trend in pricing and demand while serving the current market consumption. CPP is used in giving adhesion to inks, paints, coatings, and adhesives used in various applications. Out of all the end uses, it is mainly used in printing and plastic inks. Growing demand from various segments such as pains, printing inks, etc., for a glossier look and durability is set to drive the market for chlorinated polypropylene over the coming years.
How is the Growing Paints & Coatings Industry Driving Demand for CPP?
Architectural and decorative coatings are paints that majorly use chlorinated polypropylene in the construction industry. Rapid growth in infrastructure in developing countries is driving the demand for raw materials such as chlorinated polypropylene in the paint industry. CPP is majorly used to enhance the durability and finishing of paints and coatings.
Increase in construction and infrastructure activities in Asia Pacific is one of the main reasons why the chlorinated polypropylene market is growing. Developing countries such as India still present scope for a lot of development in infrastructure for providing support to industries to stimulate economic growth and improve the quality of life of residents.
Consumption of paints & coatings in industrial and decorative applications is expected to witness robust growth during the forecast period. A significant share of overall chlorinated polypropylene consumption is held by the paints and coatings industry. Anticipated steady growth in the consumption of paints and coatings is expected to drive the need for chlorinated polypropylene over the coming years.
Companies manufacturing chlorinated polypropylene continue to grow at a steady pace. Manufacturers are deploying strategies such as mergers and acquisitions, developing new products, etc., to remain active and keep their financials growing.
Also, market players are looking to expand their geographical reach to emerging markets with growing demand. They are also focusing on developing solutions that adhere to government policies and are environment-friendly.
Prominent chlorinated polypropylene manufacturers are Anhui Elite Industrial Co. Ltd, Eastman Chemical Company, Nippon Paper Group, Golden Success Chemical Co., Ltd, Haihang Industry Co. Ltd, iSuoChem, N Shashikant & Co., and Sundow Polymer Co. Ltd.
For More Insights of Fact.MR : https://www.globenewswire.com/en/news-release/2022/08/03/2491922/0/en/Paints-Coatings-Industry-to-Consume-Most-Chlorinated-Polypropylene-Produced-Says-Fact-MR.html