The growth in the market is expected to be driven mainly by the need to reduce the weight of vehicles and demand for cheaper products that can be used in automotive parts. Impact of COVID-19 on the Global Polypropylene (PP) Compound Market for Automotive Industry
New York, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "PP Compound Market for Automotive Industry - A Global and Regional Analysis: Focus on Product, Application, and Countries - Analysis and Forecast, 2021-2031" - https://www.reportlinker.com/p06129775/?utm_source=GNW
Due to the COVID–19 pandemic, the PP compound market was severely impacted like many other industries.Automotive production in 2020 saw a decline of almost 16% due to the impact of COVID-19.
In order to control the spread of the virus, the majority of the countries around the globe imposed stay-at-home orders, which led to the shutting of many manufacturing plants. As the production of vehicles declined, the demand for PP compounds suffered negatively in the year 2020.
Global Polypropylene (PP) Compound Market for Automotive Industry by Application
The consumption of PP compounds in vehicles is beneficial to increase fuel efficiency.PP compounds are used in different automobile parts that are cost-effective for vehicle manufacturing, thereby increasing the profit margin for manufacturers.
PP compounds are used in lighting instruments, panels, bumpers, sittings, door handles, interiors, and fuel systems. The application of PP compounds gives performance and safety to vehicles.
Global Polypropylene (PP) Compound Market for Automotive Industry by Product
Thermoplastic Polyolefins (TPO) are used for applications that require high impact strength.TPO is polypropylene compounded with a rubber/elastomer without being vulcanized.
Polypropylene compound, which contains vulcanized rubber/elastomer, is termed a thermoplastic vulcanizate (TPV).These have high-elastic strength and are used for coverings and tubes.
TPO and TPV are widely used in automotive interiors for parts such as instrument panels, center consoles, and interior trims.
Global Polypropylene (PP) Compound Market for Automotive Industry by Region
APAC is the largest consumer of PP compounds, majorly due to the presence of China, India, Japan, and South Korea. These countries are some of the largest vehicle manufacturers globally, and the region accounts for more than 50% of the vehicle produced around the globe.
Key Market Players and Competition Synopsis
LyondellBasell Industries Holdings B.V., Mitsui Chemicals Inc., Kingfa Technology, Borealis AG, Washington Penn Plastic Co. Inc., Sumitomo Chemical Co., Ltd., Japan Polypropylene Corporation, Saudi Basic Industries Corporation (SABIC), Avient Corporation, Hexpol AB (RheTech), Ravago, Hyundai Engineering Plastics, APPL Industries Limited, Rialti S.p.A
The companies that are profiled in the report have been selected based on a selective pool of players, primarily tier-1 (which holds 50-60% of the market), mid segment players (comprise 30-40% share), and small and emerging companies (holds the balance 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research, and development initiatives, along with a domestic and international presence in the PP compound industry.
• North America
• South America
• Rest-of-South America
• Middle East and Africa
• Saudi Arabia
• South Africa
• Rest-of-Middle East and Africa
• Asia-Pacific and Japan
• South Korea
• Rest-of-Asia Pacific and Japan
Read the full report: https://www.reportlinker.com/p06129775/?utm_source=GNW
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