Global PP Compound Market for Automotive Industry is Expected to Reach $17,324.8 Million by 2031
The PP Compound Market for Automotive Industry is projected to reach $17,324.8 Million by 2031, reveals the premium market intelligence study by CRI Report. The study also highlights that the market is set to witness a CAGR of 5.6% during the forecast period from 2021-2031.
Polypropylene (PP) compound is made of polypropylene, which is the lowest density material among different plastic materials. It has other important properties, such as high resistance, toughness, and flexibility, which are suitable for automotive parts. The PP compound offers quality addition to automotive parts while providing significant weight reduction of the vehicles.
According to this report, “The PP compound will be an essential material in the automotive industry as the electric vehicles (EVs) take center stage. The ability to manufacture lightweight components that offer strength as well is certainly expected to boost the market in the coming years and create ample opportunities.”
Key companies operating in the market
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.
The PP compound manufacturers have adopted many strategies aimed at strengthening their position in the global PP compound market for the automotive industry and gaining an edge over their competitive companies. Also, certain companies enter into partnerships, collaborations, and joint ventures to establish their presence in the market.
Market Segmentation of Polypropylene (PP) Compound Market for Automotive Industry
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.
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.
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 Questions Answered in the Report
• Which global factors are expected to impact the global PP compound market for automotive industry?
• What is the global PP compound market size for automotive industry in terms of revenue from 2021 to 2031?
• How much revenue is expected to be generated by different types of PP compounds?
• Which PP compound application is expected to be dominant in the forecast period 2021-2031?
• Which companies are the major players in the global PP compound for automotive industry, and what are the key market strategies adopted by them?