The growth of the PP compound market for automotive industry can be attributed to the growing usage of lightweight materials in ICE vehicles and electric vehicles (EVs). Also, there has been a growing demand for long fiber polypropylene compounds for automotive front-end carriers, instrument-panel carriers, consoles, door panels, underbody shields, and pedals. The majority of the vehicles produced around the globe are ICE vehicles as they are more economical and easily accessible, due to which, the majority of PP compound for automotive industry is being consumed during the production of internal combustion vehicles.
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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 as 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. Interior parts that require good aesthetics along with a soft touch, make use of TPO and TPV.
Asia-Pacific and Japan occupied the largest market share in the global PP compound market for the automotive industry in 2020. The region dominates global automotive production. China is leading the electric vehicle production trend globally. In China, the Ministry of Industry and Information Technology (MIIT) has put forward stringent fuel consumption standards for passenger cars. Moreover, the increasing disposable income of the majority population also creates demand for luxury in automotive, which will increase the production of high-end vehicles, thereby fueling the consumption of PP compound in the automotive industry.
The PP compound market for automotive industry research study offers a wide perspective on the analysis of the industry. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
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PP compound is made of polypropylene, which is the lowest density material among different plastic materials. Traditionally in vehicles, aluminum and steel are used in automotive parts; this material is heavier than the PP compound and is also costlier. 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. PP compound is a lightweight material. It provides significant weight reduction to vehicles. PP compound falls into the category of scratch-resistant lightweight material. The growing automobile industry in the electric vehicle segment has witnessed a large demand for materials such as PP compounds. Automotive interiors occupy the highest share in the PP compound consumption in the automotive industry. Lightweight vehicles require low energy that requires low fuel as well. The ongoing trend to improve the interiors of commercial vehicles is further expected to boost the PP compound market for automotive industry during the forecast period.
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