PP Compound Market for Automotive Industry to Witness an Outstanding Growth by 2031

FREMONT, Calif. - Sept. 1, 2021 - PRLog -- The use of PP compound helps to reduce CO2 emission, which is an environment-friendly aspect of applications of PP compounds in the automobile industry. The growth in the automotive industry, the evolution of electric vehicles, and the cannibalization of other materials used in the automotive industry by PP compounds are expected to drive the market. The PP compound is an environment-friendly alternative material for manufacturing automotive parts. It is an energy-wise and safety-wise effective alternative to traditional materials such as steel and aluminum. The PP compound is a reusable, high resistance, and cost-effective long-run solution for the automobile industry.

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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.