PP Compound Market for Automotive Industry to Witness an Outstanding Growth by 2031
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.
By: BIS Research
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Due to the COVID–19 pandemic, the PP compound market for automotive industry 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 in the year 2020. However, as the vaccination process is rapidly increasing and the virus is losing its grip in many countries, the automotive production has picked up pace and the recovery of the PP compound market is expected to start from 2021.
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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.