The growth of the market is expected to be mainly due to the need to reduce the weight of vehicles and the demand for cheaper products that can be used in auto parts. Impact of COVID-19 on the Global Automotive Polypropylene (PP) Compounds Market
New York, August 19, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “PP Compounds 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 compounds market has been severely affected like many other industries. Auto production in 2020 saw an almost 16% drop due to the impact of COVID-19.
In order to control the spread of the virus, the majority of countries around the world have imposed stay-at-home orders, which has resulted in the closure of many manufacturing plants. As vehicle production declined, demand for PP compounds suffered negatively in 2020.
Global Automotive Polypropylene (PP) Compounds Market By Application
Consumption of PP compounds in vehicles is beneficial in increasing fuel efficiency. PP compounds are used in various auto parts which are cost effective for vehicle manufacturing thus increasing the profit margin of manufacturers.
PP compounds are used in lighting instruments, panels, bumpers, seats, door handles, interiors and fuel systems. The application of PP compounds gives performance and safety to vehicles.
Global Automotive Polypropylene (PP) Compounds Market By Product
Thermoplastic polyolefins (TPO) are used for applications requiring high impact resistance. TPO is a polypropylene mixed with a rubber / elastomer without being vulcanized.
The polypropylene compound, which contains vulcanized rubber / elastomer, is called thermoplastic vulcanizate (TPV). These have high elastic resistance and are used for liners and tubes.
TPO and TPV are widely used in automotive interiors for parts such as dashboards, center consoles and interior trim.
Global Automotive Polypropylene (PP) Compounds Market By Region
APAC is the largest consumer of PP compounds, mainly due to the presence of China, India, Japan and South Korea. These countries are among the largest automakers in the world, and the region accounts for more than 50% of the vehicles produced worldwide.
Key Market Players and Competition Summary
LyondellBasell Industries Holdings BV, 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 SpA
The companies presented in the report were selected on the basis of a selective pool of players, mainly Tier 1 (which holds 50-60% of the market), mid-segment players (comprising 30-40% shares) and small and emerging companies (hold the remaining 10-20% share), based on various factors such as product portfolio, annual revenues, market penetration, research and development initiatives, as well as a national and international presence in the PP compounds industry.
â¢ North America
â¢ South America
â¢ Rest of South America
â¢ The rest of Europe
â¢ Middle East and Africa
â¢ United Arab Emirates
â¢ Saudi Arabia
â¢ South Africa
â¢ Rest of the Middle East and Africa
â¢ Asia-Pacific and Japan
â¢ South Korea
â¢ Rest of Asia-Pacific and Japan
Read the full report: https://www.reportlinker.com/p06129775/?utm_source=GNW
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