PP Compound Market for Automotive Industry expected to grow at CAGR of 5.6%

The global PP compound market for automotive industry is expected to reach $17,324.8 million by 2031, with a CAGR of 5.6% during the forecast period 2021-2031. 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.

Growth of PP Compound Market for the Automotive Industry

Polypropylene compounds are a kind of resin made from a mixture of one or more base polyolefins. This compound is the base resin that is then mixed with different pigments and additives, which alter the characteristics of the products accordingly depending on the intended use. These polypropylene compounds offer varied applications such as electrical appliances, automotive, building and construction, and furniture components.

Benefits of PP Compound

Polypropylene can provide some great benefits to manufacturers who use auxiliary parts of cars . For instance, if the car's bumper is made out of polypropylene, it will be more efficient and reduce fuel consumption on long drives. Alternatively, PP bumpers are more resilient than regular ones and won't break as easily!

They also help vehicles achieve greater fuel efficiency without compromising their cockpit design. Polypropylene is also used to make inexpensive components so manufacturers can keep costs low while generating high levels of profit over time. Some examples of PP compound containing components are bumpers, seat covers, interior panels, lighting instruments, and doors handles.

Impact of COVID-19

Due to the pandemic brought on by COVID-19, the PP compound industry saw a substantial decrease in production due to many countries imposing indefinite quarantine orders. Automobile production in 2020 saw a decline of nearly 16% due to the impact of COVID-19. As automobile production declined, the demand for PP compounds also saw a sharp dip since these compounds are an essential component of most automobiles.

PP Compound Market for Automotive Industry

According to the market intelligence published by BIS Research, the global PP compound market for the automotive industry is expected to reach $17,324.8 million by 2031, with a CAGR of 5.6% during the forecast period 2021-2031.

Products covered under the PP compound for the automotive industry include thermoplastic polyolefins (TPO) and thermoplastic vulcanizate (TPV), mineral-filled, glass-reinforced, and additive concentrate. The market for thermoplastic polyolefin (TPO) and thermoplastic vulcanizates (TPV) is flourishing. Both TPO’s and TPV’s, among many other products in the compounding business, have a wide variety of applications in the automotive industry. They can be used to manufacture several different parts used in cars, such as body panels, bumpers, wheels, and covers, among many other components.

The compound market for PP is expected to grow primarily because of the need to reduce vehicles’ weight and demand for cheaper products that can be used in automotive parts.

Asia-Pacific (APAC) is the largest consumer of PP compounds, majorly because of China, India, Japan, and South Korea being some of the largest vehicle manufacturers globally. They produce more than 50% of all vehicles produced around the globe every year.

Factors Influencing Growth of PP Compound Industry

The major influencing factors for the growth of the PP compound market include regulatory push to increase the adoption of lightweight materials, increasing demand for long fiber polypropylene compound, increasing demand for pp compounds in automotive interiors, and demand for materials that require negligible paint processing.

View Report - PP Compound Market for the Automotive Industry

Pharmacogenomics Services Market Dynamics, Competitive Landscape & Forecast to 2031

BIS healthcare experts have found the pharmacogenomics services industry to be one of the most rapidly evolving and dynamic markets. The global pharmacogenomics services market is projected to reach $9,346.8 million by 2031 from $5,060.0 million in 2020, at a CAGR of 5.71% during the forecast period 2021-2031. The market is driven by certain factors, including increasing prevalence of infectious diseases and various types of cancer, increasing adoption of personalized medicine shifting the paradigm from reaction to prevention, increasing rate of adverse drug reaction, and surge in usage of pharmacogenomics for drug discovery and development. Currently, the pharmacogenomics services industry is witnessing an upsurge due to the increasing prevalence of infectious diseases and various types of cancer, increase in adoption of personalized medicine shifting the paradigm from reaction to prevention, increasing rate of adverse drug reaction, and surge in usage of pharmacogen...

Global Liquid Biopsy Market is Projected to Reach $12,933 Million by 2030

According to a new market intelligence report by BIS Research titled ‘Global Liquid Biopsy Market – Analysis and Forecast, 2020-2030’, The liquid biopsy market is projected to reach $12,933 million by 2030 from $2588.6 million in 2019, at a CAGR of 15.87% during the forecast period 2020-2030 BIS Research Report: https://bisresearch.com/industry-report/global-liquid-biopsy-market.html This growth has been primarily attributed to the rising number of cancer cases coupled up with the growing awareness pertaining to non-invasive detection approaches, the increasing adoption of inorganic growth strategies by key players in the market, and the increasing research funding from the leading organizations such as the U.S. National Institute of Health, globally. The market is expected to grow at a significant growth rate due to opportunities such as the introduction of informatics and technological innovations for a large customer base and increasing adoption of cancer and other disea...

Microbiome Therapeutics Market Growth, Segmentation, Opportunity and Forecast to 2032

Global microbiome therapeutics market is expected to grow further in the coming years due to the continuous increase in awareness and need for better and safer treatment alternatives and the dominance of gastrointestinal (GI) and infectious diseases segment can be attributed to the existing dominance of microbiome therapeutics available for a variety of indications ranging from diarrhea and gut dysbiosis to skin disorders, cancer indications among others. The global microbiome therapeutics market which accounted for $306.3 million in 2021 is expected to reach $3,204 million by 2032, reporting a CAGR of 24.95% during the forecast period 2022-2032. The existing microbiome therapeutics market is favored by multiple factors, including the rising geriatric populations coupled with the increasing adoption of inorganic growth strategies by key players in the market. Impact of COVID-19 There were numerous consequences due to the COVID-19 pandemic, especially...

Market Research Reports

Search This Blog